Forex pricing SI haunts govt

ZIMBABWE’S Senate yesterday said the controversial statutory instrument (SI) promulgated in May spelling out restrictions on trade in foreign currency had turned businesses into “saboteurs” after the currency black market spiralled.

Prices rocketed by 40% in United States dollars soon after SI 127 of 2021 was introduced, banning computation of prices using parallel market rates.

The SI introduced steep penalties of up to $50 million against transgressors.

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