Business urged comply with currency regulations
THE Confederation of Zimbabwe Retailers (CRZ) has urged wholesalers and retailers to fully comply with Government regulations to promote the use and circulation of the ZiG including embracing the use of point of sale (POS) machines for smooth transactions.
This follows a public outcry over deliberate attempts by some businesses who frustrate the use of the local currency by using unofficial exchange rates while engaging in unfair business practices such as profiteering and manipulating the market.
Government in response has warned of strict penalties against offenders so as to protect ordinary people. Commenting on the issue, CZR president Mr Denford Mutashu said businesses must always accept payment of goods and services in ZiG and operate within the confines of the law.
“We urge the sector players to comply with Government directive to have POS machines and promote use and circulation of ZiG while fostering customer convenience,” he said.
“Manufacturers and suppliers should accept payment for goods in ZiG and banks must be supported adequately to facilitate forex availability to cater for critical imports requirements like raw materials, machinery and equipment, and service parts.
“When banks provide forex, it’s our firm view that no one will reject ZiG as manufacturers will not need to use their products for internal forex sourcing.”
Government has said it will impose strict penalties on businesses engaging in unfair practices such as profiteering, manipulating the ZiG, smuggling, and other forms of trading that disadvantage ordinary citizens.
The matter came under intense Cabinet scrutiny on Tuesday where Government also noted the proliferation of smuggled and counterfeit goods unfairly competing with local products since they are not subjected to taxation and import duty.
In a post-Cabinet media briefing, the Minister of Information, Publicity, and Broadcasting Services, Dr Jenfan Muswere, said the Government was reviewing fines for offenders while business licensing requirements were being strengthened to curb the abuse of the market forces and manipulation of consumers.
“Penalties are being enforced against all perpetrators of unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices,” said Dr Muswere.
“The Government is going to review the fines from a minimum of US$200 Level 5 to a maximum of US$5 000 Level 14 or the ZiG equivalent for the various offences. Licences will be rationalised and consolidated to be obtained in one office as a measure to enhance efficiency.”
On modalities to operationalise the ZiG currency as legal tender for use in the economy, he said a de-dollarisation roadmap is now in place in terms of the presentation with a timeframe by the Minister of Finance, Economic
Development, and Investment Promotion.
“In order to promote the uptake of plastic money, the Reserve Bank of Zimbabwe will strengthen the mandatory licensing requirements for all business operators to have a bank account and Point of Sale (POS) machine under the Shop and Shop Licensing Act, and deploy inspectors to curb misdemeanours that militate against price stability and availability of basic commodities,” said Dr Muswere. —chroncle
