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Wednesday, July 24, 2024

Govt gazettes penalty for businesses floating ZiG

Story by Stanley James, Business Editor

In a move meant to preserve gains of the Zimbabwe Gold (ZiG) and facilitate exchange rate stability, the government has gazetted regulations to stamp out businesses flouting the official exchange rate.

The launch of the Zimbabwe Gold (ZiG) has seen the government focusing on a market determined exchange rate through the interbank system.

The move is aimed at cementing the value of the ZiG that is backed by gold including precious minerals and foreign currency reserves.

A requirement allowing businesses to set prices of up to 10 percent above the official exchange rate has already been scrapped.

In a Statutory Instrument released this Thursday, the Ministry of Finance, Economic Development and Investment Promotion revealed that with immediate effect, those firms found abusing the exchange rate system by overcharging will be fined through civil penalties.
In terms of the prescribed regulations, businesses found guilty will be fined 200 000 ZiG or an amount equivalent to the goods sold.

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