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Shops Continue To Reject ZiG As Street Rates Soar

8 months agoTue, 30 Jul 2024 11:46:47 GMT
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Shops Continue To Reject ZiG As Street Rates Soar

The surge in black-market exchange rates, which peaked at around US$1:ZiG25 last week, has forced some businesses in Bulawayo to reject payments in the local currency.

While the official exchange rate remains at about ZiG14 to the US dollar, the soaring parallel market rate has further diminished consumer purchasing power.

According to the Chronicle, some businesses in Bulawayo have resorted to feigning network issues with their point-of-sale (POS) machines as a pretext to exclusively demand foreign currency transactions.

Specific examples include Greens Supermarket and Oceans, two retail outlets in Bulawayo that have allegedly been turning away shoppers attempting to pay electronically in the local currency, claiming their POS systems were not functional.

Mthokozisi Nkosi, the chairperson of the Consumer Protection Commission (CPC), has stated that the Commission will take action against these shops that are unlawfully rejecting the ZiG as a means of payment. Said Nkosi:

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wa.me/channel/0029Vb4GVea90x2nCSDImS1b

 

We understand technology fails at times. We equally understand that it is serviceable, hence no reason to continuously claim the system is out of order.

Let these businesses be warned that we cannot be bystanders when they flagrantly violate consumer laws.

The law is clear that we are in a multi-currency regime and consumers have a choice on which currency to use as they transact.

We are coming after these unscrupulous businesses. Our Bulawayo office is going to be descending on these rogue elements.

We strongly warn them to stop this practice forthwith.

Confederation of Zimbabwe Retailers president Denford Mutashu said retailers and wholesalers should accept the ZiG. He said:

As CZR, we continue to urge retailers and wholesalers to accept ZiG and not inconvenience customers as we continue to work with the Government in addressing the supply chain challenges impacting sector players negatively.

According to economist Prosper Chitambara, the surge in parallel market exchange rates is a clear indication that businesses are struggling to access adequate foreign currency through official channels. Said Chitambara:

From conversations with people in business they are saying that it is difficult to access foreign currency at the interbank market, so there is a strong demand for US dollars by businesses that are not satisfied by the interbank market.

This creates a lot of pressure on the exchange rate. If one fails to access forex for legitimate business on the interbank market, one is forced to seek recourse to the black market.

Last week, the Ministry of Finance, Economic Development, and Investment Promotion blacklisted 51 contractors, after investigations revealed they were supplying the black market after receiving payment for their services or goods.

