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RBZ Blacklists Forex Dealers

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The Reserve Bank of Zimbabwe has blacklisted several foreign currency dealers who are publicly buying and selling foreign currency at black market rates from accessing banking services.

The development was confirmed through a statement issued by the Central Bank Governor Dr John Mangudya.

“The Financial Intelligence Unit (FIU) has identified individuals listed hereunder who are abusing mobile telecommunications services and other social media platforms to promote and facilitate illegal foreign exchange transactions and money laundering activities,”Mangudya said.

The list includes phone numbers and ID numbers of the suspected foreign exchange dealers who are being accused of soliciting for clients using social media platforms.

Earlier this year, the Central Bank resolved to criminalise dealing with foreign exchanges using social media.

The RBZ boss added that the blacklisted people will not be permitted to access financial services and that the blacklisting come into effect as of today.

“The FIU has instructed banks, mobile money operators and other financial service providers to identify and freeze any accounts operated by these individuals and, further, to bar them from accessing financial services for a period of two years, with immediate effect,”added Mangudya.

Thousands of people have turned to illegal foreign currency dealing as the economic crisis deepens in the country and the market is thriving owing to attractive exchange rates as compared to the prevailing bank rate.

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