Zimbabwe Will Fine Businesses Using Inflated Exchange Rates 

This as the government battles to maintain the value of its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG). Any business using an exchange rate higher than the official rate of 13.5 ZiG per U.S. dollar will be liable for a fine of 200,000 ZiG ($14,815), according to a government notice. Anyone offering “goods or services at an exchange rate above the prevailing interbank foreign currency selling rate” would be guilty of a civil infringement, read the notice, issued late on Thursday. The government has been making efforts to keep the ZiG afloat since its launch in early April, with authorities launching a blitz on illegal foreign currency traders last month. Some businesses such as supermarkets have been charging a premium above the market rate for customers paying in the new currency, while the ZiG is being rejected by informal traders.

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