"We're Introducing Penalties For Those Who Deviate," Finance Minister Speaks On Currency Issues

Finance Minister, Professor Mthuli Ncube has said that the government is introducing measures to punish those who violate Statutory Instrument (SI) 142 of 2019 which banned the use of all foreign currencies on domestic transactions.

The SI that was issued in June last year also reintroduced the Zimbabwe dollar and made it the sole currency in the country. Speaking to the Sunday Mail on the finance policy, Ncube said:

Zimbabwe is in a mono-currency situation. We introduced the Zimbabwe dollar, which is the domestic currency of Zimbabwe. But we know that it’s taking time for Zimbabwe to adjust.

Why? Because it’s difficult to have that silver bullet where everyone complies. Of course, as Government, we are enforcing compliance, we are introducing penalties for those who deviate.

Meanwhile, snap surveys conducted recently suggest that the country might be illegally and slowly redollarising as businesses are charging their commodities in foreign currency, particularly the US dollar.

Businesses argue that the local currency is rapidly shedding value against big currencies therefore unsustainable for business.

More: The Sunday Mail