Finance and Economic Development Minister Professor Mthuli Ncube has designated the Victoria Falls Special Economic Zone as an international financial services centre.
The declaration is contained in Statutory Instrument 4 of 2022 cited as Banking (Declaration of the Victoria Falls Special Economic Zone as an International Financial Services Centre) Notice, 2022.
An international financial services Centre caters for customers outside the jurisdiction of the domestic economy.
Such centres deal with flows of finance, financial products and services across borders.
Last year President Mnangagwa launched the Victoria Falls Stock Exchange (VFEX), the country’s second stock exchange that exclusively trades in US dollars.
VFEX was established in October 2020 as a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE).
It is aimed at providing a global platform for the trading of stocks in foreign currency in a way that promotes foreign investment into the country and the southern African region.
The exchange is also one of the many initiatives being implemented by the Zimbabwean government to stabilize the economy and attract foreign direct investment.
Meanwhile, Government has set new passport fees with immediate effect.
The new fees are US$100 for an ordinary passport and US$200 for an emergency one.
The new fees were gazetted by Home Affairs and Cultural Heritage Minister Kazembe Kazembe in Statutory Instrument 3 of 2022 cited as Citizenship (Passport Fees) Regulations of 2022.
The new SI repeals SI273 of 2022 that required payment of an additional US$20 processing fee through CBZ Bank.
Last year Government launched the new electronic passport in partnership with Lithuanian company, Garsu Pasaulis.
The development will see the eradication of the passport backlog and production of other primary identity documents.