Businesses are pricing goods and services in United States
dollars while some are using the parallel market rate as the local currency
continues on a free-fall amid rising inflation.
The local currency is trading at US$1 to $400 against $160
under the Reserve Bank of Zimbabwe (RBZ) controlled auction rate.
“We cannot run a country without the monetary policy Act.
So, for us in terms of where we are going with regards to the use of the
Zimbabwe dollar, we cannot run a country with a currency that is not ours,”
Chiduwa said responding to questions in Parliament.
“Selling in foreign currency according to the dual system
that we have at the moment is legal. We said in cases where a product is being
sold in foreign currency there should be a display to show the equivalent in
Zimbabwe dollars that is the position.”
President Emmerson Mnangagwa claimed that the economy was
being sabotaged to incite Zimbabweans to stage protests aimed at his ouster.
Chiduwa added: “But now cases where the implied rate or the
displayed rate is at variance with the auction rate this then becomes illegal.
What is needed is for us to move a step forward and ensure that we apply the
administrative penalty as laid out in the Finance Act.
“In terms of administrative penalties for those who are
violating the auction rules we move around as a Financial Intelligence Unit to
check for those who are violating the auction rules.” Newsday
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