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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

Bulawayo mourns Nkulumane MP and poet Desire “Moyoxide” Moyo

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BY NOKUTHABA DLAMINI 

The City of Bulawayo has expressed deep sorrow following the death of Nkulumane MP and acclaimed poet Desire “Moyoxide” Moyo, who died in a car accident early Friday morning near Shangani.

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In a condolence message issued by Town Clerk Christopher Dube on behalf of the Mayor, Senator David Coltart, councillors, and residents, the city described Moyo as “an iconic leader, poet par excellence, and creative who strove to champion the arts in Bulawayo and beyond.”

Moyo, who was affectionately known as Moyoxide, was praised for his commitment to the city’s artistic and civic development. The statement highlighted his impact through his multiple roles — as a Member of Parliament for Ngulumane, a community leader, and a poet who spoke out against injustices while advocating for progress.

“He positively impacted the city through his roles as a leader and poet who challenged all for the development of Bulawayo and the country,” read part of the statement.

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The City of Bulawayo also extended its condolences to the Moyo family, the Bulawayo community, and the nation at large.

“May his soul rest in eternal peace,” the statement added.

The city further wished a speedy recovery to other CCC legislators who were injured in the same accident — Honourables Madalaboy Ndebele, Senator Rittah Ndlovu, Sethulo Ndebele, and Libion Sibanda.

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National

CCC legislators in road accident, Nkulumane MP dies

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BY STAFF REPORTER

One Citizens Coalition for Change (CCC) legislator has died while four others were seriously injured in a road accident that occurred early Friday morning near Shangani along Bulawayo-Harare highway.

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CCC spokesperson Promise Mkhwananzi confirmed the accident, saying it happened between 2 a.m. and 3 a.m. when the vehicle carrying the members collided with an elephant.

“The vehicle hit an elephant along the Shangani area, and unfortunately Honourable Desire Moyo, the Member of Parliament for Ngulumane, died on the scene,” Nkwananzi said.

He added that the other occupants — Honourable Madalaboy Ndebele, Senator Rittah Ndlovu, Honourable Sethulo Ndebele, and Libion Sibanda — sustained serious injuries and were rushed to a hospital in Bulawayo.

Nkwananzi said he was deeply shocked by Moyo’s death, as he had met him just yesterday in Harare.

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“I had seen Moyo yesterday and we spent about an hour chatting outside Jamieson Hotel about the party and our future plans for national development,” he said. “I’m gutted by his passing. It’s a huge loss for the party.”

He conveyed his condolences to the Moyo family and wished a speedy recovery and strength to the families of the other CCC members who remain in critical condition.

He said further details, including the name of the hospital where the injured are receiving treatment, would be released once confirmed.

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In the community

MPs raise alarm over illegal gold mining threatening Inyathi hospital

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BY NOKUTHABA DLAMINI 

The Parliamentary Portfolio Committee on Health and Child Care has raised serious concern over illegal gold mining activities taking place directly beneath Inyathi District Hospital in Bubi District, Matabeleland North — warning that the facility’s infrastructure could collapse if the practice continues unchecked.

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The revelation came during the committee’s ongoing verification visits to rural health centres across Zimbabwe, aimed at assessing the state of medical infrastructure, equipment, and essential drug availability. The visits, led by Hon. Daniel Molokele, are being conducted on behalf of the committee chairperson, Hon. Dr. Thokozani Khupe.

Speaking to VicFallsLive, Molokele said the team was shocked to discover that artisanal miners (amakorokoza) had extended their illegal mining tunnels under the hospital grounds.

“One of the things that we found at Inyathi District Hospital is that amakorokoza are now doing their gold mining right under the hospital,” said Molokele. “They used to do it outside, but now they have gone beneath the facility. There is a real risk that the infrastructure might collapse because of the underground pressure. This is lawlessness that the government urgently needs to address.”

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Molokele added that the situation reflects broader governance and enforcement challenges in mining communities, where unregulated artisanal mining continues to threaten both public safety and environmental health.

“Most of the cases that patients come with are physical wounds — largely injuries from violent clashes among the amakorokoza,” he said. “There’s a lot of violence happening there, and it is putting a heavy burden on an already under-resourced hospital.”

The committee, which began its tour on Monday in Inyathi before proceeding to Avoca in Insiza District (Matabeleland South), Gundura in Masvingo, and Mutiusinazita in Buhera (Manicaland), is compiling findings that will inform parliamentary recommendations.

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“We will produce a report that will have clear recommendations,” Molokele said. “The National Assembly will debate it, and the Minister of Health will use it to engage the Minister of Finance, especially in the upcoming budget process. We are hoping for a renewed focus on rural healthcare centres, which have been neglected and underfunded for many years.”

Molokele said the verification exercise — though limited by time and financial constraints — seeks to highlight conditions in at least one rural health facility per province.

The committee’s findings come at a time when Zimbabwe’s rural health infrastructure is under severe strain, with many facilities struggling with drug shortages, outdated equipment, and deteriorating buildings. The situation in Inyathi now adds a new dimension of danger — where illegal mining is not only threatening livelihoods but also public infrastructure meant to save lives.

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