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Zimbabwe’s forex black market crackdown shakes banks

Published

4 years ago

October 15, 2021

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.

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.

“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.

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.

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”.

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

Hwange

Hwange Central finally receives long-awaited CDF funds

Published

14 hours ago

January 7, 2026

VicFallsLive

BY NOKUTHABA DLAMINI

Hwange Central constituency has finally received its long-awaited Constituency Development Fund (CDF) allocation, marking the first disbursement since 2022, Member of Parliament for the area, Fortune Daniel Molokele, has confirmed.

In a statement, Molokele said an amount of ZiG 1.3 million was deposited last week into a special bank account set up exclusively to administer CDF funds for the constituency. The disbursement falls under the 2024 national budget, following confirmation from the Parliament of Zimbabwe that no CDF disbursement will be made under the 2023 national budget.

He further noted that there is still no clarity on when CDF allocations under the 2025 and 2026 national budgets will be released.

“With this development, our local CDF Committee will, during the coming week, initiate the process of rolling out the approved projects,” said Molokele.

Priority Wards and Projects

The initial phase of implementation will cover five wards, namely Wards 1, 4, 5, 6 and 14, with the remaining wards expected to benefit under the next CDF disbursement.

According to minutes from a public consultation meeting held on 13 April 2024 at St Ignatius Primary School in Hwange, the community unanimously prioritised solar-powered boreholes with JoJo tanks and fenced nutritional gardens as the flagship project for the 2024 CDF cycle.

The project is set to be implemented at the following locations:

Ward 1: Chibondo
Ward 4: Baghdad
Ward 5: Empumalanga
Ward 6: Phase Four
Ward 14: Ngumija

Other proposals discussed at the meeting included the construction of an Advanced Level laboratory science facility at Nechilisa Secondary School and the refurbishment of Nengasha Stadium, but these were deferred in favour of addressing water and food security.

CDF Committee in Place

The public meeting also elected a new 2023–2028 CDF Committee, comprising:

Alice Phiri (Trade Unions, Women and Local Communities)
Luka Katako (Traditional Leaders and Faith-Based Leaders)
Bryan Nyoni (Youth and Local Communities)
Shonipai Muleya (Finance and Accounting)

Francisca Ncube was nominated as the National Assembly representative, while Teresa Kabondo will represent the constituency in the Senate.

The CDF bank account signatories and procurement committee members include Molokele, Luka Katako, Thulani Moyo and Alice Phiri.

Funding Clarifications

Although earlier discussions indicated that the 2024 allocation would include outstanding funds from 2023—bringing the total to an estimated USD100 000, to be disbursed in ZiG at the interbank rate—the Speaker of Parliament later clarified that the 2023 CDF allocation was no longer available.

“As a result, each constituency ended up receiving ZiG 1.3 million, which was meant to be equivalent to USD50 000,” Molokele explained, adding that the approved projects were subsequently endorsed by the relevant Parliamentary committee.

He also confirmed that no CDF proposals have yet been submitted for 2025 and 2026.

Residents seeking further information have been advised to contact CDF Committee Secretary Thulani Moyo on 078 648 3659.

Molokele said at least two public feedback meetings will be held once implementation begins, to ensure transparency and accountability in the use of the funds.

National

Education ministry launches nationwide one laptop, one iPad per pupil program

Published

1 day ago

January 6, 2026

VicFallsLive

BY LWAZI SHOKO

Zimbabwe has launched a nationwide One Laptop, One iPad Per Pupil initiative aimed at bridging the digital divide and expanding access to technology in schools, Minister of Primary and Secondary Education Torerayi Moyo announced on X on Monday.

The programme, being implemented in partnership with UNICEF Zimbabwe, will see the distribution of ICT equipment including laptops, tablets and projectors to schools across the country, with priority given to disadvantaged and solar-powered schools.

According to Minister Moyo, the initiative is designed to strengthen digital teaching and learning while promoting inclusive and equitable education. He said the programme seeks to ensure that all learners, regardless of geographic location or socio-economic background, have access to modern learning tools.

“As part of this initiative, I had the honour of presiding over the official handover of a major consignment of ICT devices,” Moyo said, adding that the resources would support the delivery of quality education and help prepare learners for a technology-driven future.

The minister described the programme as a transformative step that goes beyond the provision of devices, framing it as an investment in equity, opportunity and long-term national development.

Moyo also paid tribute to President Emmerson Dambudzo Mnangagwa, crediting his leadership under Vision 2030 and the Presidential Computerisation Programme for driving innovation and public-private partnerships in the education sector.

“By placing a laptop and an iPad in the hands of every pupil, we are building the digital foundations of a knowledge-based economy,” he said.

Lastly, expressed gratitude to UNICEF Zimbabwe and other development partners for their continued support, noting that the collaboration is key to building a more connected and future-ready education system.

In the community

Two artisanal miners die in Umguza mine shaft collapse

Published

2 weeks ago

December 25, 2025

VicFallsLive

BY STAFF REPORTER

Two artisanal miners have died following the collapse of a flooded mine shaft at Cement Side in Umguza District, ZBC has reported.

The incident occurred early Tuesday morning after heavy water ingress caused the shaft to give way, trapping the two men underground.

When rescue teams arrived at the scene, officers from the Bulawayo Fire and Ambulance Services Department, assisted by local volunteers, were leading recovery efforts.

A survivor of the incident, Khulumani Nkomo, described the terrifying moments leading up to the collapse.

“We heard a loud cracking sound as we reached the ground, then water started rushing in. The two were behind us, and the shaft just closed, trapping the other one in the tunnel,” he said.

Nkomo added that attempts to rescue the trapped miners proved futile.

“We tried to dig with our hands and tools, but the water kept coming. By the time help arrived, it was already too late.”

A brother of one of the deceased miners said the family is struggling to cope with the loss, revealing that the victim was only 19 years old.