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Treasury Forbids Govt Departments From Charging Exclusively In Foreign Currency

1 year agoMon, 29 May 2023 16:01:59 GMT
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Treasury Forbids Govt Departments From Charging Exclusively In Foreign Currency

The Treasury has instructed government ministries and agencies to immediately cease charging their services exclusively in foreign currency.

In a memo to the heads of government departments and agencies, Secretary for Finance and Economic Development, Mr. George Guvamatanga, stated that this practice is contrary to the government’s current policy and was contributing to the depreciation of the local currency. He said in a memo sent on Friday:

Instances where Government ministries, departments and agencies show preference for the US$ when charging for services to the general public should stop forthwith as it is contrary to the current Government policy position,” 

This general rule applies to all public institutions, except where explicit authority has been granted to charge exclusively in foreign currency.

The Minister of Finance and Economic Development, Prof Mthuli Ncube, has already outlined measures to arrest the further deterioration of the business environment and stabilize the exchange rate, including the reaffirmation of the use of the local currency as legal tender.

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The Zimbabwe dollar has lost significant value against the US dollar in recent months, leading some businesses and government departments to only accept foreign currency for their services. Those accepting the local currency have raised their prices astronomically, making them unaffordable for many. The government blames economic saboteurs and the business community for the price hikes.

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