Crackdown on fake import prices

HARARE - Zimbabwean companies face dire consequences if they use the foreign currency black market to finance imports, state media reported yesterday.

HARARE - Zimbabwean companies face dire consequences if they use the foreign currency black market to finance imports, state media reported yesterday.

In its latest bid to tame the world's highest inflation rate, the government will now require companies to provide proof of their import costs before they set their prices, the official Herald newspaper quoted National Incomes and Pricing Commission chairman Goodwills Masimirembwa as saying.

"Companies and individuals caught violating price management legislation will face the full wrath of the law," he said.

Food shortages in Zimbabwe have worsened since the government ordered businesses to roll back prices to mid-June levels. - Reuters

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