Monday, 15th March 2004 (3206 views)

The Zimbabwean central bank governor has revealed that gold deliveries to Fidelity Printers and Refiners, an arm of the Reserve Bank of Zimbabwe, have increased significantly.

Gideon Gono said that Zimbabwean gold exports had increased by 100 per cent during the past three months and had risen from 28 000 ounces to 54 000 ounces during the past four months.

Speaking to army officers at the Zimbabwe Staff College, Dr Gono said gold exports had increased from an average of two batches per year to about four, of 14 000 ounces per shipment, allAfrica.com reports.

"The staff at Fidelity Printers and Refiners have been working very hard and are even motivated to increase the batches to five," he said.

Dr Gono attributed the recent increase in gold exports to the bank's drive to spread Fidelity Printers and Refiners to every part of the country and a recent government clampdown on illegal gold deliveries. He predicted that there would be a further improvement in gold deliveries in the next two months.

The government of Zimbabwe's clampdown on illegal gold operations saw a surge in cases involving illicit trade in the country's mining towns. Concessionaires' licences were withdrawn in May last year, after it was discovered that they were contributing to leakages of gold and were working to the advantage of the illegal gold dealers. The country was thought at one point to be losing 70 per cent of its gold to smugglers.

Gold accounts for about 30 per cent of the net foreign currency earnings in Zimbabwe and at least four per cent of the Gross Domestic Product.

 

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