Zimbabwe central bank warns exchange rate manipulators as black market rates soar

0 Comment(s)Print E-mail Xinhua, January 25, 2020
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HARARE, Jan. 24 (Xinhua) -- The Reserve Bank of Zimbabwe on Friday warned exchange rate manipulators who it said were exerting pressure on the foreign exchange market, saying that they risked having their accounts frozen.

RBZ said in a statement that the matter was now before its Financial Intelligence Unit with a view to identifying the culprits and freezing their accounts.

"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 central bank said.

As at Friday, black market rates were hovering around 1 U.S. dollar to 25 Zimbabwe dollars.

This was a surge from the previous few days when it stood at around 1:22, while the interbank rate stood at around 17.20 as of Thursday.

RBZ in 2019 froze bank accounts of several entities it suspected to being involved in the manipulation of the exchange rate. Enditem

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