Report business who reject the ZiG, charge above official exchange rate – RBZ

THE Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has established a hotline and WhatsApp number where members of the public can report business operators who are rejecting the local currency or charging above the official exchange rates.

Zimbabwe introduced the Zimbabwe Gold (ZiG) in April to replace the Zimbabwe dollar, which had suffered loss of value due to currency volatility and inflation.

Since its introduction, the ZiG has remained stable against the US dollar contributing to price stability and increasing the buying power for consumers.

Despite most mainstream business operators complying with the exchange rate and accepting the local currency, concerns have been raised that some operators are charging above the official exchange rate while others are rejecting the local currency altogether.

In a statement on Tuesday, the FIU said the public should utilise hotline and WhatsApp platforms to report those rejecting the local currency and those that are trading above the official rate.

“Please report traders who are refusing to accept ZiG or are exceeding the official ZiG / US$ exchange rate to the Financial Intelligence Unit on Hotline and WhatsApp numbers: 0714039897,” reads FIU statement.

FIU has in the past frozen accounts of business operators found to be violating the exchange rate.

Government in May promulgated Statutory Instrument 81A of 2024 penalising flouting of the exchange rate.

Individuals and businesses who would be found charging goods beyond the RBZ gazetted exchange rate will be fined ZiG 200 000.

-@nqotshili