They Were Responsible For This Past Weeks's Drastic Fall Of The ZWL Exchange Rate - RBZ On Suspending Operating Licenses For 2 Entities

The RBZ has explained the reason behind its decision to suspend operating licenses for Cash 24 and Crediconnect as it communicated yesterday, The Herald reports.

According to the publication:

… highly placed central bank sources further confirmed that the bank had proved that the two financial institutions were behind a hard currency buying spree that has been pushing the exchange rate up of late, possibly explaining the recent dramatic increase in the prices of basic goods.

The publication also claims that the RBZ was able to identify entities the 2 companies were buying foreign currency for, a move that reportedly negatively affected the domestic currency.

More: The Herald