EDITORIAL COMMENT: Businesses must play by the rule book

by Sunday News Online | Sunday, Oct 8, 2017 | 510 views
John Mangudya

John Mangudya

GENERALLY speaking, business ethics, also known as corporate ethics, according to online reports is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment.

It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organisations.

Furthermore, ethics concern an individual’s moral judgements about right and wrong.

Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company.

The decision to behave ethically is a moral one; employees must decide what they think is the right course of action.

This may involve rejecting the route that would lead to the biggest short-term profit.

The issue of ethics in the business sector in the country has come under the spotlight once again as a number of business organisations have been found on the wrong side of the law, or at least dealing unethically by cutting corners so as to maximise on profits.

A number of businesses have been dragged to the courts for violating certain sections of the law, particularly in relation to banking, as some have been siphoning money of the country while some have been hoarding cash and selling it to the public and other companies.

The conduct of businesses, including some banks, has contributed to the challenges that the country is facing on the economic front.

We wish to remind corporates and individuals alike that they have to abide by ethical conduct all the time and doing otherwise is tantamount to economic sabotage.

The issue of businesses selling cash should also stop forthwith, and everyone should take heed of the message from the central bank.

The RBZ Governor, Dr John Mandudya, has reiterated that the official United States dollar to bond note exchange rate remains 1:1 and members of the public should use licensed financial agencies in conducting their monetary exchange transactions.

Dr Mangudya said the prevailing exchange rate distortions on the black market could be avoided if people approached registered financial institutions to do their transactions.

He said so far 45 financial institutions have been licensed to deal with the exchange rates on financial markets.

“In order to ensure the orderly dealing in currency and for the convenience of the transacting public, the (RBZ) wishes to advise members of the public to transact in currency with or through licensed bureaux de change and money transfer agencies listed here under.

The bank will continue to advise additional bureaux de change.

“The permissible currency exchange is as follows: 1 Bond Note: 1 United States dollar. The exchange between the United States dollar or Bond Note with other currencies shall be a fee spread of not more than 10 percent of the nominal value of either currency.”

Among the listed financial institutions are banks, telecommunications companies such as Econet Wireless and Telecel and other micro-finance institutions such as Nissi Global, Kwik forex among others.

Dr Mangudya expressed satisfaction with the recent developments which have seen illegal money changers being arrested after Government gazetted a new law criminalising illegal forex trading.

Dr Mangudya said the RBZ, working with the police, would descend on retailers who are rejecting other modes of payments except cash.

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