HARARE – Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavhanu has issued a stern warning to supermarkets found using exchange rates higher than the official rate, threatening to revoke their shop licences.
This move comes amidst reports of some supermarkets utilizing rates exceeding the official Zimbabwe Gold (ZiG) rate of 13.5 to US$1.
In a recent interview with a local radio station, according to News Day, Mushayavhanu emphasized the importance of adhering to the official exchange rate, stating that those found violating it would face severe consequences.
“You should report on all supermarkets that are not using the ZiG13.5 rate, but using a higher rate. We are not going to tolerate that. They are going to get their licences terminated,” Mushayavanhu asserted.
According to Mushayavhanu, maintaining stability in the economy and ensuring the strength of the ZiG currency relies on the adherence to the official exchange rate. He urged citizens to hold onto their ZiG and cautioned against engaging with individuals offering higher exchange rates.
Despite the official rate set at ZiG13.5 to US$1, the ZiG currency has been trading at between ZiG17 and ZiG22 for US$1 on the parallel market. The government has been implementing various measures to curb inflation and stabilize the exchange rate, including crackdowns on illegal foreign currency dealers.
Collaborative efforts between the Consumer Protection Commission, the police, and RBZ’s Financial Intelligence Unit have also been underway to enforce compliance with the new currency. Recently, a blitz was launched targeting businesses refusing to accept ZiG.
In a significant development, ZiG can now be used to purchase fuel at local service stations following a statement issued by the Zimbabwe Energy Regulatory Authority (Zera).
Zera announced that fuel would now be available in the local currency, with immediate effect, offering consumers more options for currency transactions.
As Zimbabwe continues its efforts to stabilize its economy and currency, Mushayavhanu’s warning serves as a reminder of the importance of adhering to official exchange rates and supporting measures aimed at achieving economic stability.
