Shops fueling black market

24 Jun, 2020 - 11:06 0 Views
Shops fueling black market Mr Denford Mutashu

The Sunday News

Robin Muchetu, Senior Reporter
RETAILERS and wholesalers that are  rejecting bond notes and coins from consumers are among those fuelling black market foreign currency rates.

Foreign currency rates on the black market have been on the rise resulting in some shops also increasing prices daily.

Over the past few days, some shops and informal traders have been rejecting bond notes trying to force customers to buy using foreign currency.

Confederation of Zimbabwe Retailers president Mr Denford Mutashu said some retailers and wholesalers were at the forefront of fuelling black market rates.

“CZR has noted with serious concern, the sudden rejection of bond coins and notes in the denomination of WZL$2 and ZWL$5 notes by selected traders, retailers and wholesalers in the market. As an association we would like to advise the retails sector that it is against the law to want only reject a national currency that is legal tender,” said Mr Mutashu.

“CRZ call upon law enforcement agencies to help install discipline on the matter as the public has been left exposed. The public and business is discouraged from stifling cash circulation by hording large amounts for speculative tendencies,” he added.

Mr Mutashu said cash like blood has to circulate for the economy to work. He however said those that were rejecting the bond notes and coins were contributing to the illegal parallel market.

“It has also come to our attention that most of those rejecting the coins and notes have been actively fueling the forex parallel market contributing to the destruction of confidence in the local currency,” he added.

He also said the conditional selling of goods in US$, Rands and Pula only is discouraged. CZR is however calling for policy consistency on currency to safeguard business and consumers.

“The retail and wholesale sector pledges contributing towards economic development and CZR commends all players to consistently abide by the law in their operations,” he said.

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