This time last week we got the news that the government had issued Statutory Instrument 127 of 2021. In SI 127 are a raft of new measures that govern the rules of forex in the country not only for those participating in RBZ’s Forex Auction but for the nation at large. And as I am sure you are aware, there was massive backlash from all corners of Zimbabwe. Pundits, experts and armchair economists alike said that this will increase prices, increase the scarcity of USD in formal channels, inconvenience businesses and encourage black market forex deals.
Here’s our take of one week under SI 127 of 2021 and what we have seen since it was announced.
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SI 127 has been the talk of the town and for good reason. The Statutory Instrument is going to increase prices in ZWL$ particularly because everyone will be juxtaposing the “official rate” with the parallel market rate.
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- Businesses to face Z$50K fine for not accepting ZWL$ equivalent of US$ goods & services
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- OK Zimbabwe has stopped accepting USD payments because of SI 127
- RBZ “SI 127 is not designed to harm business”
- The authors of chaos, the RBZ says otherwise but SI 127 will harm businesses