No. 7/2016 SPECIAL EcoNOMIC ZoNES Cap.14:34 Provided that such bank shall not without any approval required under the Exchange Control Act [Chapter 22:05], lend or make advances to-- (i) any person designated as a non-resident for the purposes of that Act; or (ii) any licensed investor operating within such special economic zone; (b) 42 subject to any approval required under the Exchange Control Act [Chapter 22: 05], operate foreign currency accounts for licensed investors operating within such export processing zones. Restrictions on borrowing and payments of employees (1) A licensed investor operating in a special economic zone- (a) may move funds necessary for his or her approved activity into and out of such special economic zone without having to obtain permission under the Exchange Control Act [Chapter 22:05]: Provided that a prior written declaration of the movement and amount of such funds shall be made to the Reserve Bank of Zimbabwe; (b) save for the purposes of borrowing working capital, shall not, without approval under the Exchange Control Act [Chapter 22:05], borrow funds for use in his or her approved activity from any bank, building society, financial institution or other source situated in the customs territory. (2) A licensed investor who employs persons within a special economic zone who are regarded as non-residents for the purposes of the Exchange Control Act [Chapter 22: 05] may pay the emoluments of such persons in foreign currency, and any person so paid may operate an external account with any banking institution whether within or outside the special economic zone. 43 Payment for goods and services (1) Where a licensed investor operating in a special economic zone supplies goods and services to customers within the customs territory that investor shall be entitled to receive payment for such good.'> and services in foreign currency. (2) Where a person witl1in the customs territory supplies goods and services to a licensed investor established within a special economic zone, that person shall be entitled to receive payment for such goods or services in foreign currency. (3) Subject to subsection (2), where a person within the customs territory supplies insurance services within a special economic zone, that person may, subject to any approval required under tl1e Exchange Control Act [Chapter 22:05], operate a foreign currency account funded from any foreign currency received as payment for premiums. 44 Foreign currency accounts and payments in foreign currency (1) Every licensed investor carrying on an approved activity within a special economic zone may, subject to any approval required under the Exchange Control Act [Chapter 22:05], operate a foreign currency account with any banking institution within the special economic zone or in the customs territory or outside Zimbabwe. (2) Where any person who is regarded as a resident of Zimbabwe for the purpose of the Exchange Control Act [Chapter 22:05] has any interest in an approved activity within a special economic zone, payment of interest, dividends or profits may be made to such resident in foreign currency. 202