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Senior Business Reporter
THE Reserve Bank of Zimbabwe has introduced a Computerised Export Payments Exchange Control System (CEPECS) to enhance the ease of doing exports and improve economic earnings.

CEPECS is a web-based and real time exchange control system that links the Reserve Bank of Zimbabwe (RBZ) to commercial banks, the Zimbabwe Revenue Authority, exporters and other Government agencies that facilitate and promote export of goods and services.

The central bank yesterday encouraged exporters to migrate to CEPECS for them to be able to raise CD1 Forms and generate export performance reports while in the comfort of their offices.

This also means that exporters can now access the CD1 Forms outside banking business hours, weekends and/or during public holidays.

“In order to reduce time taken to prepare export documentation, and for the convenience of the exporters, the Form CDI is now directly accessible via the Internet, through CEPECS,” it said.

The RBZ informed exporters and members of the public that as part of its efforts to enhance the ease of doing business in Zimbabwe, it has introduced the CEPECS among other measures.

“For connectivity, and direct access to CEPECS, exporters are required to have access to the Internet at own premises or have a mobile device that can access Internet, complete a CEPECS-user registration form (obtained through an e-mail request to [email protected] <mailto:[email protected]>), for nominating persons who shall be raising the Forms CD1 ,” it said.

Raising of forms CD1 through commercial banks remains in place to accommodate those exporters who may still want to access CD1 Forms via commercial banks.

Other measures include direct access to CD1 forms by exporters, limiting exchange control approval to within three working days, and commercial banks are now required to process exchange control within 24 hours.

The RBZ said responses to export applications that require prior exchange control approval are provided within three days from the date of receipt of such applications.

Processing of applications to export cash in excess of $1 000 by individuals, export of gold and diamonds, and other urgent applications, is done within two working hours of receipt of the application.

On turnaround time for processing of applications by commercial banks, the monetary authority said banks were under strict instruction to process within 24 hours any requests by an exporter for a Form CD1, CD3, GSD, PTS1, TRAS1 and TRAS2.

“In order to promote and simplify the export process by an individual cross-border trader exporting goods with a value of less than $1 000 per consignment, the Form CD1 requirement is waived,” said RBZ.

The central bank is also in the process of integrating CEPECS and ASYCUDA World system. The integration is being done in collaboration with Zimra to migrate towards the integration of Form CD1 and Form 21 (Bill of Entry “export”).

“The ultimate goal is to integrate and converge the Form CD1 and the Form 21 into one document through creation of common data fields so as to avoid duplicate capturing of the same information,” said RBZ.

It is believed that the integration of CEPECS and ASYCUDA World system would contribute significantly to improving the ease of doing export business.