Foreign Investment & Trade Framework
Following the liberalization of the current account in 2009, importers of goods and services are allowed to effect foreign payments, through their Authorized Dealers (Banks), without seeking prior Exchange Control approval from Reserve Bank of Zimbabwe. After effecting payments, importers have a grace period of up to 90 days to receive goods and services paid for.
Importers who encounter challenges in delivery of the goods or provision of services within the stipulated time frames are allowed to seek for extension of delivery or service provision period.
For statistical purposes and in order to fully account for all foreign payments including import payments, banks are required to report all foreign payments on the Computerized Exchange Control Batch Application System (CEBAS).
In terms of funding, payments may be financed from exporters’ retention, offshore loan proceeds or funding provided by the bank.
International Payment Methods and Funds Transfers
Acceptable payment methods are open account, advance payments, letters of credit, documentary collections and on consignment.
Acceptable funds transfer mechanisms for foreign payments are telegraphic transfers, international cards, money transfers and others authorized by Reserve Bank Exchange Control.
Imports of Foreign Currency Cash
As the main importers of foreign currency cash, Authorized Dealers are permitted to import foreign currency cash from their correspondent banks to meet local cash requirements under the multiple currency system.
Individuals are also permitted to import foreign currency cash on baggage. However, such cash imports must be declared to customs authorities.
Importers are expected to familiarize themselves with policy changes issued through monetary policy statements, directives and guidelines issued from time to time.
Registration of Importers
All importing companies must be registered with the Reserve Bank before they can effect payments through their Authorized Dealers. The import registration forms are available on the website.
1. Registration of Importers (LINK PDF)