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RBZ to freeze bank accounts over illegal forex deals

Published

4 years ago

September 28, 2021

BY MACDONALD DZIRUTWE

The Reserve Bank of Zimbabwe has ordered banks to freeze bank accounts for two years for 30 people it has accused of promoting and facilitating illegal foreign currency trading, it said on Tuesday.

The southern African country has for years struggled with acute foreign exchange shortages and only re-introduced its own domestic currency in 2019, ending a decade of dollarisation.

But the local currency has been losing value and now trades on the black market at premiums of up to 100% of its official rate of 86 Zimbabwe dollars to the United States dollar.

RBZ Governor John Mangudya published a list of names he said were using social media platforms and mobile telecoms services to facilitate illegal forex trade and money laundering.

Zimbabwe’s foreign currency shortages mean that many citizens can only access dollars on the black market.

Some dealers advertise their services in WhatsApp groups, which the government says is an offence.

Mangudya said the central bank’s Financial Intelligence Unit (FIU) had instructed banks “to identify and freeze any accounts operated by these individuals and, further, to bar them from accessing financial services for a period of two years, with immediate effect”.

The telecoms regulator would also stop the listed people from operating mobile phone lines, said Mangudya.

Analysts say the official exchange rate, which is calculated from a weekly forex auction, is artificial and that businesses were setting prices using black market rates.

The central bank and national treasury often bristle at criticism of its exchange rate policy and argue that black market rates were not supported by any economic fundamentals.

Mangudya said the FIU had forwarded the names of the accused individuals to law enforcement agencies for prosecution.

Vice President Constantino Chiwenga last week issued a threat against parallel-currency market traders when he addressed business executives at during the Zimbabwe International Trade Fair in Bulawayo.

“I wish to warn the perpetrators of this heinous crime that the long arm of the law will soon catch up with them,” Chiwenga said. – Reuters/Staff Reporter

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Zimparks launches elephant culling program

Published

4 days ago

June 3, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

In a bid to address the growing elephant population in Save Valley Conservancy, the Zimbabwe Parks and Wildlife Management Authority (ZimParks) has issued permits for a controlled elephant management exercise.

The exercise, slated to commence shortly, aims to cull an initial 50 elephants from the conservancy, which is currently home to 2,550 elephants – more than three times the ecological carrying capacity of 800 elephants.

According to ZimParks, the conservancy has been struggling to cope with the swelling elephant population, which has put a strain on the wildlife habitat and resources. Over the past five years, the conservancy has translocated 200 elephants to other areas, including Hurungwe and Sapi, in an effort to manage the population.

Zimparks says the controlled culling exercise is expected to provide relief to the conservancy’s ecosystem, while also benefiting local communities.

Elephant meat from the exercise will be distributed to local communities while the ivory will be kept by the State.

In a statement, ZimParks spokesperson Tinashe Farawo emphasized the authority’s commitment to responsible and sustainable wildlife management.

“We remain committed to ensuring that our wildlife resources are managed in a responsible and sustainable manner, for the benefit of present and future generations.”

In the community

Hwange police seek public’s help in locating missing teen

Published

3 weeks ago

May 15, 2025

VicFallsLive

BY STAFF REPORTER

The Hwange police are urgently seeking the public’s assistance in locating 16-year-old Latoya Lisa Munkuli, who went missing on May 7, this month.

Latoya, a dark-complexioned female juvenile, was last seen leaving her residence in Hwange around 4 pm.

She was wearing a distinctive outfit consisting of green trousers and a white T-shirt, and carried a black satchel. She stands approximately 1.6 meters tall.

Inspector Glory Banda of the Hwange police is leading the investigation and urges anyone with information about Latoya’s whereabouts to come forward.

If you have any information about Latoya’s disappearance, please contact Inspector Banda on 0785961747 or 0771256607.

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

2 months ago

April 16, 2025

VicFallsLive

BY WANDILE TSHUMA

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.