Story by Stanley James, Business Editor
Government has blacklisted 51 contractors for unlawfully diverting received payment for goods and services into the foreign currency parallel market.
While government, as the main buyer in the economy accounting for over 70 percent of goods and services continues to honour payments, some contractors have been found on the wrong side of the law for diverting the local currency into the foreign currency parallel market.
Information contained in an update by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube revealed that government has tightened monitoring the use of payments by the contractors.
The treasury chief states that the move is taken to improve economic stability and restore confidence in the financial system.
By engaging the central bank’s Financial Intelligence Unit, Treasury has managed to identify those contractors abusing the foreign currency market.
The top 10 within the list of 51 blacklisted contractors are Browline Transport Limited, Exceptional Office Fitouts and Shop Fitters, Diagno Pharmaceuticals, Avant Garde Group, Citicom, Zambezi Bulk Plant Hire, Hinposs Investments, Growly Construction and Manufacturing, Green Mamba Security, Biezzel Enterprises and Brainburg Services.
Government has therefore revealed that it seeks to maintain an orderly pricing model in the market and stability of the ZiG currency.
