Govt intensifies crackdown on business
CLOUDINE MATOLA
The government is taking more aggressive action against companies that manipulate currency and continue to operate using the unofficial exchange rate, Business Times can report.
Information Minister Jenfan Muswere stated that the central bank will tighten the mandatory licensing criteria for all business operators.
He said business owners must now have a bank account and Point of Sale (POS) machine under the Shop and Shop Licensing Act.
The government will also send inspectors out to quell crimes that undermine the supply and stability of fundamental goods at reasonable prices.
“Cabinet noted that some retailers and some manufacturers have been reportedly using the unofficial exchange rate in their operations. In order to promote the uptake of plastic money, the Reserve Bank of Zimbabwe will strengthen the mandatory licensing requirements for all business operators to have a bank account and Point Of Sale (POS) machine under the Shop and Shop Licensing Act, and deploy inspectors to curb misdemeanors that militate against price stability and availability of basic commodities,” Dr Muswere said.
