RBZ goes after schools, pharmacies manipulating local currency

by Tulip Charowa

THE Reserve Bank of Zimbabwe (RBZ) has warned schools and pharmacies against manipulating the local currency saying it would deploy all tools at its disposal to deal with the financial malpractice.

Central bank Governor John Mangudya warned that those found on the wrong side of the law will face censor which may include fines, freezing of banking assets or even blacklisting from enjoyment of financial services.

The Zimbabwe dollar has been pegged at $108.67 against the United States dollar since the last foreign currency auction on 14 December.

The auction was supposed to resume yesterday but was postponed by a week because dealers were not able to process bids on time.

In a statement this Wednesday, the central bank said its Financial Intelligence Unit (FIU) was 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,” it 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.”

Zimbabwe postponed the re-opening of schools, which was scheduled for 10 January, until it reviews current lockdown restrictions probably tomorrow or on Friday.

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