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RBZ To Start Penalizing Businesses For Quoting, Charging & Accepting Payments In Forex, Thanks To New Regulations

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Currency

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A new Statutory Instrument that’s just been gazetted will now penalize businesses that qoute,charge and receive payments in US dollars or any other kind of foreign currency. The new Statutory Instrument reads:

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In particular no person shall quote, display, label, solicit for the payment of, receive or pay the price of any goods, services, fee or commission in any currency other than the Zimbabwe Dollar.

There you have it- even displaying prices in US dollars will now get you in trouble. This new law has been introduced in response to some business like Hwindi which had started to quote their prices in US dollars although they were requiring customers to make their payments in Zim Dollars.

Now businesses will have to contend with constantly changing their Zimbabwe Dollar prices as the local currency continues to lose value on a weekly basis.

How much will you be fined?


According to NewZWire, you will be “fined up to ZWL $6 000 plus ZWL $1 200 for every day that you don’t comply”.

Also read: Mthuli Ncube Says 2% Tax Will Still Be Levied & He Explains Why


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19 thoughts on “RBZ To Start Penalizing Businesses For Quoting, Charging & Accepting Payments In Forex, Thanks To New Regulations

  1. What a stuff up of a country we live in. This is how we going to live with NO everything until a few months before the next election and we will be flooded with fuel, zesa and all the rest. The only country apart from Venezuela in the world which keeps going backwards instead of forward. You either stay and live backwards or move out of Zim and live forward in life.

    1. RBZ is stepping out of Bounds…… The institution like all other Apex Banks are only to regulate Banks and not Businesses. There isnt a corporate that can deal directly with RBZ…. all busines with RBZ is done through the Banks.

  2. The many slimy hands of the government charge in US citing need to obtain forex, the difference is that small private businesses are upfront and honest

  3. Can we now pay DStv using RTGS? As long as it is permissible for non essential services like DStv to be charged for in forex then the government is not yet serious. Why is DStv so critical that they would exempt it?

  4. RBZ the bad news brown of the country.Everything is illegal.They bear all things that throw citizens under the bus with no mess.Hope one day they realise that statutory instruments fo not bring food to our children’s tables and do not pay the bills

  5. IS THE RESERVE BANK GOING TO STOP CHARGING THE JEWELLERY MANUFACTURERS IN USD FOR GOLD AND DIAMONDS OR IS THE LAW ONLY FOR THE PEOPLE

  6. What a genius. Remove any reference to the offending foreign currency so that investors come in, sell their products with no reference to their home currency or any stable currency, get loads of RTGS and tell their shareholders that they have quadrillions of RTGS in a country with the highest inflation, no currency, loads or statutory instruments and they need to invest even more. Well, the locals will not find it interesting to do much. This is just another shocking shackle on the hands of the impoverished persons stuck in this spot on earth whose actions baffle everyone else except the few playing these unbelievable games with people’s heritage. Even as you struggle to import power and there are kilometers of fuel queues. Astonishing. Soon there will be another SI topping anyone from breathing.

  7. Sorry what number statuary instrument is this one cause there was 64, 211, 90, 309,…….they create SI’s for their own convenience, not for the people’s. A pathetic excuse for a country.

  8. It’s about time they start doing this as a lot of companies. As some of us don’t earn usd so why charge usd when it’s been banned.

  9. It’s about time they start doing this as a lot of companies charge usd. As some of us don’t earn usd so why charge usd when it’s been banned.

    1. In any case prices thrughout the world are usd based so it dose not matter what currency you are charged real matter is what is the value of product that you are being charged

  10. i do not think is a good idea because we don’t have our own industry that can produce our own goods and other thing this government failed to utilize the economy. They think that what they daily basis is good for them although they are making our grannies and elders to suffer in life thus really bad

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