Business

18 Zim Companies Caught Offside Over Abuse Of Forex From RBZ

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By Tendai Mukaro

Eighteen companies are facing penalties for failure to comply with the recently gazetted Statutory 127, the Reserve Bank of Zimbabwe has said.

Under the statutory instrument, companies are expected to peg prices using the official bank exchange rate.

The 18 entities include food processing company National Foods, Georgia Petroleum, Tettola Investments, Africa Steel, Clorex Energy, Mutare Mart and Exchange, Souzrce Fuels, Kimya Investments and Nuvert Trading.

 

In a statement, RBZ governor Dr John Mangudya said, “The bank has duty of care to ensure that the significant progress that the economy made since the introduction of foreign exchange auction system in June 2020 continues on unabated positive trajectory whilst at the same time protecting consumers and fostering compliance to engender fair play in the economy.”

 

Dr Mangudya said the entities were exposed by the Financial intelligence Unit after carrying out investigations.

 

“Accordingly, after investigations by the financial intelligence Unit and the bank exchange control division,” he said.

 

” It is against these noble objectives that SI 127 was put in place to provide penalties against errant entities that were at the fore front of abusing foreign exchange auction system to the detriment of the stability of the economy.”

Robert Tapfumaneyi

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