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RBZ is coming after businesses involved in currency manipulation

Currency Manipulation, RBZ Building, MPC, Monetary Policy Committee, $50 banknote, bureaux de change forex dealers

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


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3 thoughts on “RBZ is coming after businesses involved in currency manipulation

  1. 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…

  2. 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

  3. 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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