Mediaboss Marketing

THE central bank has lifted its ban on Zimplats from using the local banking system after the company complied with an order to shift foreign accounts onshore.

In a statement Wednesday, the RBZ said: Following compliance by Zimplats to close its offshore accounts and transfer these balances onshore in line with the government policy on localisation of offshore accounts, the administrative penalties instituted against the company have been lifted with immediate effect.

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.

Last Friday the RBZ ordered local banks to stop processing and facilitating international or any cross-border payments for Zimplats, accusing the company of defying an ordered issued in February for all miners to bank locally.

Zimplats had denied the allegations saying 75 percent of its total spending went through the local banking system, with the balance relating mainly to the servicing of offshore loans which were raised with the knowledge, support and approval of the central bank.

Management however said talks with the central bank were continuing.

Management is working closely with the RBZ to ensure that the localisation of the off-shore bank accounts is implemented smoothly and that the provisions of the companys agreements including its off-shore loans, are honoured, the company said in a statement.

Link:
Zimplats banking ban lifted