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Zimbabwe Miners Say Foreign-Exchange Rule Could Trigger Crisis

  • Exporters must submit 40% of offshore earnings to central bank
  • Mining companies say hard currency needed to pay for services
Platinum mining near Harare, Zimbabwe.

Platinum mining near Harare, Zimbabwe.

Photographer: Godfrey Marawanyika/Bloomberg

Mining companies in Zimbabwe said a central-bank requirement compelling them to surrender more foreign exchange earned from mineral exports will push their operations to the brink.

The Reserve Bank of Zimbabwe on Jan. 8 announced that exporters must now hand over 40% of their foreign currency earnings, up from 30%, which is then paid out in the local currency.