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Zimbabwe Central Bank plays down forex crisis - The Zimbabwe Mail
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Zimbabwe main labour union backs govt on foreign currency regulation
thezimbabwemail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thezimbabwemail.com Daily Mail and Mail on Sunday newspapers.
By Alois Vinga
THE Zimbabwe Congress of Trade Unions (ZCTU) has slammed what it has described as greed by companies threatening to derail measures introduced recently by the government to enforce compliance with Reserve Bank of Zimbabwe (RBZ) official exchange rates.
Last week, the government issued Statutory Instrument (SI) 127 of 2021, which set out penalties to be applied on “double-dipping” companies.
These businesses are benefitting from the RBZ weekly foreign currency allotments, but proceeding to peg prices way above the US$1:84 exchange rate with the sole aim of raking in huge amounts in profits.
The new government directive will penalise the use of foreign currency obtained from the auction for purposes other than that specified in the application, among other punitive measures.
RBZ, business set for showdown over Statutory Instrument 127 of 2021
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Statutory Instrument (SI) 127 of 2021 gazetted last week gives the central bank teeth to bite abusers of the auction system and converted all the previous policy directives into law to allow action against those refusing to co-operate.
The new legal instrument gazetted under Presidential Powers (Temporary Measures) (Financial Laws Amendment) regulation, empowers the Reserve Bank of Zimbabwe (RBZ) to impose hefty penalties on businesses issuing local currency receipts for a foreign currency purchase, pricing of goods and services above the ruling exchange rate, pricing of goods and services only in foreign currency and using the money obtained from the auction system for other purposes than what the supporting invoices on the bid state.
Zimbabwe industrialists call on government to scrap new forex laws Reserve Bank governor says legislation will protect consumers and prevent companies that get foreign currency from diverting it to the parallel market BL PREMIUM 03 June 2021 - 17:17 Kevin Samaita
The Confederation of Zimbabwe Industries (CZI), a group representing Zimbabwe’s largest companies, has called for the immediate suspension of a law introduced last week forcing businesses to peg prices of goods and services to the official exchange rate.
In justifying the new law, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said the regulation seeks to ensure that companies that get foreign currency from the official system do not divert it to the parallel market.
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