Latest News Editor's Choice

News / Local

Anyone refusing to accept ZiG payments will be arrested

by Staff reporter
10 Jun 2024 at 03:38hrs | Views
Zanu-PF national political commissar Munyaradzi Machacha announced that anyone, including ruling party members, refusing to accept ZiG payments or using inflated exchange rates will be arrested and prosecuted.

Speaking in Bulawayo, Machacha emphasized that there will be no exceptions to the law and urged party officials to set an example by supporting the ZiG and government policies.

The ZiG, introduced by the Reserve Bank of Zimbabwe in April and backed by gold and foreign exchange reserves, has stabilized against the US dollar and improved price stability. Despite this, some businesses resist accepting ZiG or inflate prices to avoid compliance with the official exchange rate.

Machacha called for ethical conduct and discipline from everyone, warning that those sabotaging the economy, including senior ruling party members, will face punishment.

The Reserve Bank's Financial Intelligence Unit (FIU) has established a hotline for reporting businesses that reject ZiG or charge above the official exchange rate. The FIU has already taken action against numerous violators, freezing bank accounts and imposing penalties.

The government has also enacted regulations to penalize those who violate exchange rate policies, with significant fines for individuals and businesses found overcharging.

Source - The Herald