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Zimbabwe’s forex black market crackdown shakes banks

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BY MEMORY MATARANYIKA

Zimbabwean bankers are fretting over compliance with government directives to root out “illegal foreign currency dealings, with the country’s biggest bank, CBZ, cautioning its employees against facilitating such deals as well as instructing them to report all suspicious accounts and transactions.

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This follows a meeting of the central bank and business leaders, including representatives for banks, on Monday.

Sources who attended Monday’s meeting said the governor blamed the banks for not reporting suspicious transactions.

Said a finance manager at a foreign-owned finance institution: “We are under pressure as an industry to do something.

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“The governor and other government officials are already exerting pressure on the industry to play a role in shielding the local currency and to protect the official foreign exchange market and that’s why banks have started to issue these cautions to employees.”

CBZ Bank group chief compliance officer Matthew Manyati and managing director Peter Zimunya said in a October 12circular to all departments that staff members were being “advised to desist from participating in illegal foreign currency transactions, either on behalf of clients or for their own personal” benefit.

“Disciplinary action shall be taken against any staff member, who breaches the contents of this instruction circular, hence staff members are encouraged to use the legally designated channels to access foreign currency,” further reads the circular.

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The Reserve Bank of Zimbabwe (RBZ) and the Financial Intelligence Unit had “cited great concern on the number of CBZ clients who are advertising parallel foreign currency transactions on different social media platforms”, highlighting that this in turn was “fuelling exchange rate distortions”.

CBZ has thus instructed its workers to “identify any persons advertising parallel foreign currency transactions using the CBZ name” on social media.

The RBZ – which has already blacklisted 77 individuals for money laundering – charges that some bank clients are openly advertising illegal parallel market forex rates on social media platforms quoting specific bank platforms.

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This, authorities in Harare argue, has resulted in price increases and a widening of the gap between official and unofficial forex rates.

The Zimbabwean dollar was on Wednesday trading around 1:175 against the US dollar on the parallel market compared to 1:90 on the official auction market, which has been sluggish.

In a communique released after the meeting on Monday, the central bank said the Zimbabwean bankers had committed to “enhancing reporting of suspicious transactions” as well as “promptly implementing regulatory directives on freezing of bank accounts for participants in illicit foreign currency transactions”.

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The FIU has separately directed local banks to institute monitoring measures aimed at rooting out bank accounts and debit cards that are being used for foreign currency dealings.

“Banks should implement a robust automated transaction monitoring mechanism to identify debit cards and the linked bank accounts that are being used frequently and in a pattern that raises suspicion.

“Banks must carry out further analysis to establish the source of funding into the accounts,” the FIU said in a notice to banks. – News24

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National

Government to reward top-performing schools nationwide

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BY NOSIZO MPOFU

The Ministry of Primary and Secondary Education has launched a new national initiative to promote and reward academic excellence across Zimbabwe’s education system, Minister Torerayi Moyo has announced.

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In a post on X, Minister Moyo said the programme will recognise and award the top 10 best-performing schools in each province, based on their 2025 pass rates at Grade Seven, Ordinary Level and Advanced Level.

“The recognition is a celebration of high-performing schools that have consistently demonstrated a strong commitment to academic achievement and the holistic development of learners,” said Moyo. He added that the initiative aligns with the Government’s commitment to providing equitable, inclusive and quality education, in line with Sustainable Development Goal 4 (SDG 4).

In addition to provincial awards, the ministry will also identify and reward the top five best-performing schools nationally in the 2025 Zimbabwe School Examinations Council (ZIMSEC) and Cambridge examinations. These schools will be honoured on 20 March 2026.

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According to the minister, the recognised institutions will serve as “beacons of excellence and inspiration,” setting benchmarks for quality education and academic performance across the country.

Minister Moyo also called on individuals, corporates, well-wishers and development partners to support the initiative through sponsorships, awards, grants and other forms of assistance.

