RBZ in fresh bank accounts freeze threat for foreign currency dealers

The Reserve Bank of Zimbabwe (RBZ) has once again threatened to freeze bank accounts of suspected foreign currency dealers accusing them of destabilising the economy.

In a tweet posted on its official Twitter account, Friday, the Central Bank said there are exchange rate manipulators who are exerting pressure on the foreign currency market.

“It has come to the attention of the Bank that there are some exchange rate manipulators that are exerting pressure on the forex market with the intention of destabilizing the stability that the country has been experiencing over the past four months,” the Central Bank said.

The Central Bank said the foreign exchange has been stable for the past four months and such practices were meant to destabilise it.

RBZ said it has engage the bank’s Financial Intelligence Unit to “investigate and freeze the accounts of those upsetting the market.”

In September last year, the RBZ froze bank accounts of four companies that were suspected to be engaged in money laundering activities.

One of the companies linked to the illegal activities was Sakunda Holdings which is owned by Kudakwashe Tagwirei a close ally of President Emmerson Mnangagwa.

Tagwirei also sits on the Presidential Advisory Council (PAC) a body set up by President Mnangagwa to advise and assist him in formulating key economic policies.

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