Published: 2013 February 11 23:16:53 (3203 Views)

The Reserve bank of Zimbabwe has claimed that the collapse of many long established industries in 2012 led to an over reliance on imported goods.

Zimbabwe spent $7.4 billion on imports last year but earned only $3.8 billion from all of its exports, the bank said.

Zimbabwe's central bank said it is enforcing tougher rules Monday to rein in "the delinquent behavior" of businesses holding cash abroad.

The Reserve Bank said in a statement that $360 million in export proceeds were being kept offshore, worsening acute cash shortages in the nation's "prevailing liquidity crunch."

It said companies not repatriating their foreign cash within 90 days of earning it will be red flagged in "investigations to bring the culprits to book."

In the past, breaches of exchange control rules generally carried a penalty of heavy fines.


- Huffington post

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