“This support will go a long way in motivating our hardworking teachers and headmasters,” he said.

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Those interested in supporting the programme have been advised to contact the Ministry of Primary and Secondary Education Head Office through official communication channels.

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Painted Dog Conservation raises alarm over road detour threatening wildlife near Hwange

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BY NOKUTHABA DLAMINI 

Painted Dog Conservation (PDC) has raised serious concerns over a road rehabilitation detour near Hwange National Park, warning that the route now passing through a sensitive wildlife area poses an immediate threat to painted dogs and other species.

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In a statement shared on its official Facebook page, PDC said while it supports Zimbabwe’s ongoing road rehabilitation programme, the decision to divert heavy commercial traffic through an ecologically critical landscape is placing wildlife and people at risk.

The organisation said it had, together with other conservation groups and tourism operators, raised concerns with the relevant authorities, the responsible ministry and the contractor from the early stages of the project, warning of potential ecological damage. However, those concerns were not acted upon, and the detour is now in active use.

According to PDC, the increased traffic volume and speeding trucks along the route leading to Hwange National Park have created a “grave and immediate danger” to painted dogs, one of Africa’s most endangered carnivores, as well as to other wildlife and road users.

“With the detour now in place, the reality on the ground is worrying,” the organisation said.

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PDC revealed that its teams, alongside other conservation stakeholders, are taking emergency measures to reduce wildlife fatalities during the period. These include actively guiding painted dogs away from the road and, in some cases, chasing them to safety when trucks approach. Staff have also been stationed along the road holding “Slow Down” placards to alert motorists.

“These are not ideal or sustainable solutions, but they are necessary right now to save lives,” the organisation said.

Painted Dog Conservation has called on authorities to urgently install additional wildlife warning signage and more speed humps to calm traffic through the sensitive area. The organisation also appealed directly to motorists to exercise caution.

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“We respectfully urge all road users to slow down, stay alert, and remember that this is a shared landscape. Development and conservation must go hand in hand, especially in areas of such high ecological importance,” PDC said.

The organisation stressed that wildlife cannot speak for itself and vowed to continue intervening until safer, long-term solutions are implemented.

PDC has also urged the public to share the message widely in a bid to help protect Hwange’s wildlife.

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79 dead as floods hit communities

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BY STAFF REPORTER

As the Zimbabwe enters the peak of its rainy season from January to March, communities across the country are being urged to remain on high alert following the deaths of 79 people due to flooding and rain-related disasters since October last year.

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Speaking to the Herald newspaper, Department of Civil Protection Chief Director Nathan Nkomo said the department is closely monitoring the situation as more severe weather is expected in the coming weeks.

“We anticipate significant rainfall during this period. It’s crucial for everyone to stay informed and take necessary precautions,” Nkomo said.

According to the Department of Civil Protection, many of the deaths and injuries recorded since the start of the 2025/2026 rainfall season resulted from people attempting to cross flooded rivers and mining-related accidents, particularly involving artisanal miners operating near waterways.

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“The statistics reveal a worrying trend of fatalities and injuries during this rainfall season,” Nkomo said.

Infrastructure worth more than US$1 million has also been damaged, disrupting livelihoods and access to essential services in several communities.

In response, Government has released funding towards disaster management and emergency response through a coordinated, multi-sectoral approach, involving security services and other stakeholders as outlined in the Civil Protection Act. Nkomo said the initial tranche of funds has already strengthened rescue operations.

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“The money that was availed is not enough, but it is the first tranche. We are expecting another tranche from Treasury later this month to bolster our disaster response capabilities,” he said.

Authorities are urging communities to take an active role in disaster preparedness by monitoring weather forecasts, avoiding flooded areas, and implementing local emergency plans. Schools and community organisations have also been encouraged to conduct safety drills and ensure emergency procedures are well communicated.

With heavy rains expected to continue, officials warn that community vigilance and preparedness will be key in preventing further loss of life.

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SOURCE: HERALD

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