Platinum producers in Zimbabwe have come to an agreement with the Reserve Bank of Zimbabwe over foreign currency retention levels.

Zimbabwean state newspaper, the Herald, reports that a deal has been struck between the two parties after the platinum miners had objected to the planned 60/40 retention levels.

Platinum producers had previously been allowed to retain 90 per cent of their foreign currency earnings, but it appears that the producers have backed down and accepted that they must surrender 40 per cent from now on.

The dispute had been a cause for concern as the uncertainty surrounding the matter threatened the continued production of platinum in Zimbabwe.

In a firm stance against the platinum producers' demands, Reserve Bank of Zimbabwe Governor, Dr Gideon Gono, had insisted earlier last week: "The management of our economic affairs will not be dictated to us by outsiders."

Sources:
RBZ, Platinum Producers Agree On Forex Retention
26/05/07
http://allafrica.com/stories/200705260057.html

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