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Zimbabwe:Reserve Bank of Zimbabwe to control
platinum sales |
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2005-2-5
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The Zimbabwean government will regulate the sale of platinum through its central bank, Reserve Bank of Zimbabwe (RBZ).
The move will ensure Zimbabwe''s platinum reserves contribute positively to the country''s economy, an official informed.
Last October, the government had abolished offshore accounts held by platinum producers to strengthen the state of the foreign exchange market.
Under the Enhanced Platinum Sector Regime (EPSR), RBZ is empowered to control all sales of platinum group metals under terms similar to the way it handles gold sales.
Opposing the move, platinum miners with interests in the country argue that in the long run the shifting of control in the hands of the central bank will only be detrimental for the industry at large.
Citing government’s failure in the gold sector, an analyst called it a bad move so far as the growth of the platinum industry was concerned. |
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