Government To Crack Down on Businesses That Manipulate The ZiG: What You Should Know

The government has announced that it will crack down on businesses that are manipulating the local currency, the Zimbabwean dollar (ZiG).

This will help stabilize the exchange rate and control rising prices of basic commodities.

Speaking at a recent briefing, Information, Publicity, and Broadcasting Services Minister Jenfan Muswere outlined the government’s plan to address the ongoing issue of exchange rate manipulation, which has led to unjust price hikes and further weakened the local economy.

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How The Government Will Crack Down On Businesses That Manipulate The ZiG

Minister Muswere said:

“On modalities to operationalise the ZiG currency as legal tender for use in the economy, 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 Professor Mthuli Ncube. Cabinet noted that some retailers and some manufacturers have been reportedly using the unofficial exchange rate in their operations.”

He emphasised that the government is committed to taking firm action against those who exploit the exchange rate for personal gain at the expense of the broader economy.

All business owners will now be required to have a bank account and a POS machine under the Shop and Shop Licensing Act. The Government will also deploy inspectors to fight business malpractices that cause price instability and artificial unavailability of basic commodities.

Of Fake Products Flooding The Market

Businesses Manipulate The ZiG — *Government To Crack Down on Businesses That Manipulate The ZiG: What You Should Know [Image: Zim Sphere]*

The government is also focusing on combating the proliferation of smuggled and counterfeit goods. These products, which enter the country without being subjected to taxation or import duties, are flooding the market and competing unfairly with locally produced goods.

Muswere said:

“Cabinet also noted that there is a proliferation of smuggled and counterfeit goods that are unfairly competing with local products since they are not subjected to taxation and import duty,”

“The Government of Zimbabwe, going forward, will increase border patrols, increase the number of inspectors, and implement a whole-of-government approach to deal with the menace at border posts,” Muswere added.

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