More: Pindula News

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57 Comments

hoyoo · 7 months ago
u
Anonymous · 8 months ago
Mari isinganhongwe kana yaraswa
Anonymous · 8 months ago
Cash is king 👑. USD rules the financial world and will do so for the future. Bric's is going nowhere.
Zelensky · 8 months ago
yes ! Business may be forced to accept ZIG but they will be left counting losses becoz ZIG is now going to where it belongs ( dust bin like what happened to other currencies ie Bearer cheques, bond notes, RTGs , Gold Coins , and of late ZIG)
Anonymous · 8 months ago
The govt rejects its own ZiG currency, for passports, duties, fuel etc?
patz · 8 months ago
Zig ichatanga kuita mari chaiyo ka ma foreign visitors to Zimbabwe akusungirwa kunochinja forex yawo kubank only kuti vavane Zig nekubooker mahotera nekushandisa zvimwe zvese zvese while vari muzim. Zig richatanga kusimba kana ma foreigners anoda kutenga zvinhu zvedu muno akutanga aisa mari yawo muZig vozotenga naiyoyo. Zig ichatanga kushanda kana vanhu vatumirwa mari from diaspora vakupihwa ari maZig forex yogara kuRBZ. Zig ichatanga kusimba kana munhu anoda kunotenga kunze akubhadhara duty neZig. Peturu nemapasiport ngazvingovanikwe neZig awo vanoda kuhodha peturu kunze awaniswe forex ne RBZ. Mthuli dai amboenda kunoita apprenticeship pa South Africa padhuze dhuze apo anzwisise kuti sei maSouth African achifarira Rand rawo ende vasingade kushandisa imwe mari in their day to day lives. Kana akubva ikoko oita find out kuti sei maZimbo ekuBeitbridge prefer the Rand only in their day to day transactions. They dont even like the USD on the local currency.
Corruptmore Looto · 8 months ago
Ndiwe wanyotso taura iwe kwete zvana mbudzi yeDhora vanoswera vachitaura propaganda yeZanu pano on behalf of the useless ZiG
nm · 8 months ago
it's not as simple as you make it sound .Before the multicurrency concept was introduced ,(the system you have mentioned was there),but our currency still collapsed -why was that? and do you honestly think that it has never crossed the minds of those running economic policies in Zim. Are they that ****?- I think not, the answer is that it's more dynamic than we think
hezvoness.... · 8 months ago
Bearer chq, (USd,yen,pula,rand,kwacha,rupee,Gbpound,euro,Ngwee, shilling.meticai,..........................)bond , Zig 1000 currencies .....nyika 1 asi chabida hapana (Bob🎶🎵Nyabinde)
Anonymous · 8 months ago
Just the bond note in sheep's clothing. The rate is returning to where it was.
Xxx · 8 months ago
It is better for Zimbabwe to have its own currency...
1
Antman · 8 months ago
Thats a great move but trying to use force and a non existing rating system tend to cause some problems. Deal with money supply, enforce policies and put in olace a system that will allow those importing from overseas to get other currencies in exchange of ZiG. Or if they put an auction system for buying and selling USD and ZiG that will be lovely, without that businesses will assume ZiG is fraud. My view
ieus · 8 months ago
good money chases bad money
Anonymous · 8 months ago
Mari isingabvumwe kana lula lula..
laugh emoji1
🏋️🕺⛹️ · 8 months ago
mari isingatenge fuel, kana kubhadhara passport, iro bepa rakashandiswa zvaro pa10zig barely 3mnths riri mu circulation mamwe atova marara mukati dzakanyatsoti twesesere dzevanoita zvemari munyika muno, I doubt apa rate rakutaurwa mumastreets ma1, not Bulawayo only.
miami · 8 months ago
kubvira paswa
US$ · 8 months ago
makamboonepi currency inotsigirwa musangano, mwpurisa, mauto, seisingakwanisa kuzvimiririra sedzimwe mari. ko lndians sei asingatambiri mazig enyu kkkk
· 8 months ago
because ZiG is NOT money
Zeus mfana · 8 months ago
Zanu pf clan full old looters nd their claim ZiG is strongest currency I bet their on arvs, cocaine
tshaka de Zulu · 8 months ago
Rate yeZig ikukwira ikoko kubulawayo. So I think vakaoma vacauyako kuzo dealer nemamoney changer eikoko
elder d · 8 months ago
ZiG had it tough before it was conceived. an imaginary currency backed by fictitious gold stocks. hehehede
laugh emoji1
Anonymous · 8 months ago
🤣🤣🤣🤣🤣
Jojo · 8 months ago
Vision 2030. 1US:Zig1000
pp bb · 8 months ago
hope they fix these ****s coz like always if u want us money go to america
· 8 months ago
ma1 aye atanga. Command Rate :- 1 : 14 Real (Market) rate:- 1 : 25 Chovha George, Handeyi tione
Drmk · 8 months ago
Black Market ndoyo unoti real rate... confused ****.
Boss lady · 8 months ago
The mkt rate (black) is the real rate, determined by the supply and demand
Boss lady · 8 months ago
Yes real rate is determined by market forces, demand and supply. Go and revise yr basic economics
· 8 months ago
I call it Real Rate because that's where transactions take place. Take your ZiG to the bank and see if you can get US$ - NO YOU CAN'T. Go to 4th Street with your ZiG and lo behold. YOU GET US$. So which is the REAL Market? Bank or 4th Street?
hezvoness.... · 8 months ago
yes Drmk (Drunk) real rate is where the money is readily available. bank rate ndeyemumhepo.. tell yo GarweHe can rig elections but not the economy. He can command his army to 45degree protesters but not the Rate --as Yu can see.
urirk · 8 months ago
14Zig =1us is an immaginery Rate or Bank rate or Govenment rate
simbimubako · 8 months ago
Government should enforce the use of electronic money and close shop blackmarket dealer, Vese vemisika ne zvima Yuwesi zvakasviba kuti ndoo should acquired swipe machines or use mobile transact, Akuita unge vanhu vasina gwazhi apa currency yedu yoramba ichingo loser it's potence nemutowo umwechte, kuita here vakomana
· 8 months ago
Vana voti tina baba pakadai?
simbimubako · 8 months ago
Hazvina basa izvo chero vachiziva kuti baba museve havadi zvema repeat series, ku regurgitater, chewing the cud, kwete vanopembedza ma returns unenge uri aba pachii ipapo kurembedza ma half paschete
. · 8 months ago
zig is transacting mostly in electronic form, I guess about 90 plus %. Since its release ,I have never held the paper or coin zig in my hands
· 8 months ago
Unofunga nemusana kunge Ndere .
· 8 months ago
Ndere rikazofunga. Uyu kana pfungwa dzacho haana
Anonymous · 8 months ago
Ask the government why ZiG is not being accepted You can't get USD from the bank yet you it to order from SA to restock for the same people to come and buy.The bank will not supply dollars at the 14 rate.
hezvoness.... · 8 months ago
ukatoona wakuti ENFORCE chete ziva kuti HAISI MARI. real money inongodiwa nemunhu without (en)force. Mari ndoyatinomukira from bed early morning everyday . But yenyu inotoitirwa maAdvert chaiwo ,tuna jingles paRadio can't Yu see kuti it's just not money.... Your Zanu-sodomised poris can never control the rate. Markets and lndustry do.
Chibaba · 8 months ago
And you hear ED boasting himself that Zig is the strongest currency in Africa.
· 8 months ago
You shouldn't take the rantings of a senile old man suffering from Alzheimer's seriously please. I also suspect ARVs are affecting his reasoning capabilities.
. · 8 months ago
where in byo can I find fuel sold in zig?
Gov · 8 months ago
Kumba kwaLobe
nust · 8 months ago
rovai varikuramba ma zig ,or must their shopes
Retailer · 8 months ago
Ndezvako izvo musoro Bhangu
Steve Hanke · 8 months ago
It ZiGGid and ZaGGed
nust · 8 months ago
zigzag
· 8 months ago
ZiWiG

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