Zimbabwe to Fine Companies Not Using Official ZiG FX Rate.

Zimbabwe has announced that it will impose fines on individuals and companies that do not use the official foreign-exchange rate of its new ZiG currency for transactions. The government will levy a fine of 200,000 ZiG ($14,782) on offending firms and individuals. This move is aimed at curbing the parallel market and making the official ZiG exchange rate the sole reference for trade in the currency. The ZiG, backed by gold and foreign currency reserves, was introduced in April as the country's sixth attempt at a functioning local currency. [Extracted from the article]

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