HARARE: Zimbabwe’s central bank yesterday warned it would go after local businesses stashing foreign currency in offshore accounts as it seeks to claw back much-needed revenue.
Morris Mpofu, a senior bank official said the Reserve Bank expressed great concern that some exporters were unnecessarily keeping export proceeds offshore, adding that this has resulted in a staggering overdue amount of $360 million as at 4 February 2013.
He said the practice contributed to the prevailing liquidity crunch in the market.
Mpofu said failing to remit export proceeds within 90 days as required by central bank rules was a serious violation of exchange control regulations.
The central bank last month said Zimbabwe’s economy remains fragile with low export earnings, lack of credit lines and foreign direct investment resulting in the liquidity crunch.