Gvt moves to promote plastic money usage; proposes heavy fines to price manipulators

In order to promote the uptake of plastic money, the Reserve Bank of Zimbabwe (RBZ) will strengthen mandatory licensing requirements for all business operators to have a bank account and POS machine under the Shop and Shop Licensing Act, a senior government official has disclosed.

Speaking during post cabinet briefing yesterday, information minister Jenfan Muswere said the central bank will deploy inspectors to curb misdemeanors that militate against price stability and availability of basic commodities.

He said the penalties for perpetrators of unjust price hikes, manipulation of ZiG currency, smuggling, and all forms of unfair trade practices will be heavy.

Muswere said the Government is going to review the fines from a minimum of US$200 Level 5 to a maximum of US$5000 Level 14 or the ZiG equivalent for the various offences.

Licenses will be rationalised and consolidated to be obtained in one office.

Zwnews