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Viewing cable 03HARARE433, What is Zimbabwe's new exchange rate?

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Reference ID Created Released Classification Origin
03HARARE433 2003-02-28 05:41 2011-08-24 16:30 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Harare
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS HARARE 000433 
 
SIPDIS 
 
SENSITIVE 
 
STATE FOR AF/S 
NSC FOR SENIOR AFRICA DIRECTOR JFRAZER 
USDOC FOR 2037 DIEMOND 
PASS USTR ROSA WHITAKER 
TREASURY FOR ED BARBER AND C WILKINSON 
STATE PASS USAID FOR MARJORIE COPSON 
 
E. O. 12958: N/A 
TAGS: ECON EINV ETRD ZI
SUBJECT: What is Zimbabwe's new exchange rate? 
 
Ref: Harare 347 
 
1. (SBU) Summary:  Businessmen in Zimbabwe have spent the 
past week trying to figure out how the GOZ's new export 
support mechanism will work.  Although different 
interpretations abound, two cabinet officials apparently 
reassured a group of prominent CEOs yesterday that 
exporters would enjoy a significant devaluation.  End 
Summary. 
 
Conflicting Interpretations 
--------------------------- 
2. (U) In reftel, we explained that exporters may 
exchange 50 percent of earnings at 800:1.  Then we 
offered two scenarios for the other 50 percent: exchange 
at the official rate of 55:1 (1st option) or gain access 
to it in foreign currency -- presently, an effective 
market rate of 1420:1 (2nd option).  On the other hand, 
some locals have been told the GOZ means to offer 
exporters a flat rate of 800:1 for their entire revenue 
(3rd option).  A parallel but equally important debate 
centers on whether importers may access U.S. dollars at 
800:1.  Businessmen have complained to us that neither 
the Finance Ministry nor Reserve Bank has been willing to 
clarify the policy.  The businessmen can only wait for 
the law's official printed version, which may appear in 
the government gazette within a few days.  Given that 
companies are shutting down or cutting back operations at 
an alarming pace, a clear enunciation of Zimbabwe's 
exchange rate is crucial. 
 
The Latest Word from Govt 
------------------------- 
3. (SBU) The Finance Director of a large corporation told 
us that his and several other CEOs met yesterday 
afternoon with Vice President Simon Muzenda and 
Information Minister Jonathan Moyo to plead for 
clarification.  They were apparently told the GOZ has 
"nearly" decided on a hybrid of the second and third 
options described above.  Exporters must exchange the 
first 50 percent of revenue at 800:1.  They then deposit 
the second 50 percent in the Reserve Bank and apply for 
permission to use it for qualified imports, permitting -- 
if granted -- an effective rate of 1420:1 currently on 
the parallel market).  The blend rate would be over 
1100:1.  If exporters are unsuccessful convincing the GOZ 
to allow them access to the second 50 percent held in 
forex within 60 days, they also receive the other 50 
percent at 800:1. 
 
Comment 
------- 
4. (SBU) If true, this is not the worst of scenarios. 
Companies tell us 800:1 is the minimum effective rate 
needed to restart exports.  However, those exporters 
still in operation have grown accustomed to sheltering 
earnings offshore and enjoying a market rate of 1400 or 
higher.  Since the GOZ's export-unfriendly budget 
statement in November, in fact, indigenous banks like CBZ 
have found a new niche offering tax-evasion assistance 
for exporters.  The GOZ will have a difficult job drawing 
them back to the fold. 
 
Sullivan