News / National
Flimsy tactics to resist use of ZiG exposed
02 Jul 2024 at 01:29hrs | Views
Some shops in Bulawayo are defying government regulations by exclusively trading in US dollars and South African rand, ignoring the Zimbabwe Gold (ZiG) currency, despite legal obligations under Statutory Instrument (S.I) 85 of 2020.
A survey by the Chronicle revealed that small retailers, particularly "China shops" selling various goods, refuse electronic payments in ZiG, often citing faulty POS machines. While ZiG circulates electronically, physical notes and coins are gradually introduced to stabilize the market.
Retailers display prices in both US dollars and ZiG at official rates or parallel market rates, prompting government warnings and Financial Intelligence Unit (FIU) actions against non-compliant entities. Some businesses accept US dollars only for selected goods, claiming suppliers prefer foreign currencies. Consumer confidence in ZiG, backed by gold, remains pivotal amid fluctuating retailer acceptance and pricing inconsistencies.
Former Industry and Commerce Minister Dr. Sithembiso Nyoni underscored collective efforts to bolster ZiG's value and consumer trust, emphasizing the currency's regional strength and economic stabilization measures.
A survey by the Chronicle revealed that small retailers, particularly "China shops" selling various goods, refuse electronic payments in ZiG, often citing faulty POS machines. While ZiG circulates electronically, physical notes and coins are gradually introduced to stabilize the market.
Retailers display prices in both US dollars and ZiG at official rates or parallel market rates, prompting government warnings and Financial Intelligence Unit (FIU) actions against non-compliant entities. Some businesses accept US dollars only for selected goods, claiming suppliers prefer foreign currencies. Consumer confidence in ZiG, backed by gold, remains pivotal amid fluctuating retailer acceptance and pricing inconsistencies.
Former Industry and Commerce Minister Dr. Sithembiso Nyoni underscored collective efforts to bolster ZiG's value and consumer trust, emphasizing the currency's regional strength and economic stabilization measures.
Source - The Chronicle
