ZIMBABWE is losing over US$50 million worth of gold every month to smuggling activities, according to the Minerals Marketing Corporation of Zimbabwe (MMCZ).
REPORT BY KUDZAI CHIMHANGWA
Owing to the inability of government to financially capacitate the central bank subsidiary, Fidelity Printers, to purchase gold at competitive prices, a large number of gold producers are increasingly opting for foreign markets.
MMCZ director, Tendai Munyoro said the biggest problem with gold smuggling in the country was the absence of Fidelity Printers as a regulator and as a buyer.
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