ZRP, FIU to continue enforcing compliance to the official exchange rate

by | May 16, 2024 | Local News | 0 comments

Tafadzwa Nyikadzino

Finance Minister,  Professor Mthuli Ncube has revealed that the country’s law enforcement agencies will continue to arrest individuals and companies that trade the Zimbabwe Gold currency above the official exchange rate to ensure compliancy to the law.

Since the launch of the ZIG currency,  the government has conducted a blitz which has seen the police arresting 224 illegal money changers, and the RBZ’s Financial Intelligence Unit (FIU) freezing 90 bank accounts.

Speaking during a question and answer session in Parliament,  Professor Ncube said the government will continue to support law enforcement agencies to enforce compliance to the official exchange rate.

“We really mean business and want to ensure that our law enforcement agencies are equipped to enforce that (compliance with the official exchange rate). We have instructed the FIU to look at the whole value chain (from manufacturers, wholesalers and retailers) that they are complying with the law.”

The official exchange rate of the ZIG against the US Dollar, which is popularly used in the country currently stands at US$1: Zig13.4.  However,  on the black market,  it is trading at US$1: Zig17.  The physical notes are still scarce in the market, a development that has caused people to struggle to get change while conducting small transactions.

Professor Ncube said government is putting measures to create a huge demand for ZIG so that people can use it for all transactions, including taxes.


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