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TOUR operators have been given up to mid-February to ensure they are compliant with the Exchange Control Regulations amid concerns of continued leakages of earnings in the tourism sector.The Reserve Bank of Zimbabwe has revealed that the country was experiencing leakages of earnings in the tourism sector mainly on non-consumptive tourism.
“The country experienced endemic leakages of earnings in the tourism sector, particularly with regards to non-consumptive tourism.
“In order to effectively plug these loopholes that drained the economy of substantial tourism receipts, and ensure that the sector meaningfully contributes to foreign exchange generation, a new reporting and monitoring framework was put in place,” said the central bank.
In this light a Tourism Receipt Accounting System was introduced.
“Regrettably, we note with great concern that since the introduction of the Tourism Receipt Accounting System, a significant number of tour operators have not complied with the requirements to regularly submit Forms TRAS1 to the Reserve Bank,” said the monetary authorities.
It added: “In terms of Section 35 (1) of the Exchange Control Regulations (Statutory Instrument 109 of 1996), all non-compliant tour operators are being directed to immediately regularise their positions before the close of business on Friday, February 14, 2014.”
The monetary authorities highlighted that Zimbabwe continued to face persistent liquidity challenges largely on account of export performance which compares unfavourably with growing import dependence.
However, the liquidity situation has been further amplified by delays in the repatriation of proceeds by the country’s exporters. As at December 31, 2013, overdue export receipts stood at $318 million.
“In view of the need to improve the country’s liquidity situation exporters are required to comply with Exchange Control regulations through the timely repatriation of export proceeds,” said RBZ.
Bongani Ndlovu
Online Reporter