STATUTORY instruments are a form of legislation that allows the provisions of an Act of Parliament to be subsequently brought into force or altered without Parliament having to pass a new Act. Last week, government promulgated Statutory Instrument 127 of 2021 that details civil penalties for all economic agents that ride roughshod over the Banking Use Promotion Act [chapter 24:24] as well as the Foreign Exchange Act [chapter 22:05]. Businesses that do not accept Zimbabwe dollars at the official exchange rate for goods and services may face a maximum penalty of $50 000. Economic agents who use forex obtained directly or indirectly from the Reserve Bank of Zimbabwe auction system for purposes other than those specified in their application will be penalised.
