Ayesha Nyanzunda
The ministry of finance, economic development and investment portfolio has blacklisted over 50 companies for diverting money into the financial black market.
This has been done in an effort to improve economic stability, restore confidence in the financial system and provision of a stable business environment.
In a press statement, minister of Finance, economic development and investment portfolio Professor Mthuli Ncube said, “The companies have been under scrutiny since 18 July 2022, when Treasury tasked the Finance Intelligence Unit to monitor payments of high-value Government contracts to identify those involved in ileegal foreign currency dealings.”
This move, Mthuli explained, was intended to balance fiscal market forces and align the macroeconomy with a liberalised foreign exchange market whose exchange rate is determined by the banking system.
“The introduction of the ZiG on 5 April 2024, further stabilised the economy and brought about orderly pricing in the market, a positive development the government seeks to maintain,” added Mthuli.