The Zimbabwean government has introduced stringent new regulations to combat currency manipulation, imposing significant penalties on individuals and businesses that violate the rules. The Exchange Control (Amendment of Schedule to Exchange Control Act) Notice, 2024, aims to stabilize the economy by enforcing fair pricing practices.
Key Highlights:
- Businesses can no longer price goods and services 10% above the official rate
- Fixed penalty of ZWL 200,000 or equivalent foreign currency value for non-compliance
- Daily cumulative penalty of up to 5% of unpaid fixed penalty
- 48-hour grace period for offenders to justify pricing before penalty confirmation
- Automatic penalty issuance for failure to provide a valid explanation
What This Means:
The new regulations aim to curb currency manipulation and promote economic stability. Businesses must now adhere to the interbank foreign currency selling rate, with no room for flexibility. The hefty penalties will be a significant deterrent to those who violate the rules.
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