The government has announced a comprehensive crackdown on businesses that manipulate the local currency.
Speaking at a recent media briefing, Information, Publicity, and Broadcasting Services Minister Jenfan Muswere highlighted the pressing need to stabilize the exchange rate, which has been severely affected by unscrupulous practices leading to unjust price hikes.
The government’s strategy involves implementing a de-dollarisation roadmap that reinforces the ZiG as the legal tender within the economy, aimed at curbing the temptation for retailers and manufacturers to rely on unofficial exchange rates.
Under the new regulations, all business owners will be mandated to maintain a bank account and utilize POS machines, as stipulated by the Shop and Shop Licensing Act.
Additionally, the government is intensifying its efforts to combat the influx of smuggled and counterfeit goods that have undermined local production and negatively impacted the economy.
Muswere pointed out that these unregulated products flood the market without facing appropriate taxation or import duties, creating an uneven playing field for local businesses.
To tackle this issue, the government plans to increase border patrols and the number of inspectors to ensure stricter compliance with trade regulations.
This multi-faceted strategy not only aims to stabilize the currency and combat inflation but also seeks to protect local industries from unfair competition, thus fostering a healthier economic environment for all stakeholders involved.
SOURCE : NEWSREPORTZIM.COM
