RBZ Sanctions 11 More Companies Over Black Market Deals

Africa-Press – Zimbabwe. The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has blacklisted six contractors that were doing business with the Government for trading on the foreign currency black market.

The FIU has also frozen the bank accounts of five leading wholesalers for overcharging.

Speaking to State media, FIU director-general Oliver Chiperesa warned that they will take stern action against companies involved in the forex parallel market. He said:

So far, we have identified six or so (contractors) that we have taken action against, including referring to the Ministry (of Finance and Economic Development) for blacklisting. We expect the stability to continue.

I think Government suppliers are no longer really getting involved in the parallel market because they are aware of the consequence.

It’s only a few that are still doing it and we have taken stern action against those by freezing their accounts and referring them to the ministry.

So, following the action taken by the ministry last year, we continue to refer more companies periodically, as and when we find them.

Last year, the Government blacklisted 19 suppliers and contractors for trading on the foreign currency black market.

Chiperesa said the FIU has frozen the bank accounts of five leading wholesalers for overpricing through forward pricing. He said:

We are not confining ourselves to the parallel market drivers only, but also to wholesalers who are overcharging.

So far, in the last two weeks, we have frozen the accounts of five major retail and wholesale shops pending further investigations.

We are continuing with our work. Our teams are out there identifying more companies and entities that are doing the same.

There is really no excuse for the companies to be using parallel market rates at all at this stage with the near convergence that we have enjoyed over the last few months between the parallel market and official rates.

It’s just greediness that is driving some of these companies to do that.

Some companies that are reportedly mopping up US dollars on the black market are understood to be also benefitting from the RBZ foreign currency auction market.

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