This was disclosed last Monday in the Exchange Control Order published in the Government Gazette. Exporters and partial exporters will have to pay their electricity bills at the international cross rate.
According to the document, an exporter is defined as a business that, on average every quarter, exports 80% or more of its total output in goods and services produced or provided by it in Zimbabwe, for which it receives any foreign currency.
Partial exporters refer to those companies that fall below the 80% mark, but still receive payments in foreign currencies.
Part of the gazette reads, “This order shall cease to have effect in relations to exporters and partial exporters who are residents of Zimbabwe six months after it is published unless earlier renewed for a period not exceeding six months.”
Zimbabwe’s annual inflation rate rose sharply to 192% in June with the country’s currency, the Zimbabwean dollar depreciating steeply.
The new regulation is intended to shore up the country’s foreign currency reserves and boost the local currency.