RBZ goes after schools and pharmacies involved in currency manipulation

The Reserve Bank of Zimbabwe (RBZ) has flagged schools and pharmacies for currency manipulation warning they risk having their bank accounts frozen.

In a statement, RBZ Governor John Mangudya said the central bank’s Financial Intelligence Unit (FIU) was investigating some cases.

“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,” Mangudya said.

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

Mangudya also appealed to the public to report any business entities engaged in such practice to the FIU on the hotline numbers 0778043475 and 0714039897.

Some parents have raised concern that some schools were rejecting schools fees in local currency while some schools were using the black market rate for those paying fees in local currency.

In November last year, a Zimbabwe Defence Forces military officer, Air Force of Zimbabwe Air Vice-Marshal, Michael Moyo, took Dominican Convent School in Harare to court for withdrawing an offer letter for a form one place for his daughter after he refused to pay school fees in United States dollars.

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