AUTHORITIES have introduced fines of at least ZiG200 000 to deal with illegal foreign currency dealers and all those caught manipulating the country’s new currency.
This was announced yesterday by Finance minister Mthuli Ncube, in Statutory Instrument 81 A of 2024, published in the government gazette.
Speaking in the National Assembly on Wednesday, the deputy minister of Finance, David Mnangagwa, had already hinted that the penalties would be captured in the amended Exchange Control Act.
“We welcome that the ZiG200 000 is perceived to be a bit on the lower side, but I think the rationale was that ZiG200 000 — which is the equivalent of about US$15 000 — should be punitive enough to deter both small and large businesses from this practice,” he said then.