By Stanley James, Business Editor
GOVERNMENT has has extended the 100 percent foreign currency retention by tourism operators as monetary authorities continue to support the full recovery of the tourism industry.
As a key foreign currency generating component of the economy, the tourism sector got a huge battering from the COVID-19 pandemic.
However, hope has not been lost as a result of the opening of the economy,with global economies including Zimbabwe, easing restrictions arising from the pandemic.
It is against this background that Central Bank authorities have allowed the sector to continue keeping its 100 percent foreign currency earnings subject to review by the end of the year.
Stakeholders in the industry believe the move is a commitment by authorities to restore viability.
“This is a real welcome move which we believe as a sector will enable most firms to recover from the effects of the pandemic, remember the industry lost most of its incomes due to the pandemic and it definitely needs to recover so such incentives will offer a platform to re-invest profits and focus on growth,” said Mr Paul Matamisa- Tourism Business Council of Zimbabwe Chief Executive Officer.
“The need to restrategise and restructure operations is very necessary and critical, taking into account current steps being taken by most of the operators in refurbishing and rehabilitating operations to rematch global standards,” noted Mr Stan Higgins, Tourism Sector Consultant
Government has also removed duty on selected tourismsector capital imports to restore business confidence.