Zimbabwe names 18 forex abusers

Zimbabwe names 18 forex abusers

Zimbabwe today named 18 foreign currency abusers, the most notable one being milling company, National Foods.

It did not disclose the amount involved but said the companies named will face penalties for abusing the foreign currency exchange system as stipulated in Statutory Instrument 127 of 2021.

The fines range from $50 000 to $5 million.

The Reserve Bank of Zimbabwe said going forward, and in line with the recommendations of the business community on the need to continue to enhance stability in the economy, the bank’s efforts to foster compliance with SI 127 shall be limited to outliers that wantonly abuse the foreign exchange system, exchange rate manipulation and on-compliance with anti-money laundering rules and regulations.

“The bank’s focus on these key areas, coupled with business’s reality check, self-discipline, self-monitoring and peer review, will sustain inflation and exchange rate stability that are necessary for the economy to continue to rebound,” the central bank said.