The Treasury has blacklisted 51 government contractors for trading on the black market after receiving payments in local currency.

The Treasury boss said the decision is in line with the government's efforts to stabilise the economy and spur growth.

"Government has blacklisted fifty-one contractors for unlawfully diverting funds received for payments for goods and services to the illegal foreign currency parallel market.

"This action has been taken in pursuit of the Government's continued efforts to improve economic stability and restore confidence in the financial system," he said.

Ncube added that the blacklisted companies have been under the scrutiny of the Financial Intelligence Unit since July 18 2022 which monitored high-value government contracts to sniff out illegal foreign currency dealings perpetrators.

"The government remains committed to improving the economy and will continue to monitor developments in the market. The continued implementation of the Value For Money principle in government has realised savings that have enabled the implementation of programmes and projects that benefit citizens," he said.