News / National
Mnangagwa govt warns errant businesses
05 Oct 2024 at 17:25hrs | Views
Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, has issued a stern warning to unscrupulous business operators seeking to exploit the exchange rate for personal gain, emphasizing that they will face severe legal repercussions. This comes after reports of reputable retailers charging prices well above the newly stipulated official exchange rate following the recent devaluation of the Zimbabwe Gold (ZiG).
In an interview held on the sidelines of the ministry's strategic planning review workshop in Mutare, Minister Ncube stated, "Government will not tolerate any form of fiscal indiscipline in the market. Anyone who is found on the wrong side will be made to pay heavy fines for that." He reiterated the government's commitment to ensuring fair pricing practices that protect consumers and uphold economic stability.
The remarks were prompted by rising concerns regarding price hikes among retailers, who have allegedly capitalized on the devaluation of the local currency to inflate prices. The Reserve Bank of Zimbabwe recently devalued the ZiG to address the growing disparity between official and parallel market exchange rates, aiming to stabilize the economy and restore public confidence in the currency.
Minister Ncube stressed that the government remains vigilant in monitoring market activities and will take decisive action against businesses that engage in fiscal misconduct.
"We are aware of the challenges consumers face, and it is our duty to safeguard their interests against exploitative practices," he added.
The minister's comments reflect broader efforts by the government to regulate the economy and ensure adherence to the official exchange rates, which are critical for fostering an equitable market environment. As the situation develops, stakeholders in the retail sector and the public are urged to report any suspicious pricing activities to authorities.
With the government poised to implement strict penalties for those found manipulating the exchange rate, Minister Ncube's statements signal a proactive approach to curbing inflation and promoting financial integrity in Zimbabwe's evolving economic landscape.
In an interview held on the sidelines of the ministry's strategic planning review workshop in Mutare, Minister Ncube stated, "Government will not tolerate any form of fiscal indiscipline in the market. Anyone who is found on the wrong side will be made to pay heavy fines for that." He reiterated the government's commitment to ensuring fair pricing practices that protect consumers and uphold economic stability.
The remarks were prompted by rising concerns regarding price hikes among retailers, who have allegedly capitalized on the devaluation of the local currency to inflate prices. The Reserve Bank of Zimbabwe recently devalued the ZiG to address the growing disparity between official and parallel market exchange rates, aiming to stabilize the economy and restore public confidence in the currency.
Minister Ncube stressed that the government remains vigilant in monitoring market activities and will take decisive action against businesses that engage in fiscal misconduct.
"We are aware of the challenges consumers face, and it is our duty to safeguard their interests against exploitative practices," he added.
The minister's comments reflect broader efforts by the government to regulate the economy and ensure adherence to the official exchange rates, which are critical for fostering an equitable market environment. As the situation develops, stakeholders in the retail sector and the public are urged to report any suspicious pricing activities to authorities.
With the government poised to implement strict penalties for those found manipulating the exchange rate, Minister Ncube's statements signal a proactive approach to curbing inflation and promoting financial integrity in Zimbabwe's evolving economic landscape.
Source - The ManicaPost
