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RBZ Freezes More Bank Accounts to Stabilize the Runaway Exchange Rate

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The Reserve Bank of Zimbabwe is alleged to have frozen another batch of accounts linked to Kuda Tagwireyi and Traverze Travel which is owned by Ginimbi’s Ex-Wife Zodwa Mkandla.


If this is true then RBZ  it may be a pointer that these companies are speculated to be feeding the black market. 

This will be the second time in less than a week that the RBZ’s Financial Intelligence Unit (FIU) has frozen bank accounts.

On Friday last week, the FIU froze another set of bank accounts belonging to Kuda Tagwirei after the local currency had a endured a dramatic loss in value.

After the freezing of the accounts, the USD/RTGS exchange rate fell by around 50% from a high of $23.00 to around $11.50.

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 It has turned out to be a brief respite after the rate started rising again trading at around $18.00 as of today's rates.

The RBZ recently tightened the rules governing bureaux de changes in a host of measures aimed at controlling the exchange rate.

Below is an alleged communication from the FIU.

rbz freeze account

Hope this move will work. There has been no official announcement on the RBZ website by the time of going to print.

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