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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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Government rolls out business reforms to boost agriculture sector

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BY NOKUTHABA DLAMINI

The government has undertook reforms  to ease doing business in the country, starting with the agriculture sector, specifically targeting livestock, dairy farming, and stockfeed sub-sectors.

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Quoting from the press statement by the Ministry of Finance, Economic Development and Investment Promotion on Wednesday: “The initiative seeks to enhance the investment climate, encourage domestic production, and attract foreign direct investment.”

Minister of Finance, Mthuli Ncube, announced these reforms which are “a product of a multi-stakeholder process led by the Office of the President and Cabinet, with support from the Ministry of Finance, Economic Development and Investment Promotion, and technical assistance from the World Bank.”

The reforms aim to cut through “excessive regulations, high compliance costs, and duplication of responsibilities across institutions” that have constrained the agriculture sector. For instance:
– “Dairy farmers previously required up to 25 permits across 12 agencies.”
– “Feed manufacturers needed 23 permits from 10 departments.”
– “Beef cattle farmers faced 18 requirements, while abattoirs required 20, dairy processors 21, and feed processors 23.”

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Key reforms introduced include:
– “Agriculture Marketing Authority (AMA) farm registration fees cut to $1 flat fee.”
– “Dairy processor registration reduced from $350 annually to a one-time $50 fee.”
– “Feed manufacturing registration cut from $150-$250 to $20 flat fee.”
– “Livestock movement clearance reduced to $5 per herd (down from $10 per beast).”
– “Import permit for livestock genetics (heifers, bulls, semen) reduced from $100 to $20.”

Ncube emphasized the government’s commitment “to creating a modern, efficient, and business-friendly regulatory system that drives inclusive economic growth and positions Zimbabwe as an Upper Middle-Income Society by 2030.”

 

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Hwange MP Molokele urges government support for cultural events amid Mzilikazi Day success

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BY STAFF REPORTER 

In a notable session of the National Assembly held yesterday, Hwange Central Member of Parliament Daniel Molokele-Tsiye expressed his disappointment regarding the government’s lack of support for cultural events in Zimbabwe.

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His comments came in light of the successful Mzilikazi Day event organized by the Mthwakazi kaMzilikazi Cultural Association over the weekend, which attracted a diverse crowd from across the country and the diaspora, particularly from South Africa.

“Thank you so much Hon. Speaker, good afternoon. My point of national interest is to congratulate the Mthwakazi kaMzilikazi Cultural Association for successfully organizing the Mzilikazi Day event which was held on Saturday over the weekend,” began Molokele, highlighting the significance of the event that brought together thousands of participants from various backgrounds.

Despite the event’s success, Molokele explicitly voiced his frustrations, stating, “Despite the fact that the event was a big success, one of the big concerns was that relevant government departments were visible in their absence.” He criticized the absence of key ministries, including the Ministry of Tourism and Hospitality Industry, the Ministry of Local Government and Public Works, and the Ministry of Home Affairs and Cultural Heritage.

He further lamented the inconsistent government support for local cultural celebrations compared to foreign observances. “We are able to celebrate Valentine’s Day, we are able to celebrate other days that the Western culture teaches us, but when it comes to celebrating things that are local… we are still lagging behind,” he asserted, comparing Zimbabwe unfavorably to countries like Eswatini which actively promote their cultural events.

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Molokele urged, “As Zimbabwe, we must learn from Eswatini and support events such as the one that we held on Saturday… we must be seen to be supporting it.” He emphasized the need for the government to embrace and promote cultural heritage, stating, “We must celebrate and encourage all districts, provinces, cultures, and all languages in Zimbabwe to organize such kinds of events.”

 

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Victoria Falls Safari Collection wins top honours at 2025 AZTA awards

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BY NOMMY VUMA

The Victoria Falls Safari Collection, operated by the Africa Albida Tourism hospitality group, has reaffirmed its leadership position in Zimbabwe’s tourism sector after two of its properties once again claimed top honours at the 2025 Association of Zimbabwe Travel Agents (AZTA) Awards held at Hyatt Regency Harare TheMeikles on 06 September.

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For a remarkable 27th consecutive year, Victoria Falls Safari Lodge was voted Best Safari Lodge in Zimbabwe, while Lokuthula Lodges won Best Self-Catering Facility in Zimbabwefor the 11th year, highlighting the collection’s consistent delivery of world-class hospitality.  Lokuthula Lodges was also recognised as First Runner-Up in the Best B&B / Guesthouse category, highlighting its broad appeal.  To complement these awards, Victoria Falls Safari Collection Sales Executive Wendy Bourne was honoured with the Best Voluntary Service Award for the 12th time, recognising her outstanding commitment to supporting the travel trade.

“These awards bear witness to the dedication and passion of our entire team, whose commitment to excellence ensures that our guests continue to enjoy unforgettable experiences in Victoria Falls,” said Managing Director Nigel Frost. “We are humbled by the trust and confidence our industry partners continue to place in us, and we are inspired to keep striving for even higher standards.”

The awards come at a time of growth for the Victoria Falls Safari Collection. Following the successful launch in April 2025 of Queen Nandi Place, a multi-purpose venue for upmarket meetings and events, the collection is preparing to unveil additional MICE facilities, including two breakaway rooms and a catering area designed to be used for various events.  

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Ross Kennedy, Director and Founder, added: “For Victoria Falls Safari Lodge to be voted Best Safari Lodge in Zimbabwe for 27 consecutive years is a truly remarkable achievement, and it reflects the unwavering support of the travel trade as well as the loyalty of our guests. At the same time, Lokuthula Lodges continues to shine as Zimbabwe’s favourite self-catering facility, highlighting the diversity of our collection. As we expand our offerings with new world-class MICE facilities, we remain committed to innovation, sustainability, and enhancing the appeal of Victoria Falls as a destination for both leisure and business travellers.”

The Victoria Falls Safari Collection comprises Victoria Falls Safari Lodge, Victoria Falls Safari Club, Victoria Falls Safari Suites, Lokuthula Lodges, Victoria Falls Safari Spa, The Boma – Dinner & Drum Show, and Queen Nandi Place, all located on the Victoria Falls Safari Lodge estate just 4km from the natural world wonder.

Hosted annually, the AZTA Awards are recognised as one of Zimbabwe’s most prestigious travel industry accolades, with winners voted for by travel agents across the country.

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