News / National
Fresh blitz against illegal forex dealers in Zimbabwe
26 Jul 2024 at 06:33hrs | Views
The police and the Reserve Bank of Zimbabwe's Financial Intelligence Unit (FIU) have initiated a crackdown on illegal currency traders. This week, numerous money changers were arrested, with many still being interrogated and vetted for court appearances.
National police spokesperson Commissioner Paul Nyathi confirmed the arrests, emphasizing that the operation targets those illegally trading in foreign currency and businesses using exchange rates above the official rate.
The crackdown also focuses on money changers pretending to sell airtime and businesses such as supermarkets and pharmacies using exorbitant rates. The public is urged to report illegal money changers via the National Complaints Desk or WhatsApp.
In the first phase of the operation, 224 illegal money changers were arrested by May, and the FIU froze 90 bank accounts and fined over 40 individuals for violating the Exchange Control Act. This joint operation follows the launch of the Zimbabwe Gold (ZiG) currency on April 5, with Finance Minister Professor Mthuli Ncube affirming the government's commitment to tackle currency underminers.
Additionally, 51 contractors were blacklisted for diverting payments to the illegal foreign currency market, barring them from supplying goods and services to the government and its agencies. This action aims to improve economic stability and restore confidence in Zimbabwe's financial system.
National police spokesperson Commissioner Paul Nyathi confirmed the arrests, emphasizing that the operation targets those illegally trading in foreign currency and businesses using exchange rates above the official rate.
In the first phase of the operation, 224 illegal money changers were arrested by May, and the FIU froze 90 bank accounts and fined over 40 individuals for violating the Exchange Control Act. This joint operation follows the launch of the Zimbabwe Gold (ZiG) currency on April 5, with Finance Minister Professor Mthuli Ncube affirming the government's commitment to tackle currency underminers.
Additionally, 51 contractors were blacklisted for diverting payments to the illegal foreign currency market, barring them from supplying goods and services to the government and its agencies. This action aims to improve economic stability and restore confidence in Zimbabwe's financial system.
Source - The Herald
