Government warns errant businesses

Prof. Mthuli Ncube
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UNSCRUPLOUS business operators bent on distorting the exchange rate for selfish gains at the expense of the transacting public will face the full wrath of the law, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has said.

Minister Ncube’s sentiments come in the wake of some reputable retailers allegedly pegging prices above the stipulated official exchange rate following the recent devaluation of the local currency, the Zimbabwe Gold (ZiG).

In an interview on the sidelines of the ministry’s strategic planning review workshop in Mutare today, Minister Ncube said: “Government will not tolerate any form of fiscal indiscipline on the market. Anyone who is found on the wrong side will be made to pay heavy fines for that.”

Minister Ncube said the Reserve Bank of Zimbabwe recently devalued ZiG as a way of dealing with the widening gap between the official and parallel market rates.