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Foreign currency restrictions

    JOHANNESBURG

    Zimbabwean exporters holding corporate foreign currency accounts will have to change half their holdings into local currency within 60 days under a plan by Finance Minister Herbert Murerwa to support the country’s dwindling foreign exchange reserves, media reports said on Tuesday.

    Last year all corporate foreign currency accounts were ordered closed, but in August, they were reopened on orders from the International Monetary Fund (IMF). Analysts said the move follows the IMF’s decision in October to suspend funds to Zimbabwe over confusion on the cost of its intervention in the Democratic Republic of Congo (DRC), and failure to heed economic reform recommendations.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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