17 pharmacies to lose licenses over exchange rate ...

17 pharmacies to lose licenses over exchange rate policy violations

Zim Now Writer

Government is set to withdraw trading licences for 17 pharmacies suspended and cancelled for violating Government Policy and the country’s anti-money laundering regulations.

This comes as the 17 were caught in the Financial Intelligence Unit of the Reserve Bank of Zimbabwe’s ongoing investigations which revealed that they were using parallel markets rates of between ZWL$8 500 and ZWL$11 000 against the US dollar.

In a statement on Tuesday, the Ministry of Finance and Economic Development said the action of the 17 pharmacies was against government policy measures.

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

The other ones are Apex Pharmacist Pharmacy, Siegmed Pharmacy and Booties Pharmacy in Gweru, Mediplus Pharmacy, Greenview Pharmacy and Kaizen Pharmacy in Rusape, as well as Necta Care Pharmacy, Lancester Pharmacy, Murapi Pharmacy, Grey Pharmacy, Central Pharmacy and Manica Pharmacy in Mutare.

“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.

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

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

“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. This practice is particularly rampant but is certainly not limited to the pharmaceutical sector,” said the Ministry.