Zimbabwe cracks down on businesses using inflated exchange rates for ZiG
Zimbabwean businesses using inflated exchange rates risk attracting fines from the government.
This forms part of government efforts to keep its newest currency, the Zimbabwean Gold currency (ZiG) vibrant on the market since its introduction in April.
Businesses including supermarkets have placed premium charges above the market rate on their goods, making customers who pay in the new currency pay more, while other informal traders reject the ZiG.
As a result of this, government has issued a notice that businesses using exchange rates higher than the official rate of 13.5 ZiG per U.S. dollar will be liable to pay a fine of 200,000 ZiG ($14,815).
“Anyone offering "goods or services at an exchange rate above the prevailing interbank foreign currency selling rate" would be guilty of a civil infringement,” a government notice quoted by The East African read.
The government has been making efforts to maintain the value of the ZiG currency as there’s a general rejection of the ZiG. Despite government’s directive that schools should accept the payment of fees in local currency, reports indicate that some schools are rejecting the new Gold Currency.
Zimbabwe's Treasury on Tuesday moved to enforce the use of the ZiG as the official unit of exchange for transactions.
