Chronicle Editor
ZIMBABWE’S new currency (ZiG) was under threat from indiscipline in the marketplace and we want to commend Government for quickly moving in to restore order. After the introduction of ZiG, which is backed by gold and other precious minerals, some unscrupulous businesses came up with ridiculous exchange rates of up to 22 ZiG for US$1 instead of the official rate of US$1 to 13,4 ZiG.
Government quickly responded to this indiscipline by coming up with Statutory Instrument 81A of 2024, which compels businesses to use the official exchange rate when pricing products.
Businesses that are found using their own exchange rates are fined ZiG 200 000 or equivalent in forex. Many businesses have since adjusted their prices to reflect the official exchange rate but there are a few who continue to fleece consumers by pegging their prices based on the black market rates.
What is comforting is that officials from the Reserve Bank of Zimbabwe (RBZ) and the police are on the ground to ensure that such undesirable elements are brought to book.
A number of leading retail outlets, councils, schools, organisations and other institutions in the different cities and towns are now using the official exchange rate when pegging prices for their goods and services and this is as it should be. Rampant indiscipline in the marketplace has in the past been the major stumbling block to Government efforts to stabilise the economy.
President Mnangagwa has on many fora urged Zimbabweans to embrace and defend the new currency saying sustainable economic development can only be achieved through the use of local currency,which can stimulate economic growth and guarantee stability.
Ethical conduct of businesses is crucial as it helps to instil confidence in the new currency hence the need to whip into line those businesses that want to profiteer by pegging their prices using the black market exchange rates.
Government has announced that the country will continue with the multi-currency system until 2030 and it is hoped that during the period an enabling economic environment to phase out the multi-currency system will be created.
The new regulations that compel businesses to use the official exchange rate will stabilise prices and protect consumers from unscrupulous businesses that in the past used to adjust prices daily based on the black market exchange rates.
Some businesses even had the audacity of selling some products exclusively in forex and it is our hope that such conduct will be nipped in the bud this time around. We want to once again implore businesses to embrace the new currency and uphold business ethics in their conduct as we grow our economy and build the Zimbabwe we all want.
Online Reporter