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Retailers failing to display prices under the dual pricing system and using open market exchange rates for pricing, despite getting forex from the Reserve Bank of Zimbabwe (RBZ)’s auction system, risk prosecution, an official has warned.
Professor Ashok Chakravati, who is a member of the RBZ monetary policy committee (MPC), said in an interview that in terms of Statutory Instrument (SI) 185 of 2020, it was an offence not to display prices in both the US and Zimbabwe dollar.
This comes after President Mnangagwa earlier this year promulgated SI 185 of 2020, which is cited as Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) (Amendment) Regulations, 2020 (No.3), which amends SI 212 of 2019.
As such, SI 185 of 2020 states that no person shall provide goods or services in Zimbabwe without displaying, quoting or offering the price of such goods and services in both the Zimbabwe Dollar and foreign currency at the ruling exchange rate.
Any entity or person who fails to do so faces civil penalties.
Online Reporter