According to Statutory Instrument 213 of 2019 that has just been gazetted its now a punishable offence for businesses to quote, charge, display or receive payments in USD or any other foreign currency.
Part of 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.
This will come as a blow to businesses that were quoting and displaying prices in USD but accepting the RTGS equivalent on the day of payment as a way of cushioning themselves against the runaway USD/RTGS exchange rate.
The only option left will be for these businesses to constantly increase their prices and have quotations that have a few days validity.
What are your thoughts on these measures? Why do you think these have been put in place? Share your thoughts in the comments below.
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