The government has issued a new Statutory Instrument which imposes a civil penalty of ZiG200,000 or the value of goods sold for setting prices above the official exchange rate.Previously, business had the leeway to markup prices by up to 10% above the official rate.Statutory Instrument 81A of 2024, [CAP. 9:23 Exchange Control (Amendment of Schedule to Exchange Control Act) by Finance, Economic Development and Investment Promotion Minister removes the 10% mark up and imposes penalties on defiant businesses.
Businesses can now only charge for their goods and services using the interbank rate.
The move is a welcome development which brings uniformity and certainty in the market.
The ZiG currency which was introduced recently has performed beyond expectations on the exchange market. It is against this background that the government continues to put in place measures to defend it.
The market has warmly accepted the new currency and there has been seemlessly transacting without any complications.
His Excellency President Mnangagwa is on record rallying the nation to accept and use the new currency.
“I commend all Zimbabweans for the manner we have adopted and are protecting the use of our own currency, the Zimbabwe Gold (ZiG). Congratulations, Makorokoto Zimbabwe. This is our national currency and part of the symbols of our national identity and dignity,” said President Mnangagwa.
The President was speaking at the burial of three national heroes: Cde Nyasha Dzimiri, Brigadier General (Rtd) Shadreck Vezha and Cde Tsitsi Jadagu.
The nation has hid the call and audaciously accepted the new currency.
