The Reserve Bank of Zimbabwe (RBZ) has threatened schools and pharmacies, which it alleges are manipulating the local currency.
According to the central bank, some businesses, particularly pharmacies and schools, are breaching the Bank Use Promotion Act. However, the authorities did not go into detail on how the businesses are breaching the law or manipulating the law currency.
The central bank warned that it would impose a range of penalties on businesses, schools and pharmacies found on the wrong side of the law. The penalties include imposing fines, freezing bank accounts and blacklisting the culprits.
Below is the complete statement released by RBZ governor John Panonetsa Mangudya on Wednesday regarding the currency manipulators.
ACTION AGAINST CURRENCY MANIPULATORS
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 imposition of fines, freezing of bank accounts and blacklisting from 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
Reactions to the governor’s statement and threats have been mixed. Mangudya has been accused of being insincere in fixing the country’s currency woes.