Chronicle EditorSikhulekelani Moyo – [email protected]
MORE than 50 contractors have been blacklisted for unlawfully diverting received funds paid for goods and services to illegal foreign currency parallel market.
In a statement, the Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube said this action has been taken in pursuit of Government’s continued efforts to improve economic stability and restore confidence in the financial system and provide a conducive business environment.
“Government has blacklisted 51 contractors for unlawfully diverting received for payments for goods and services to the illegal foreign currency parallel market,” said the Minister.
“The blacklisted companies have been under scrutiny since 18 July 2022, when Treasury tasked the Financial Intelligence Unit to monitor all payments of high-value Government contracts to identify those involved in illegal foreign currency dealings.
“This was meant to contain market forces and align the macro-economy to the liberalised foreign exchange market, whose exchange rate is freely determined by the banking system based on demand and supply.”
Prof Ncube said the introduction of the ZiG as legal tender on 5 April 2024, further stabilised the economy and brought about orderly pricing in the market, a positive development that Government seeks to maintain.
Government remains committed to improving the economy and will continue to monitor developments in the market.
The continued implementation of the value for money principle in Government has realised savings that have enabled the implementation of programmes and projects that benefit citizens.
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