RBZ Deploys Teams To Monitor Compliance With SI 142 Of 2019

The Reserve Bank of Zimbabwe (RBZ) has deployed teams across the country to monitor traders and make sure that they are complying with Statutory Instrument 142 of 2019.

Last month the government banned the use of the multi-currency system and instructed businesses to sell goods and services in the local currency, the Zimbabwe Dollar.

There are reports, however, that some businesses are still openly transacting in foreign currency contrary to government policy.

In an interview with State media on Friday, RBZ governor John Mangudya said:

Our request is for them (businesses) to respect consumers by complying with the country’s laws.

We need to cherish discipline for the national good. Our teams are now on the ground to foster compliance by all businesses.

Meanwhile, traders in border towns such as Plumtree and Beitbridge are openly selling their products in foreign currency, that is the South African rand and Botswana Pula.

This was confirmed by Plumtree-Mangwe Business Association chairman Mr Golden Sibanda, who said:

In essence, most rural people in Matabeleland use foreign currency especially the rand when selling their livestock.

It’s difficult to convince them to accept the bond and as such because most people are based in South Africa, so you find that other shops have no option but to transact in the rand.

As business, we have accepted the new currency reforms but for some, it’s proving to be difficult.

Sibanda said the use of electronic payments in the country was a challenge to most of the elderly people who were not conversant with the payment methods.

More: Sunday News


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Reserve Bank of ZimbabweJohn MangudyaMatabeleland

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

Matabeleland is a region which covers a considerable part of the south western plateau of Zimbabwe. The area is predominantly home to the Ndebele speaking Zimbabwean societies. Read More About Matabeleland

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