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Reserve Bank of Zimbabwe (RBZ) governor John Mushayavhanu has urged members of the public to report supermarkets using exchange rates which are higher than the official rate.
This follows reports that some traders use a higher rate than the official Zimbabwe Gold (ZiG)13,5 to US$1.
In a recent interview with StarFM radio, the Central Bank chief warned that authorities will revoke shop licences of supermarkets found using black market rates. He said:
<blockquote>
You should report on supermarkets that are not using the ZiG13,5 rate but a higher rate. We are not going to tolerate that. They are going to get their licences terminated.
ZiG is going to be a stable currency and it is here to stay. Hang on to your ZiG and do not fall for evil people who want to exchange the currency at a high rate.
</blockquote>
The ZiG currency, introduced on 05 April 2024, is trading between ZiG17 and ZiG22 for US$1 on the parallel, according to <a href="https://www.newsday.co.zw/local-news/article/200026557/rbz-targets-supermarkets-over-zig">NewsDay</a>.
The Consumer Protection Commission (CPC), the Zimbabwe Republic Police (ZRP) and the RBZ’s Financial Intelligence Unit (FIU) are working together in a blitz on businesses refusing to accept the new currency.
Meanwhile, the Zimbabwe Energy Regulatory Authority (ZERA) on 04 May, issued a fuel review notice indicating prices of petrol and diesel in both USD and ZiG.
However, this does not necessarily mean that fuel is now being sold in ZiG because ZERA has always done the same for Bond Notes even when they were not accepted at the fuel pump.
According to the notice, diesel now costs ZiG22.24 and US$1.66, while petrol is now selling at ZiG21.15 and US$1.58 per litre respectively.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

RBZ Urges Public To Report Supermarkets Using Unofficial Exchange Rates

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

The Government has accused several pharmacies and other traders of engaging in “forward pricing” and speculation in violation of exchange control directives as well as standing government policy guidelines with respect to pricing and the use of the Zimbabwe dollar.
In a statement released on Tuesday, 11 July, the Ministry of Finance and Economic Development, said the Financial Intelligence Unit (FIU) is conducting investigations to identify the culprits.
It said (FIU) has established that some pharmacies are using parallel market exchange rates ranging from between ZWL$8 500.00 to ZWL$11 000.00 against the USD, in complete violation of Government Policy and the country’s anti-money laundering regulations.
The Ministry said measures have since been instituted against the culprits that will result in the suspension and/or cancellation of the trading licenses of the pharmacies. The pharmacies are:
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.09%;">
<tbody>
<tr>
<td style="width: 31.3609%;">Name of Company</td>
<td style="width: 14.9901%;">Location</td>
<td style="width: 90.7298%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 31.3609%;">Blessed Pharmacy</td>
<td style="width: 14.9901%;">Chegutu</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Global Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Leecare Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Pineal Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Greenwood Pharmacy</td>
<td style="width: 14.9901%;">Kwekwe</td>
<td style="width: 90.7298%;">Accepting USD only</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption"></figcaption></figure>
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.3202%;">
<tbody>
<tr>
<td style="width: 36.9403%;">Name of compamy</td>
<td style="width: 12.3134%;">Location</td>
<td style="width: 80.2239%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 36.9403%;">Apex Pharmacist Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Siegmed Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Booties Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Accepting USD only</td>
</tr>
<tr>
<td style="width: 36.9403%;">Mediplus Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Greenview Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Kaizen Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Necta Care Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 8 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Lancaster Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Murapi Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Grey Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Central Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Manica Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
</tbody>
</table>
</figure>
The Ministry added that the Government remains committed to the broad use of local currency for domestic transactions and stern measures will be taken against service providers who continue to violate provisions.
It urged the transacting public to resist all forms of unfair pricing by retailers and to immediately report violations to the Financial Intelligence Unit.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1R-8aQAISxjN?format=jpg&amp;name=4096x4096"/><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1SUhaEAEETD0?format=jpg&amp;name=4096x4096"/>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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