Markets
Zimbabwe's Financial Intelligence Unit starts crack down on companies refusing to trade in New Currency ZiG
By Zama L
April 21st, 2024

“We think companies have been given sufficient time to migrate to the new currency,” he continued.

“So, rather than allow them to trade exclusively in US dollars, we would rather they stop trading altogether until they have configured their systems.”



FIU director-general Mr Oliver Chiperesa told our Harare Bureau that the blitz was set to continue.

“We froze bank accounts belonging to 11 entities, either for exchange rate violations or for trading exclusively in US dollars and refusing to accept ZiG,” Mr Chiperesa said.

“We have started to take tough measures to send a strong message to those who are bent on undermining the new currency.

Some businesses, he said, were still refusing to accept the ZiG under the pretext of reconfiguring their accounting systems.

“We think companies have been given sufficient time to migrate to the new currency,” he continued.

“So, rather than allow them to trade exclusively in US dollars, we would rather they stop trading altogether until they have configured their systems.”

Mr Chiperesa also said some manufacturers have continued to demand US dollar payments.

“But where we see companies refusing to accept ZiG, obviously the FIU is bound to take action.

“Such action includes freezing accounts, and also some corporates may be fined.”

The companies (names withheld) that have been fined include a big wholesaler operating in Harare’s central business district, a listed apparel retailer and a pharmacy.

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