News / National
FIU targets informal sector ZiG manipulators
26 Jun 2024 at 02:14hrs | Views
The Financial Intelligence Unit (FIU), part of the Reserve Bank of Zimbabwe (RBZ), is intensifying efforts against the informal sector to combat currency manipulation aimed at undermining the Zimbabwe Gold (ZiG). While compliance from retail shops and the local manufacturing sector has been strong, the informal sector remains problematic.
Targeted sectors include tuckshops, restaurants, vendors, commuter omnibus operators, grocery shops, salons, hardware shops, and some manufacturers who either refuse the ZiG or use unfavorable black market rates.
The FIU launched this initiative three months ago following the introduction of the ZiG, recognizing that saboteurs were exploiting the new currency.
FIU director general, Mr. Oliver Chiperesa, noted that while the formal business sector has widely accepted the ZiG, the informal sector and some manufacturers still show resistance. These sectors are accused of limiting transactions in ZiG and demanding foreign currency instead.
To address this, the FIU is continuing its crackdown, having already fined several manufacturers and suppliers. Compliance in these areas is expected to improve the overall market stability.
The FIU has also frozen 522 bank accounts and fined 140 entities and individuals for violating exchange control regulations. Mr. Chiperesa urged all businesses, particularly those in the informal sector, to comply with regulations to maintain market stability.
Targeted sectors include tuckshops, restaurants, vendors, commuter omnibus operators, grocery shops, salons, hardware shops, and some manufacturers who either refuse the ZiG or use unfavorable black market rates.
The FIU launched this initiative three months ago following the introduction of the ZiG, recognizing that saboteurs were exploiting the new currency.
FIU director general, Mr. Oliver Chiperesa, noted that while the formal business sector has widely accepted the ZiG, the informal sector and some manufacturers still show resistance. These sectors are accused of limiting transactions in ZiG and demanding foreign currency instead.
To address this, the FIU is continuing its crackdown, having already fined several manufacturers and suppliers. Compliance in these areas is expected to improve the overall market stability.
The FIU has also frozen 522 bank accounts and fined 140 entities and individuals for violating exchange control regulations. Mr. Chiperesa urged all businesses, particularly those in the informal sector, to comply with regulations to maintain market stability.
Source - The Herald
