Sundaymail Editor
Online Reporter
The Reserve Bank of Zimbabwe (RBZ) has released a list of businesses which contravened the recently promulgated Statutory Instrument (SI) 127 of 2021.
The new law requires businesses to charge for goods and services using the formal exchange rate determined by the weekly foreign currency auction.
In a statement Tuesday, the central bank said investigations by its Financial Intelligence Unit (FIU) and Exchange Control Division revealed that a number of businesses were abusing its foreign currency facility and “shall be dealt with in accordance with SI 127”.
The companies include National Foods (Pvt) Ltd, Georgia Petroleum (Pvt) Ltd, Tettola Investments (Pvt) Ltd, Africa Steel (Pvt) Ltd, Westvillle Investments (Pvt) Ltd (T/A Omni Africa), Flicknik Enterprises (Pvt) Ltd, Duo Valley Commodity Brokers and Faircclot Investments.
GlenuLas Trading, Natural Stone Export Company, Nuvert Trading, Phirebrook Investments, Classic Energy, Clorex Energy, Explochem, Mutare Mart & Exchange, Souzrce Fuel and Kimya Investments also make the list.
Those using funds acquired at the auction for other purposes other than those approved will pay a fine of $1 million, while companies found charging prices that are not in tandem with the official exchange rate are liable for a fine of $50 000 or an amount of foreign currency that is equivalent to what they were charging.
Online Reporter