Proplastics bemoans export retention threshold

PLASTIC pipes and fittings manufacturer, Proplastics Limited, has recorded an erosion in the competitiveness of its products after the central bank raised its forex retention level by 5%  on export proceeds.

During the first quarter, the Reserve Bank of Zimbabwe (RBZ) raised its export retention threshold to 30% from 25%.

At a time of dwindling foreign currency generation in the formal market, businesses had demanded that the RBZ reduce this level, which the bank rejected owing to its low forex reserves.

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