Reserve Bank of Zimbabwe has black market traders in its crosshairs

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The Reserve Bank of Zimbabwe (RBZ) has set its sights on parallel-currency market traders, in a move it hopes will stabilise exchange rates in the economy.

The Reserve Bank of Zimbabwe has set its sights on parallel-currency market traders, in a move it hopes will stabilise exchange rates in the economy.

The central bank named 30 individuals who are allegedly abusing mobile telecommunication services and fuelling parallel-market activities. Reserve Bank governor John Mangudya issued a statement saying the Financial Intelligence Unit has identified individuals who are abusing the services, as well as social media platforms, “to promote and facilitate illegal foreign exchange transactions and money laundering activities”.

“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 two years, with immediate effect. The FIU has also requested the Postal and Telecommunications Regulatory Authority of Zimbabwe to bar the said individuals from operating mobile phone lines,” Mangudya said.

 

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