Corrective Actions Taken Against Foreign Currency Abuse

The Reserve Bank of Zimbabwe (RBZ) has announced corrective actions taken so far against individuals and companies that were found abusing the foreign currency auction system. Pindula News present the central Bank’s statement.

_FOREIGN EXCHANGE AUCTION SYSTEM, EXCHANGE RATE MANIPULATION AND FLOUTING OF EXCHANGE CONTROL RULES AND REGULATIONS_


Introducing the Pindula News Mobil App
Download from Google Play Store

_The Bank wishes to inform members of the public of the following corrective and punitive actions that have since been taken against some entities for abuse of the Foreign Exchange Auction System, manipulation of the exchange rate and non-compliance with exchange control rules and regulations:_

_(1) In addition to the 18 entities named in the Press Statement of 15 June 2021, 21 more entities have been investigated by the Bank and Financial Intelligence Unit and found guilty of various breaches that include transfer pricing, use of fraudulent import documentation, failure to bank cash and conducting illegal foreign exchange transactions._

_(2) Of the total of 39 entities, 27 have been fined to date and 12 have been issued with written warnings for aiding or abetting flouting of exchange control rules and regulations._

_The punitive measures include prohibitions from participation in the foreign exchange auctions until the full payment of the fines imposed or permanent blacklisting from participation in the foreign exchange auctions, depending on the seriousness of the breach._

More: Pindula News

Join WhatsApp & Telegram News Groups:

WhatsApp Group: https://chat.whatsapp.com/D4vbg5RLhkbFfVyMdu8rLi


Telegram Group: https://t.me/pindula

Back to top

Write a Comment

Your email address will not be published.


Share Full Post

Nyaradzo logo

RSS Recent Profiles Created

Satisfaction survey
How likely is it that you would recommend Pindula News to a friend or colleague?
SuggestionsHow can we improve?
You have already submitted your feedback. If you would like to add more feedback please write us on hello@pindula.com.
Corrective Actions Taken Against Foreign Currency Abuse