Mangudya Blames “Influential” People For Forex Black Market, Questions How CIO, FIU And Police Are Unaware

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Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has denied allegations that the central bank was funding illegal foreign currency dealers. Mangudya instead alleged that the dealers are being funded by unnamed “influential” people. The governor also questioned how it is possible for these people to evade the attention of the RBZ’s Financial Intelligence Unit (FIU), the Central Intelligence Organisation (CIO), the police and the banks themselves when carrying out their transactions. Speaking to NewsDay, Mangudya said

Those figures of foreign currency being bought or sold for up to six times its value were computer-generated…The people moving money onto the black market, the people behind the money changers are not your ordinary Zimbabwean…These are influential people with access to huge sums of cash. It has been discovered that one character has been pushing onto the black market as much as $48 million in foreign currency. This person has access to cash and it is difficult to understand how this could have happened without the knowledge of the CIO, the FIU, the police as well as the commercial bank. The meeting called by the President could trigger a nasty fall-out and there is already gnashing of teeth. Some people have a lot of explaining to do and heads will roll…The bank does not participate in parallel market practices…we have been investigating and if you have any information, please bring it to us.

The ruling Zanu-PF party has fingered the Reserve Bank in the economic crisis alleging that the bank printed bond notes well worth over 1 billion dollars instead of 200 million which was backed by Afreximbank.

More: NewsDay

John Mangudya

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

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2 comments

  1. tapiwa Reply

    I am not pointing fingers but is it not a bit too convenient that the governor can pin point the exact amount at 48 million usd.

  2. Moi Reply

    The government must take responsibility. How does the average person raise the cash with what we are given at the bank. Food for thought.

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