RBZ Threatens to Freeze Bank Accounts as Black Market Rate Shoots Up
The reserve bank of Zimbabwe has come out guns blazing threatening to freeze bank accounts of individuals who are “destabilising” the country by putting pressure on the forex market.
The bank made this statement on Twitter this morning saying:
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.
This announcement came on the back of a rise in the black market exchange rate. The rate had been relatively stable at around $2 100 to $2 200 (transfer/Ecocash) for the last few months but it has risen to around $2 600 as of this morning (24/01/2020).
This is not the first time the RBZ has frozen bank accounts. Last year in September, RBZ Frozen accounts of companies such as Sakunda. Around that time, RBZ also banned Ecocash as it sought to stop ‘abuse' of the platform.
It remains to be seen if these measures will help stabilize the exchange rate, (both interbank and black market) since prices go up astronomically every time the rates shoot up.
Other Stories you may be interested in:
USA Scholarship Opportunity For Zimbabweans
All Set for The Rwanda-Zimbabwe Trade & Investment Conference
Watch videos; Xenophobic Attack- Zimbabwean National Kills Policeman In SA
Why should you learn digital marketing whilst in School/College
Develop Yourself with These Free Google Online Business Courses
Career Guidance Resources For A-Level Students
