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RBZ To Freeze Accounts Of Manipulators Upsetting Forex Markets

FinTech

RBZ To Freeze Accounts Of Manipulators Upsetting Forex Markets

The Reserve Bank of Zimbabwe has warned money changers who are charging higher unreasonable rates destabilising the economy saying the perpetrators will risk losing their accounts.

“This is a warning to individuals who are “destabilising” the country by putting pressure on the forex market” RBZ said on twitter this morning.

It has come to the attention of the Bank that there are some exchange rate manipulators that are exerting pressure on the forex market with the intention of destabilizing the stability that the country has been experiencing over the past four months.

Such malpractice is not warranted as money supply has remained under control for the past five months.

The matter has been escalated to the Financial Intelligence Unit that is proceeding to investigate and freeze the accounts of those upsetting the market.

“The fact that a similar thing is happening again only 3 months after a few companies were under investigation seems to suggest the lack of punishment for “destabilising” the nation’s economy does not scare whoever is responsible this time around.” RBZ said.

 

Yeukai is an ambitious and passionate journalist. She enjoys writing and reading about technology and has made it her number one priority. She has been practicing journalism for 5 years now. In her journey as a writer, she has written three novels so far.

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