RBZ Freezes Account of Chinese Firm Accused of Fueling Forex Rates On The Black Market

The Reserve Bank Of Zimbabwe (RBZ) has frozen the bank accounts of a Chinese firm which is allegedly involved in parallel market activities on the EcoCash platform.

The company is called China Nanchang and it has interests in engineering and construction

Earlier we reported that RBZ Threatens to Freeze Bank Accounts as Black Market Rate Shoots Up and this freezing of the account is in line with that warning.

Black market rates have been going up in the last couple of days after months of relative stability.

 The rate for a single United States Dollar shot up to above 25 Zimbabwe Dollars this week.

Below is the press statement from RBZ