Law to curb un­li­censed cash trade

The East African - - OUTLOOK -

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.

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