Currencies
Zimbabwe to Fine Companies Not Using Official ZiG FX Rate
- State backtracks on rule that retailers may add 10% for profit
- Currency gains after reaching record low earlier this week
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Zimbabwe will penalize individuals and companies which don’t use the prevailing official foreign-exchange rate of its new ZiG currency for transactions.
The government will levy a fine of 200,000 ZiG ($14,782) on offending firms and individuals, Mthuli Ncube, the finance minister said in a statement published Thursday. The Treasury Chief had warned on Tuesday of looming regulations to enforce sole use of the official exchange rate in the economy, which is set daily by the Reserve Bank of Zimbabwe.