Above 20% export incentive negotiable: RBZ

Mr Chitauro encouraged exporters who seek to increase exports to approach the Central Bank with evidence showing their capabilities in increasing exports.

“We require that companies furnish us with projected financial statements, projected production levels and their projected sales. They also have to indicate that they have orders, which are likely to be fulfilled by an increase in the production,” he said.

“From there, we monitor the performance of the company to ensure that it fulfils its obligations.”

To date, Mr Chitauro said they have not granted beyond 20 percent performance based export incentive as no company has requested an incentive exceeding that margin.

“We have not gone beyond 20 percent precisely because no one has asked for something above 20 percent as you have to justify your increase and you need to stick to your promise of increasing your exports,” he said.

According to Mr Chitauro, a number of companies have benefitted from the performance based export incentive and most of these have performed according to what they indicated to RBZ.

He also highlighted that they were liaising with commercial banks to educate Small to Medium Exporters (SMEs) about the scheme.

“We instituted a programme where we receive reports from banks on a monthly basis to brief us on the number of exporters they have brought on the programme and the number of new exporters they have encouraged to do exports amongst others,” said Mr Chitauro.

He said the performance based export incentive gives locally produced goods price competitiveness in foreign markets. Commenting on the Computerised Export Payments Exchange Control System (CEPECS) which was introduced in June last year, Mr Chitauro said the system has enhanced the ease of doing business for exporters.

“Exporters are now happy and are no longer complaining about the costs of accessing export documentation. Zimtrade can attest to that,” he said.

CEPECS is a web-based and real time exchange control system that links the RBZ with commercial banks, the Zimbabwe Revenue Authority (Zimra), exporters and other Government agencies that facilitate and promote export of goods and services.

Mr Chitauro said the web based platform has been received with a lot of enthusiasm by exporters, with companies approaching the Central Bank requesting that they train their employees on the platform. This has seen the bank inviting companies for workshops where they train exporters on how to raise export documentation.

“Going forward, we are planning to do more of these workshops where go to various business centres and advertise to train exporters in raising export documentation,” he said.