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RBZ Clamps Down Black Market By Removing Middlemen

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Treasury has made it top priority to clamp down the illegal foreign currency parallel market. The freezing of bank and mobile money accounts and the blacklisting for two years are part of the Reserve Bank of Zimbabwe (RBZ’s) Governor Dr. John P. Mangudya’s efforts to clamp down on the black market by removing the middlemen.

The black market is seen as subject to manipulation and profiteering by those who operate it with the rates generated each day having very little to do with actual market forces.

The first group of 30 to be clamped, were listed on September 28, 2021.The Posts and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has since barred all those listed from operating mobile lines.

In total, seventy-seven people were blacklisted by the RBZ for operating on the foreign currency black market, whose bank and mobile money accounts have now been frozen and who are barred from operating any others for two years.

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