RBZ takes action against currency manipulation

12 Jan, 2022 - 15:01 0 Views
RBZ takes action against currency manipulation Dr John Mangudya

The Sunday News

Sunday News Reporter, Brighton Moyo

THE Reserve Bank of Zimbabwe (RBZ) is investigating cases of breaches of the Bank Use Promotion Act and currency manipulation by certain businesses in the country.

In a statement, RBZ governor Dr John Mangudya said the Central Bank’s Financial Intelligence Unit will be investigating cases of currency manipulation and all the breaches of the Bank Use Promotion Act.

“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,” he said.

Dr Mangudya also said the FIU will do everything in its power to deal with these illegal activities, including freezing of bank accounts, impositions of fines and blacklisting of companies or individuals.

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

The RBZ governor urged members of the public to report any offending businesses and services providers.

 

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