Latest News Editor's Choice

News / National

Zimbabwe police to conduct blitz on street traders manipulating ZiG currency

by Staff reporter
11 Apr 2024 at 18:31hrs | Views
Finance Minister Mthuli Ncube has announced plans for law enforcement crackdowns on black market traders accused of manipulating Zimbabwe's new structured currency, the Zimbabwe Gold (ZiG). This initiative follows closely on the heels of Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu's recent announcement of the Monetary Policy Statement and the introduction of a gold-backed currency, aimed at addressing runaway inflation and currency exchange distortions.

In a parliamentary presentation summarizing the Monetary Policy Statement, Ncube expressed concern over reports of street vendors and money changers exploiting the new currency. While electronic circulation of the currency has already commenced, ZiG notes and coins are slated for circulation after April 30.

Legislators voiced apprehension that the introduction of ZiG currency could exacerbate existing market distortions, with some commodities experiencing significant price increases. Ncube acknowledged these concerns and affirmed the government's commitment to addressing illicit trading activities.

Addressing the Parliament, Ncube asserted plans to deploy law enforcement agencies to swiftly address the issue, emphasizing the illegality of trading on the parallel market and the necessity for stringent enforcement measures. He stressed the need for prompt action to deter such activities, including clearing street vendors from public spaces and imposing hefty fines on offenders.

Responding to queries regarding civil servants' salary disbursements, Ncube assured MPs that electronic payments into their accounts would be processed by April 18th, with hard cash availability expected by April 30. He reassured that the operationalization of ZiG currency would facilitate timely payment processes for civil servants and alleviate concerns regarding salary delays.

Source - newzimbabwe
More on: #Police, #ZiG, #Currency