Zimbabwe: RBZ Orders Banks to Freeze Foreign Currency Dealers' Accounts

28 September 2021

The Reserve Bank of Zimbabwe (RBZ) has ordered banks and other financial services providers to immediately freeze accounts belonging to 30 nationals who are ring leaders of parallel market foreign currency dealers destabilising the economy.

In a recent update RBZ governor, John Mangudya said the Financial Intelligence Unit (FIU) had identified the individuals listed hereunder who are abusing mobile telecommunications services and other social media platforms to facilitate illegal foreign exchange transactions.

"The FIU has instructed banks, mobile money operators and other financial service providers to identify and freeze any accounts operated by these individuals and, further, to bar them from accessing financial services for a period of two years, with immediate effect. The FIU has also requested the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) to bar the said individuals from operating mobile phone lines," Mangudya said.

The central bank chief said FIU, in collaboration with law enforcement agencies, will continue to monitor various social media and bank accounts to identify and take action against perpetrators of illicit dealings.

"Over and above the corrective measures of barring the delinquent individuals from accessing banking and financial services and operating mobile phone lines, the FIU has forwarded their names and particulars to law enforcement agencies for prosecution. Members of the public who have information that may assist in identifying more perpetrators are urged to contact the FIU on WhatsApp numbers 0714039897 or 0780434475," he said.

The central bank has implemented a raft of measures which have led to currency stability but the illicit activities by criminals taking advantage of mobile platforms remains a thorn in the flesh of the current efforts.

Such parallel market dealers have fueled the depreciation on the local currency on non-economic basis but just speculative perceptions

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