Law to curb unlicensed cash trade
The News: Zimbabwe’s government has enacted legislation to curb selling of cash by unlicensed dealers, Finance Minister Patrick Chinamasa told parliament on Thursday.
The Lowdown: Mr Chinamasa said President Robert Mugabe enacted the Exchange Control Regulations on Thursday. The illegal practice has become rampant in the past few months as cash shortages continue in the country’s banks. As banks have no sufficient cash for depositors, US dollar notes and bond notes are available on the black market. “These regulations will empower the police to arrest anyone trading in currency without a licence,” the minister said.