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Report businesses that reject the ZiG, says RBZ

by Staff reporter
05 Jun 2024 at 02:10hrs | Views
The Reserve Bank of Zimbabwe's Financial Intelligence Unit (FIU) has launched a hotline and WhatsApp number for the public to report businesses that reject the local currency or charge above the official exchange rates.

In April, Zimbabwe introduced the Zimbabwe Gold (ZiG) currency to replace the Zimbabwe dollar, which had depreciated due to volatility and inflation. 
The ZiG has since maintained stability against the US dollar, leading to price stability and increased consumer buying power.
While most mainstream businesses comply with exchange rates and accept the local currency, some operators have been reported for charging above the official exchange rate or refusing the local currency.

The FIU issued a statement on Tuesday encouraging the public to use the hotline and WhatsApp platforms to report such violations. The statement reads: "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."

In the past, the FIU has frozen accounts of businesses found violating exchange rates. In May, the government enacted Statutory Instrument 81A of 2024, which penalizes those flouting the exchange rate. Individuals and businesses charging beyond the Reserve Bank of Zimbabwe's gazetted exchange rate face fines of ZiG 200,000.

Source - the chronicle