THE Reserve Bank of Zimbabwe says it has deployed teams on the ground to deal with issues of indiscipline by some traders who have insisted on multi-tier pricing for different modes of payment.
RBZ Governor Dr John Mangudya said they were working on reining in errant traders in line with provisions of the Bank Use and Promotion Act, amid concern some retailers continue to hoard cash and illegally trade in foreign currency.
“Our teams are working on the issues of indiscipline being perpetuated by some traders. We have since established a hotline for the public to report to the Reserve Bank instances of such malpractices for a reward of 5 percent of reported and recovered funds.”
Some errant retailers have continued to engage in multi tier pricing of goods for the different forms of payment across the country despite repeated warnings from the central bank that they risk arrest as the practice was in violation of the banking legislation.
In terms of banking cash or proceeds of business, the law says “Every trader and parastatal shall, unless it has good cause for not doing so, deposit in an account with a financial institution no later than the close of normal business hours on the day following that on which the cash is received or on the next banking day.”
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