The Reserve Bank of Zimbabwe (RBZ) has in a tweet announced that it would start taking action against entities that are breaching the Bank Use Promotion Act and those that are involved in currency manipulation. This follows the Financial Intelligence Unit’s (FIU) investigations of entities that are allegedly committing these offences.
The statement by the Reserve Bank of Zimbabwe reads as follows
ACTION AGAINST CURRENCY MANIPULATORS
The Reserve Bank of Zimbabwe (RBZ) would like to advise the public that the Financial Intelligence Unit (FIU) is currently investigating cases of breaches of the Bank Use Promotion Act and currency manipulations by some business entities. The breaches have become particularly pronounced and prevalent at some schools and pharmacies.
The FIU will deploy all tools at its disposal to deal with such malpractices including imposition of fines, freezing of bank accounts and blacklisting from enjoyment of financial services.
Members of the public are urged to report offending businesses and service providers to the FIU on hotline numbers 0780434475 and 0714039897.
John P Mangudya
12 January 2022
Action against Currency Manipulators pic.twitter.com/ZrTLLA8wfL— Reserve Bank of Zimbabwe (@ReserveBankZIM) January 12, 2022