adminEXPORTERS must be rejoicing after the Reserve Bank of Zimbabwe on Tuesday abandoned plans to automatically convert export proceeds into the Rand and Euro currencies.
The central bank said it has scrapped plans to convert 40 percent of all export proceeds into Rand and 10 percent into Euro but said exporters would now have half of their earnings held in their banks’ accounts with the central bank.
This will boost exporters who had complained that RBZ was forcing them to convert their proceeds to volatile currencies.
Meanwhile, the Industrial index closed the week higher at 107.59 points after putting on 0.78 points (0,73 percent). Beverage giant Delta added $0,0200 to trade at $0,7500, Old Mutual was up $0,0050 to close at $2,2000 and Fidelity Life gained $0,0010 to $0,1040.
Econet was the only counter in the red after it lost $0,0050 to close at $0,2400. CBZ and PADENGA (PHL.zw) traded unchanged at $0,1100 and $0,0750 respectively. The Industrial index increased by 0.56 points (0,52 percent) compared to week ending 6 May 2016.(1,17 percent). The Mining index was unchanged at 21.55 points. Bindura, Falgold, Hwange and RioZim maintained previous price levels at $0,0100, $0,0050, $0,0300 and $0,1300 in that order.
Week on week the mining index was up 1.55 points (7,75 percent).
Online Reporter