Zimbabwe abolishes platinum industry offshore accounts 29th October 2004
Zimbabwe's government has abolished offshore accounts held by platinum producers in an effort to strengthen the state of the foreign currency market in the country.
The government confirmed that it would be seeking to force platinum producers - who include South African heavyweights Angloplat and Implats - to open local foreign currency accounts.
Gideon Gono, Reserve Bank of Zimbabwe governor, issued a televised address on the country's monetary policy third-quarter review, adding that the government would also be taking charge of marketing and trading in the industry.
Mr Gono didn't set a date for the plans, but said that platinum would follow a similar course to gold, which was also brought under centralized control.
"Platinum producers will be required to open special local FCA's (Foreign Currency Accounts) in which all proceeds will deposited under a structure that will ensure a smooth transition from the prevailing all offshore accounts arrangements," he explained.
"All offshore accounts for Zimbabwe-based platinum will cease to operate and all previous exchange control dispensations or government approvals allowing for the creation and holding of these accounts outside Zimbabwe are hereby rescinded."
Under the previous rules producers in Zimbabwe were granted a special dispensation in which they were able to recoup 60 per cent of their receipts offshore.

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