RBZ Probes Schools, Pharmacies Over Currency Manipulation

The Reserve Bank of Zimbabwe (RBZ) said that the Financial Intelligence Unit (FIU) is investigating several institutions including businesses and schools for currency manipulation.

In a statement issued by RBZ Governor John Mangudya today, the FIU will take punitive measures against currency manipulators, among them, imposing fines and freezing their bank accounts. The statement read:

The Reserve Bank of Zimbabwe would like to advise the public that the Financial Intelligence Unit (FIU) is currently investigating cases of breaches of the Bank Use Promotion Act and currency manipulations by some business entities.

The breaches have become particularly pronounced and prevalent at some schools and pharmacies.

The FIU will deploy all tools at its disposal to deal with such malpractices including the imposition of fines, freezing of bank accounts and blacklisting from the enjoyment of financial services.

Members of the public are urged to report offending businesses and service providers to the FIU on hotline numbers 0780434475 and 0714039897.

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2 comments on “RBZ Probes Schools, Pharmacies Over Currency Manipulation

  1. And what about the food courts and all the other shops/outlets openly charging way in excess of the bank or even mid rates ????

  2. and what about the street agencies moving cash transactions through bank accounts daily. what action is being done to curb this money laundering

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