The Government has said seventeen pharmacies that were using parallel market exchange rates, are set to have their trading licenses suspended and cancelled as they were violating Government Policy and the country’s anti-money laundering regulations.

Under the National Development Strategy 1 (NDS1), Government has made considerable progress in stabilising the economy, the exchange rate and general price of goods and services by implementing a variety of fiscal and monetary stabilisation measures.

In a statement on Tuesday, the Ministry of Finance and Economic Development said ongoing investigations by the Financial Intelligence Unit (FIU) have revealed that some pharmacies are using parallel market exchange rates ranging from between ZWL$8 500 to ZWL$11 000 against the USD, going against Government Policy measures.

Among these pharmacies are Blessed Pharmacy in Chegutu, in Kadoma being Global Pharmacy, Leecare Pharmacy and Pineal Pharmacy, while in Kwekwe it was Greenwood Pharmacy which was accepting USD only.

In Gweru three were identified being Apex Pharmacist Pharmacy, Siegmed Pharmacy and Booties Pharmacy and in Rusape they were namely Mediplus Pharmacy, Greenview Pharmacy and Kaizen Pharmacy.

With more six pharmacies violating Government Policy in Mutare these were Necta Care Pharmacy, Lancester Pharmacy, Murapi Pharmacy Grey Pharmacy, Central Pharmacy and Manica Pharmacy.

“Government has instituted measures that will result in the suspension and/or cancellation of the trading licenses of the pharmacies. Government remains committed to the broad use of local currency for domestic transactions and stern measures will be taken against service providers who continue to violate provisions,” reads part of the statement.

Booties Pharmacy Suspended As Government to Suspend, Cancel Trading Licenses for Pharmacies

Treasury said in the same spirit, Government recently directed all Government Agencies including Local Authorities to collect their fees and levies in local currency.

While the transacting public was encouraged to resist all forms of unfair pricing by retailers and to immediately report violations to the Financial Intelligence Unit.

The Government has been committed to achieving lasting price stability and recently introduced the wholesale foreign exchange auction system which allows banks to access foreign exchange at market determined exchange rates for onwards transmission to their customers.

“This liberalised trading environment has allowed the market to stabilise and we have seen a market appreciation of the Zimbabwean Dollar and the containment of inflation, creating a conducive environment for business to operate.

“However, Government notes with concern that some market players continue to exhibit highly destabilising forward pricing and speculation in outright violation of exchange control directives as well as standing government policy guidelines with respect to pricing and the use of domestic currency.