RBZ is coming after businesses involved in currency manipulation

Staff Writer

12 January 2022

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

PRESS STATEMENT

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
Governor
12 January 2022

Action against Currency Manipulators pic.twitter.com/ZrTLLA8wfL
— Reserve Bank of Zimbabwe (@ReserveBankZIM) January 12, 2022

Banking, Economy, Finance

3 comments

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Hugh Jarse

12 January 2022 15:43

Something RBZ don’t, and probably never will understand, is the LAW of “supply and demand”! It’s not surprising that business is doing this, as they have to survive in the environment inflicted by zpf’s incompetence…

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J

12 January 2022 21:22

The FIU is a scare tactic used by the RBZ in trying to make businesses comply with its rules.but businesses have cought up with them,they now know its all bark and no bite.so they are no longer scared and will continue to manipulate the rate at their own free will.and there’s nothing the RBZ will do about it

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BEIT

16 January 2022 22:33

The RBZ announcement, like many of theirs, is like The City Council announcing in The Herald that it’ll be purifying water at Morton Jeffrey…. it’s your job, do it already!
🥱🥱🥱

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