{"id":47852,"date":"2021-10-07T20:21:12","date_gmt":"2021-10-07T18:21:12","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=47852"},"modified":"2021-10-07T19:23:25","modified_gmt":"2021-10-07T17:23:25","slug":"mthuli-mangudya-target-innscor-over-illegal-foreign-exchange-rates","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-mangudya-target-innscor-over-illegal-foreign-exchange-rates","title":{"rendered":"Mthuli, Mangudya Target Innscor\u00a0Over Illegal Foreign Exchange Rates"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Leopold Munhende<\/b> – THE Reserve Bank of Zimbabwe (RBZ) and Finance Minister are investigating Innscor and other companies using illegal exchange rates of as high as US$1: $200.<\/p>\n

This follows a public outcry Wednesday when a receipt showed Innscors leading fast-food outlets were charging up to $200 in local currency for products for selling for an equivalent US$1.<\/p>\n

Innscor\u2019s rate was $115 above the RBZ\u2019s official US$1: $85 rate and $40 above the prevailing black market rate.<\/p>\n

Other local companies are using a US$1: $250 rate.<\/p>\n

However, the RBZ said Thursday morning, it\u2019s Financial Intelligence Unit (FIU) was investigating the illegal foreign currency trades.<\/p>\n

\u201cThe Financial Intelligence Unit is investigating allegations of currency manipulation and pegging of the Zimbabwe dollar at $200 to US$1 circulating on social media,\u201d the RBZ said.<\/p>\n

\u201cPerpetrators shall be brought to book. Thank you, Zimbabwe for exposing the rot.\u201d<\/p>\n

Meanwhile, Finance Minister Mthuli Ncube said the: \u201cparallel market benchmarking or indexation of goods and services at parallel market exchange rates\u201d causing price instability.<\/p>\n

\u201cThe government, through various agencies, is presently seized with instituting various measures to curb illegal trade in foreign currency and its associated twin evil; that of parallel market benchmarking or indexation of prices and goods and services at parallel market exchange rates,\u201d said Ncube.<\/p>\n

\u201cThe recent resurgence of these practices, which have been identified as significant contributors to price instability in the economy and are imposing significant downside risks to macro-economic stability, and the erosion of domestic and international competitiveness is, therefore, a cause for serious concern.\u201d<\/p>\n

Despite past promises to arrest the situation, the RBZ has done little to address the issue.<\/p>\n

For the past two weeks, the central bank has \u201cnamed and shamed\u201d 77 individuals that are accused of trading in illegal foreign currency deals.<\/p>\n

However, Zanu PF\u2019s Buhera South MP Joseph Chinotimba dismissed the RBZ efforts accusing the state of arresting \u201cordinary teachers and nurses\u201d leaving out tycoons involved in the illegal foreign currency.<\/p>\n

\u201cWe are busy arresting people on the roads who get paid in RTGS dollars, ordinary teachers and nurses while failing to arrest the big tycoons who get US dollars at the interbank rate, there is something wrong with our minds,\u201d said Chinotimba.<\/p>\n

\u201cIf the RBZ does not have a law to deal with this, we should come up with one so that we deal with them ourselves before arresting people on the streets.<\/p>\n

\u201cBig companies are the ones pushing the exchange rate but we leave them. Why?<\/p>\n

\u201cWe see this, but why not the RBZ governor, we are not the Minister of Finance or the (Finance Ministry) permanent secretary (George Guvamatanga).\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Leopold Munhende – THE Reserve Bank of Zimbabwe (RBZ) and Finance Minister are investigating Innscor and other companies using illegal exchange rates of as high as US$1: $200. This follows a public outcry Wednesday when a receipt showed Innscors leading fast-food outlets were charging up to $200 in local currency for […]<\/p>\n","protected":false},"author":84,"featured_media":47851,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,15],"tags":[1493,2189,19],"class_list":["post-47852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nMthuli, Mangudya Target Innscor\u00a0Over Illegal Foreign Exchange Rates - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Leopold Munhende - THE Reserve Bank of Zimbabwe (RBZ) and Finance Minister are investigating Innscor and other ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-mangudya-target-innscor-over-illegal-foreign-exchange-rates\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mthuli, Mangudya Target Innscor\u00a0Over Illegal Foreign Exchange Rates\" \/>\n<meta property=\"og:description\" content=\"By Leopold Munhende - 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