Home LOCAL NEWS Businesses To Sell Goods & Services At Prevailing Official Exchange Rate

Businesses To Sell Goods & Services At Prevailing Official Exchange Rate

Businesses To Sell Goods & Services At Prevailing Official Exchange Rate

The government has made it mandatory for businesses to show the prices of goods or services in both US dollars and Zimbabwe dollars.

President Emmerson amended The Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations, 2019, published in Statutory Instrument 212 of 2019.

The newly gazetted Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) (Amendment) Regulations, 2020 (No. 3), or Statutory Instrument 185 of 2020, inserts the following section in the SI of 2019:

Any person who provides goods or services in Zimbabwe shall display, quote or offer the price for such goods or services in both Zimbabwe dollar and foreign currency at the ruling exchange rate.

It remains to be seen if the new measures will result in the falling of prices of goods quoted in local currency as they are currently way too high compared to prices of the same kind of goods when they are sold in US dollars on the parallel market.

Download Statutory Instrument 185 of 2020 HERE

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