Zimbabwe: Companies Face RBZ Sanctions Over Forex Abuse

RBZ to fine 18 entities over foreign currency abuse.

Farirai Machivenyika Senior Reporter

Eighteen entities face penalties from the Reserve Bank of Zimbabwe for abusing foreign currency they were allocated through the foreign exchange auction system.

The entities will be punished in accordance with provisions of the recently gazetted Statutory Instrument 127 of 2021.

In a statement, RBZ Governor Dr John Mangudya said the abuse was uncovered following investigations by the Financial Intelligence Unit and the Exchange Control Division.

Some of the entities include National Foods, Africa Steel (Pvt) Ltd among others.

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