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Clement Mukwasi Chronicle Correspondent
THE government has started restituting tourism companies that lost thousands of dollars through the compulsory liquidation of foreign currency in their bank accounts at the height of inflation ahead of dollarisation of the economy.Responding to questions during a tripartite meeting between the Reserve Bank of Zimbabwe, Barclays Bank and Victoria Falls tour operators to exchange notes on the role of the central bank in the tourism industry on Friday, the deputy  head of the exchange control unit of the Reserve Bank, Tayengwa Chitauro, said  since the government assumed the RBZ debt, it has started issuing treasury bills  that are being collected from commercial banks.

“The government has assumed our debt through the Debt Assumption Bill and has started issuance and distribution of treasury bills. You can approach your commercial banks to collect yours,” he said.

“Modalities would also be put in place to compensate individuals who lost their money during the same period. I however, don’t know when exactly that will be.”

Recently, President Mugabe announced the setting up of a commission of enquiry to look at the monies that institutions  and individual depositors lost when the country adopted multiple currency in 2009.

Addressing the same gathering, head of exchange at Barclays Bank, Benjamin Mukorombindo, said operators can access very cheap loans in the offshore market without the Reserve Bank approval for as long as the loans were not valued at more than $7,5 million.

“As corporates, you can get loans that have low interests rates in the offshore market. For as long as the total value of the  loan is less than $7,5 million, it doesn’t require any exchange control approval,” he said.

Lawrence Kazema, Barclays Bank’s commercial director said infrastructural development in Victoria Falls was encouraging for business, adding that his bank had come up with interventions to increase efficient transactions in the international market.

“I’m very pleased with the world class infrastructure that you have in Victoria Falls. This has led us to launching various interventions that aid tour operators to access the international community.

“We launched the point of sale system here, the cardless international money transfer and internet banking services. These have seen a significant reduction in the cost of sending and receiving money,” he said.

Other bankers who graced the occasion said the role of the Exchange Control unit of the Reserve Bank was not limited to the printing of money but include monitoring and facilitation of gold transactions, exports, foreign debt repayments and the registration of international service agreements among others.

The currency production role is, however, not operational since adoption of the multiple currency system.