Financial analyst Musi Masimuke praised the Reserve Bank of Zimbabwe (RBZ)’s recent initiatives, particularly the freezing of bank accounts of companies guilty of exchange control violations.
"The RBZ's move is a crucial step towards restoring integrity to the currency market. By targeting entities trading exclusively in USD and neglecting the ZiG currency, the Government is reinforcing the importance of regulatory compliance," Masimuke explained.
Masimuke has also commended Government’s actions against illegal foreign exchange dealers.
"The swift arrest of approximately 80 forex dealers within 48 hours highlights the Government's resolve to combat illicit currency malpractices. These efforts are vital for curbing the manipulation of the ZiG rate on the black market, thereby fostering an environment that supports sustainable economic growth," added Masimuke.
Civil servants have particularly felt the positive impact of these measures, expressing relief and support.
Government directives and efforts have ensured that retailers maintain stable prices in ZiG currency, significantly improving the purchasing power of civil servants.
"As civil servants, we appreciate the Government's efforts, which have directly enhanced our ability to meet daily needs with the ZiG currency," said a teacher who preferred anonymity.
The broader citizenry has also voiced approval for the Government's proactive stance.
Through extensive awareness campaigns, including partnerships with popular artists to promote the ZiG currency, Government has effectively bolstered public trust and engagement.
"Government's commitment to promoting ZiG has been exceptional. We are starting to see the benefits as more people confidently adopt the currency," remarked a Harare resident, reflecting a common sentiment among the populace.
With these comprehensive and coordinated efforts, Government is making significant strides towards not only stabilising the ZiG currency but also ensuring long-term economic stability and growth.
As the crackdown on illicit forex activities continues and awareness campaigns gain traction, stakeholders remain optimistic about the future of Zimbabwe's financial landscape.
