RBZ takes action against rogue businesses
THE Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) is taking action against business operators who refuse to accept the local currency or charge above the official exchange rate.
To this end, the FIU has set up a hotline and WhatsApp number for members of the public to report such malpractices.
The Zimbabwe Gold (ZiG) was introduced in April to replace the country’s previous currency, which had suffered significant loss of value due to inflation and volatility.
Since its introduction, ZiG has remained stable against the US dollar, resulting in price stability and increased buying power for consumers.
Despite most business operators respecting the new exchange rate and accepting the local currency, a few bad actors have been accepting only foreign currencies or demanding more than the official exchange rate.
In a statement on Tuesday, the FIU urged the public to report any such practices via the provided phone numbers and has frozen accounts of business operators found to be violating the exchange rate in the past.
“Please report traders who are refusing to accept ZiG or are exceeding the official ZiG/US$ exchange rate to the Financial Intelligence Unit on Hotline and WhatsApp numbers: 0714039897,” reads the FIU statement.
Moreover, the Government recently passed a law penalising those who flout exchange rates, with fines of up to ZiG200 000 for businesses charging above the official rate. — chronicle
