The Sunday News
Robin Muchetu, Senior Reporter
THE Reserve Bank of Zimbabwe (RBZ) has released names of 18 companies that have been abusing the foreign currency exchange auction system.
Zimbabwe’s largest food manufacturer, National Foods Limited, tops the list of the companies that are flaunting foreign currency regulations. Another company that was fingered was Africa Steel who are the manufacturers of steel products.
Other companies include those in the petroleum industry such as Georgia Petroleum Private Limited, Classic energy, Clorex Energy and Sourzrce Fuels.
Other companies on the list include Tettola Investments (Pvt) Ltd, Westvillle Investments (Pvt) Ltd (T/A Omni Africa), Flicknik Enterprises (Pvt) Ltd, Duo Valley Commodity Brokers, Faircclot Investments, GlenuLas Trading, Natural Stone Export Company, Nuvert Trading, Phirebrook Investments, Explochem, Mutare Mart & Exchange and Kimya Investments.
In a statement, RBZ said it has for the past two weeks been engaging a number of business associations and entities to discuss the modalities for compliance with Statutory Instrument 127 of 2021.
“The Bank would like to express its appreciation to the business community for the valuable feedback during the engagements which have culminated in business’s clearer understanding of the essence of SI 127. The Bank has a duty of care to ensure that the significant progress that the economy has made since the introduction of the foreign exchange auction system in June 2020 continues on an unabated positive trajectory whilst at the same time protecting consumers and fostering compliance to engender fair play in the economy.
“It is against these noble objectives that SI 127 was put in place to provide for penalties against errant entities that were at the forefront of abusing the foreign exchange auction system to the detriment of the stability of the economy,” said RBZ governor, Dr John Managudya.
Investigations by the Financial Intelligence Unit and the Bank’s Exchange Control Division, led to the 18 entities being exposed for abusing the foreign exchange auction system and they will be dealt with in accordance with SI 127.
@NyembeziMu
