Crackdown On Businesses Rejecting ZiG And Charging Parallel Rates Set To Intensify
The government has vowed to intensify its crackdown on suppliers and manufacturers across Zimbabwe who either refuse to transact in Zimbabwe Gold (ZiG) or charge parallel market exchange rates.
Presenting the 2025 National Budget, Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube said that the Financial Intelligence Unit (FIU) will take action against businesses that refuse to accept ZiG or use parallel market rates. Said Ncube:
The Financial Intelligence Unit (FIU), which has primarily concentrated on enforcement within the retail sector, is now broadening its scope to target non-compliant manufacturers and suppliers.
FIU offices will soon be established in areas beyond Harare to enhance monitoring and enforcement.
The FIU will take decisive action against businesses that refuse to accept ZiG or use parallel market rates.
FIU Director General Oliver Chiperesa told Business Times that bank accounts of manufacturers and suppliers found violating regulations have been frozen. Said Chiperesa:
Some manufacturers and suppliers continue to restrict the volume of ZiG they accept from downstream traders, which remains a challenge.
We are employing a dual approach of engagement and enforcement. Several accounts have already been frozen, and penalties imposed.
He added that enhanced compliance within the manufacturing sector would generate positive ripple effects across the entire supply chain, ultimately benefiting consumers.
A manufacturer, who requested to remain anonymous, defended the pricing strategies, saying:
We set prices that allow us to sustain production. Pricing policies that make operations unsustainable would lead to shutdowns. There is a need for engagement to foster mutual understanding.
More: Pindula News
Tags
43 Comments
11
