One of Zimbabwe’s biggest Supermarkets by market share and capitalisation, OK Zimbabwe is now rejecting US dollars for payments of commodities.

The company says this is in response to the recently promulgated Statutory Instrument 127 of 2021.

In an internal memo from the company’s Business Information Systems Department and copied to all branch managers, OK Zimbabwe says its systems are not yet in compliance with the requirements of the SI, hence the move.

This week government gazetted Statutory Instrument 127 of 2021 Presidential Powers (Temporary Measures) (Financial Laws).
The development is aimed at economic agents, companies that abuse the Banking and Use Promotion Act (24:24) as well as the Foreign Exchange Act (22:05), following the recently introduced Foreign exchange auction.
SI 127 states that businesses that do not accept Zimbabwe dollars (ZW$) at the official exchange rate for commodities priced in United States dollars (USD) may face a maximum fine of ZW$50,000.