RBZ freezes 522 accounts for violating exchange control regulations

The Reserve Bank of Zimbabwe's Financial Intelligence Unit (FIU) has frozen 522 bank accounts and fined 140 entities and individuals for violating exchange control regulations, as part of efforts to defend the new currency, the Zimbabwe Gold (ZiG).

FIU director-general Mr Oliver Chiperesa highlighted measures targeting suspicious transactions, including the use of multiple bank cards for foreign currency dealings and inconsistent shopping patterns.

Entities and individuals moving large sums using multiple bank cards are under scrutiny, along with manufacturers and suppliers refusing to accept ZiG.

Compliance levels in the formal sector have increased, with measures aimed at maintaining ZiG's value and consumer purchasing power.

The Pharmaceutical Wholesalers Association urged pharmaceutical retailers to report wholesalers not accepting ZiG.