Pressure Make Zimbabwe Miners Afflictive

ZIMBABWE has ordered foreign mining firms to deposit their export gelt with local anaesthetic banks, state media reported on Sunday, the latest authorities move to exert drive on miners as it tries to appeal the dollar crunch afflicting its economy. Mines Minister Obert Mpofu told the Sunday Mail that console table last week had decided to tell mining companies to mystify back earnings from their Zimbabwe operations which were deposited in offshore accounts. We lose been liberal. It does not make sense that mining companies are run in the landed estate and keeping money in offshore accounts, Mpofu told the Mail. An order has been issued and they should all bring the money back into the kingdom because the economy is now dollarised. Zimbabwes unity government has managed to stabilise the economy, which grew by 9.3% in 2011 and is set to grow by a encourage 9.4% this year according to official figures, but the country is battling an not bad(p) dollar shortage. Zimbabwe adopted the use of foreign currencies, mostly the US dollar and South African rand in 2009, after its witness unit was destroyed by hyperinflation that reached 500 billion percent in December 2008.

Foreign miners operating in the country have also come under increasing pressure from the Zimbabwean government to turn majority shareholdings over to local black businesses under the countrys controversial em federal agencyment law. rifle week, Impala Platinum, the worlds second-biggest platinum producer, bowed to pressure and verbalise it would surrender a 51 percent stake in its Zimplats unit to local black investors. The worlds largest platinum producer, Anglo American Platinum, and Rio Tinto, which runs a diamond mine, are some of the major transnational firms operating in Zimbabwe. SHUTDOWN Long-ruling President Robert Mugabe, who was forced to share power with his rival Prime Minister Morgan Tsvangirai three years agone after disputed elections, is championing the empowerment drive, which has sharply... If you want to get a full essay, order it on our website: Orderessay

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