By Almot Maqolo.
HARARE – (News of The South) The Reserve Bank of Zimbabwe (RBZ) through its Financial Intelligence Unit (FIU) has singled out China Nanchang among the rate manipulators who have been engaging in activities that have exerted pressure on the exchange rate in the last few days.
This comes after the apex bank issued a statement raising its concern on the illegal activities of foreign exchange rate manipulators earlier in the day.
“The Bank escalated the matter to the FIU for investigation and the FIU has so far identified one entity (China Nanchang), which has used its bank account to inject millions of dollars into the parallel market in the last few days,” it said in a statement on Friday.
“The FIU has ordered the freezing of the identified account pending further analysis and is undertaking ongoing surveillance to identify more culprits involved in the parallel market transactions, particularly on the Ecocash platform.”
RBZ said it remains focused on its mandate to ensure market stability as it will work closely with the FIU to identify and take appropriate action, in terms of the law, against any culprits involved in illicit foreign currency activities and manipulation of the foreign exchange rates.
This comes as street rates have breached the 25x mark. The interbank mid-rate is on 17.24x
Comments
About Author
