Zimbabwe businesses defy monetary authorities, refuse local currency

By Online Desk

The Consumer Council of Zimbabwe (CCZ) has raised concern over businesses refusing to accept local currency the Zimbabwe Gold (Zig) as payment for goods and services, despite monetary authorities’ regulations.

In an interview with Zimpapers Radio News, CCZ Chief Executive Officer Commissioner Rosemary Mpofu warned that such actions are illegal it undermine the country’s economic stability.

Following a recent adjustment of the local currency exchange rate to the United States Dollar from 1:13.60 to 1:24.90, some businesses have been refusing transactions in local currency, opting for higher rates to force consumers to use foreign currency

Commissioner Mpofu said the CCZ will take action against businesses flouting monetary regulations, urging consumers to report any incidents.

The Reserve Bank of Zimbabwe (RBZ) has reaffirmed its commitment to maintaining economic stability, urging businesses to comply with regulations.

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