Zimplats closes offshore accounts

Zimplats is now free to use the local banking system for its international and local banking activities after it closed its offshore accounts and transferred the balances to local banks in line with a policy directive.
Reserve Bank of Zimbabwe Governor Gideon Gono last night said in a statement Zimplats' right to access all international banking services has been re-instated with immediate effect.

"The Reserve Bank of Zimbabwe wishes to advise that pursuant to the Exchange Control Directive RN75 dated 23 May 2012 barring Zimplats from accessing offshore banking services through local banks and following compliance by Zimplats to close its offshore accounts and transfer these balances onshore in line with the government policy and the Exchange Control Directive RN15 dated 2 February 2010 on localisation of offshore accounts, the administrative penalties instituted against the company have been lifted with immediate effect," he said.

Gono added: "The revocation of these administrative penalties follows Zimplats compliance with the Reserve Bank ultimatum to localise all its offshore accounts. As per exchange control directive . . . Zimplats is now free to use the local banking system for its international and local banking activities."