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Govt Announces New Rules To Shore Up Zimbabwe Dollar

3 years agoThu, 27 May 2021 16:15:57 GMT
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Govt Announces New Rules To Shore Up Zimbabwe Dollar

The government has gazetted new regulations in an attempt to shore up the Zimbabwe dollar. The regulations are contained in Statutory Instrument 127 of 2021.

Under the new rules, companies applying for forex at the RBZ forex auction have to say what they want to use the money for.

According to the new regulations, these companies or individuals will be fined for using the money for a different purpose.

The fine is a fixed penalty of ZWL$1 million or an amount equivalent to the value of the foreign currency taken from the auction, whichever amount is higher.

Businesses can be fined for charging for goods and services only in forex and refusing to take payment in Zimbabwe dollars at the official exchange rate.

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Those found on the wrong side of the law can be fined ZWL$50,000 or an amount equivalent to the value of the foreign currency charged, or whichever amount is higher.

There is a fine for selling goods at an exchange rate above the official exchange rate. It is illegal to put a “premium” on your Zimdollar prices in order to encourage people to pay in US dollars. It is also illegal to give customers a discount for paying in US dollars.

If someone pays for goods or services in forex, and you give them a receipt in Zimdollars or record that the sale was in Zimdollars, you will pay a Z$50,000 fine, or an amount equivalent to the value of the forex charged for the goods or services in question (whichever is the greater amount).

For all these offences, the offender has 48 hours in which to lodge an appeal, by showing that the fine was a mistake. After that, if not reversed, the fine kicks in.

More: newZWire

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