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Government To Crack Down On Illegal Money Changers Manipulating Zimbabwe Gold Currency

Following concerns that illicit money changers were tampering with the recently issued Zimbabwe Gold (ZiG) currency, the government declared that law enforcement officers would be sent in to capture those responsible.

This move is being made in response to worries about the street exchange rate of ZiG, which has risen above the official rate, which is established at ZiG13.41 per US dollar, to almost ZiG18.

Less than a week after ZiG’s launch, members of parliament expressed concern about the distortion in its value, despite the fact that it is now circulating electronically.

During a summary of the Monetary Policy Statement in Parliament, Finance Minister Ncube gave assurances that the government is dedicated to removing money changers from the streets in order to protect the value of the national currency and stop illegal activity.

The return of street vendors and its possible danger to the stability of money worried Hon. Togarepi. Minister Ncube declared that the government is prepared to send out law enforcement personnel as soon as possible to deal with the problem.

The government intends to carry out a blitz operation to remove street sellers and levy steep fines on individuals involved in parallel market trading in order to implement severe rules. Minister Ncube underlined the need for law enforcement to respond decisively and restated the illegality of such practices.

Source | ZiMetro


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