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We’re Going To Freeze Accounts Of Manipulators Upsetting Forex Markets – RBZ

RBZ Building entrance, Fintech Regulatory Sandbox, Mid Term Monetary Policy Statement

The Reserve Bank of Zimbabwe took to Twitter this morning with a warning for individuals who are “destabilising” the country by putting pressure on the forex market.

It has come to the attention of the Bank that there are some exchange rate manipulators that are exerting pressure on the forex market with the intention of destabilizing the stability that the country has been experiencing over the past four months.

Such malpractice is not warranted as money supply has remained under control for the past five months. The matter has been escalated to the Financial Intelligence Unit that is proceeding to investigate and freeze the accounts of those upsetting the market.

RBZ via Twitter

If this sounds familiar it’s because we’ve been through a similar thing before. Last year, the Financial Intelligence Unit froze the accounts of Sakunda, Access Finance and Croco Motors because they were suspected to be involved in money laundering.

The fact that a similar thing is happening again only 3 months after a few companies were under investigation seems to suggest the lack of punishment for “destabilising” the nation’s economy does not scare whoever is responsible this time around.

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