HARARE (Reuters) – Zimbabwe will fine businesses using inflated exchange rates as the government battles to maintain the value of its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG).
Any business using an exchange rate higher than the official rate of 13.5 ZiG per U.S. dollar will be liable for a fine of 200,000 ZiG ($14,815), according to a government notice seen by Reuters.
Anyone offering “goods or services at an exchange rate above the prevailing interbank foreign currency selling rate” would be guilty of a civil infringement, read the notice, issued late on Thursday.
The government has been…
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