Connect with us

Slider

Zimbabwe’s forex black market crackdown shakes banks

Published

on

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.

Advertisement

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.

Advertisement

“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.

Advertisement

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.

Advertisement

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”.

Advertisement

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

Advertisement

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Chidzivo, Waison take top honors at Vic Falls Marathon

Published

on

BY NOKUTHABA DLAMINI 

Blessing Waison and Fortunate Chidzivo took top honors at the 2025 Econet Victoria Falls Marathon yesterday, as Zimbabwean long-distance runners excelled at Africa’s most prestigious road race.

Advertisement

Econet General Manager – Marketing, Mrs Tariro Muchena (left), and Finance Director, Mr Chengeto Moyo, present the winner’s prize to men’s marathon champion, Blessing Waison, at the 2025 Econet Victoria Falls Marathon, while Victoria Falls Mayor, Mr Prince Moyo, looks on

The event, which featured athletes from over 40 countries, saw Waison storm to victory in the men’s full marathon, clocking 2 hours, 13 minutes, and 16 seconds. He narrowly beat decorated Olympian Isaac Mpofu in a thrilling duel that brought thousands of spectators to their feet.

Godwin Katakura followed closely in third, completing an all-Zimbabwean podium sweep in the 42.2km race. The trio’s success came with bigger rewards this year, after Econet Wireless doubled the total prize purse to $50,000.

Waison walked away with $3,000, while Mpofu and Katakura earned $2,000 and $1,500, respectively.

In the women’s marathon, Chidzivo delivered a commanding performance, clocking 2 hours and 42 minutes to claim another major title in her illustrious career. Ethel Pangiso and Phillipa Dube completed the women’s podium in second and third place, respectively.

Advertisement

Rising star Wayne Kabondo turned heads in the men’s 21km half marathon, overcoming a formidable field to finish in 1 hour, 3 minutes, and 44 seconds. Kabondo pocketed $1,500 for his efforts.

In the women’s 21km race, Caroline Mhandu crossed the line in 1 hour, 17 minutes, and 50 seconds, ahead of Miriam Sibanda and Melody Kaseke.

The marathon’s inclusive spirit was evident in the 18km Specially Abled Races, which saw uplifting performances across different categories. Godknows Hamadziripi claimed the men’s tricycle title, while Samson Muroyiwa won the handcycle event.

Advertisement

Among the women, Stella Jongwe triumphed in the handcycle race, and Ratidzo Tomu took first position in the tricycle category.

Organized by Econet Wireless in partnership with Wild Horizons, the 2025 edition drew over 5,000 participants and spectators from more than 40 countries. The marathon route, widely regarded as Africa’s most scenic, winds through game reserves and offers spectacular views of the Zambezi River and Victoria Falls.

https://x.com/vic_falls_live/status/1941861569450725776?s=46

Advertisement

Beyond the races, this year’s event featured live music, traditional dance, health expos, and community wellness activities.

Advertisement
Continue Reading

Slider

Zimparks launches elephant culling program

Published

on

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.

Advertisement

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.

Advertisement

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.”

Advertisement

Continue Reading

In the community

Hwange police seek public’s help in locating missing teen

Published

on

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.

Advertisement

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.

Advertisement

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

Advertisement
Continue Reading

Trending

Copyright © 2022 VicFallsLive. All rights reserved, powered by Advantage