JUST IN: Fidelity gold monopoly challenged

05 Nov, 2019 - 11:11 0 Views
JUST IN: Fidelity gold monopoly challenged

The Herald

Ishemunyoro Chingwere Business Reporter
FIDELITY Printers and Refineries’ (FPR) monopoly in the buying and marketing of the country’s single biggest foreign currency earner, gold, has come under spotlight with parliament recommending the liberalisation of the industry.

The recommendation was made by Parliamentary Portfolio Committee Chair on Mines and Mining Development Honourable Edmond Mkaratigwa when delivering an analysis on the Mining sector’s requirements in the 2020 budget.

FPR is the country’s sole legal buyer and marketer of the yellow metal but producers are on record bemoaning the monopoly and blaming it for providing fertile ground for inefficiencies that have in turn benefited the black market to the detriment of the economy at large.

More to follow…

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