Ayesha Nyanzunda
Minister of Information, Publicity, and Broadcasting Services, Dr Jenfan Muswere has said the government is planning to raise fines for enterprises that engage in shocking pricing increases and other unfair trade practices.
Dr Muswere said this during a post-cabinet media briefing held in Harare on Tuesday.
The measure is intended to stop runaway price increases that have destroyed people’ purchasing power.
“Penalties for perpetrators of unjust price hikes, manipulation of ZiG currency, smuggling, and all forms of unfair trade practices; The Government is going to review the fines from a minimum of US$200 Level 5 to a maximum of US$5000 Level 14 or the ZiG equivalent for the various offences. Licenses will be rationalised and consolidated to be obtained in one office,” said Dr. Muswere.
In addition, under the Shop and Shop Licensing Act, the Reserve Bank of Zimbabwe will be pushing the use of plastic money and tightening the licensing requirements for all business owners to have a bank account and Point of Sale device.
The central bank will also send out inspectors to put an end to offences that undermine the supply and stability of basic commodities at reasonable prices.