BNC lobbies RBZ to increase the level for forex retention

The Zimbabwe reserve bank, says the Bindura Nickel Corporation (BNC), needs the mining companies to keep at least 80 percent of their foreign currency export earnings because they waste much of their cash on electricity bills.

The government granted the Zimbabwe Electricity Supply Authority (Zesa) a permit to pay foreign currency for energy imports from South Africa and Mozambique by mining companies and hotels earlier this year.