Businesses in hot soup over ‘dodgy’ pricing

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Finance and Economic Development Minister Professor Mthuli Ncube in one of the supermarkets in Bulawayo yesterday.

Businesses charging outrageous prices in foreign currency and illegal exchange rates have been warned by Zimbabwe’s financial cops.

The Reserve Bank’s Financial Intelligence Unit has ordered retailers and manufacturers to stop the sneaky pricing or face the music.

The FIU has frozen the bank accounts of 16 companies, saying they were stoking economic instability by flouting exchange rate regulations.

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Some crooked businesses have already had to cough up hefty fines after having their accounts shut down. Another six accounts were recently frozen, including those of 10 individuals involved in the black market.

FIU boss Oliver Chiperesa said they’ve had “firm words” with cheats caught overpricing goods in foreign currency only.

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He revealed one sneaky supermarket in Belvedere, Harare was charging at a staggering rate of Z$10,000 to the dollar – way above even the illegal parallel market!

The tough action appears to be working with the dodgy black market rate finally stabilizing due to government measures, according to Chiperesa.

But he warned more rogue businesses will face the full wrath of the law unless they change their crooked ways sharpish!


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