RBZ Launches Snitch Hotline: FIU Urges Zimbos to Report Businesses Rejecting ZiG or Using Black Market Rates

RBZ Launches Snitch Hotline: FIU Urges Zimbos to Report Businesses Rejecting ZiG Currency

In a move to stifle the devaluation of the recently introduced Zimbabwe Gold (ZiG), the Financial Intelligence Unit (FIU) has established a hotline and WhatsApp number where members of the public can report business operators who are rejecting the local currency or charging above the official exchange rates.

FIU Urges Zimbabweans to Report Companies Who Use Black Market Rates, Reject ZiG

Zimbabwe launched the ZiG in April to replace the volatile Zimbabwe dollar, which had suffered from severe currency devaluation and inflation. While the majority of businesses have accepted the ZiG for transactions, some are still refusing to use the local currency or are applying an unofficial exchange rate.

On Tuesday, the FIU urged the public to report businesses that refuse to accept ZiG or use an unofficial ZiG to US dollar rate via the hotline and WhatsApp platforms. The FIU stated on X (formerly Twitter):

“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: 0714039897/0780434475.”

Also read: Say Goodbye to Change Shortages: RBZ Joins Hands with Homelink in ‘Swipe for ZiG Cash’ Initiative

Penalties for Charging ZiG Black Market Rates

This crackdown comes after the FIU froze the bank accounts of 11 companies in April for exchange control violations, including trading exclusively in US dollars and refusing to transact in the new ZiG currency.

Last month, the government also gazetted Statutory Instrument 81A of 2024, which penalizes individuals and companies charging prices above the prevailing official foreign exchange rate. Offenders face a fine of ZiG200,000, or the value of the foreign currency taken, whichever is higher.

The new regulations prohibit retailers from charging a 10% premium on the official ZiG to US dollar exchange rates.

The post RBZ Launches Snitch Hotline: FIU Urges Zimbos to Report Businesses Rejecting ZiG or Using Black Market Rates appeared first on iHarare News.