CZI implores government to immediately suspend SI 127

The Confederation of Zimbabwe Industries (CZI) has implored the government to immediately suspend Statutory Instrument 127.

CZI says while the intentions of the government regarding the instrument are noble, there are some unintended consequences as a result of this SI.

The industry body says the new forex regulation has spooked the market and triggered a shocking round of price hikes, and recommended that the SI be suspended while advising the government to consult the business sector.

Meanwhile, in response to the SI, OK Zimbabwe one of the country’s biggest retail concern recently suspended the acceptance of US dollars until the company is fully compliant with the SI’s requirements.

However, the Reserve Bank of Zimbabwe says businesses have been given 2 weeks to regularise their systems so that they can comply with the SI on the receipting of goods & services in either foreign currency or local currency.

The bank adds that the S.I is an essential means of enforcing compliance which is necessary for continued stability.

-Zwnews