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

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:

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.