Fidelity explains cash shortages at gold buying centres
Fidelity Printers and Refiners boss says cash shortages from their gold buying centres are due current COVID-19 pandemic that has disrupted foreign currency inflows into the country and dismissed the allegations of forex misuse by Chinhoyi employees.
Miners have been complaining that the Chinhoyi branch is out of hard currency yet Fidelity was collecting gold from miners. Some miners even went as far as accusing workers at the Chinhoyi branch of misusing the money at the expense of miners.
Fidelity Printers and Refiners general Manager Mr Fradreck Kunaka said, “We would like to reiterate that the current cash shortages have nothing to do with employees at our buying centres rather its due to the cash movement disruption brought about by the COVID 19 lockdown”.
FPR has been diligently paying all the miners who deliver their gold using the formal channels and with the relaxation on the lockdown measures, we are hoping we will start receiving cash and all payments will normalise.
The coronavirus COVID-19 is affecting over 200 countries in the world with countries resorting to restricting movements in an effort to combat the deadly disease. This has disrupted world trade as many countries banned incoming and outgoing commercial or passenger flights. South African gold refiner RAND REFINERY stopped shipping gold to London on 30 March 2020 because of a lack of commercial flights, adding to the disruption that’s upending the physical bullion market. However business is set to improve as some countries have began easing trade restrictions.