Own Correspondent
The Reserve Bank of Zimbabwe (RBZ) says it is “taking action” against black market foreign currency dealers advertising their services on WhatsApp.
The apex bank’s Financial Intelligence Unit (FIU) is threatening to have mobile phone numbers of the dealers barred, and their accounts frozen.
“The FIU is aware of WhatsApp groups that have mushroomed in the country for the specific purpose of promoting and facilitating illegal foreign currency trade,” the FIU said in a statement.
“The FIU in collaboration with the police, banks and mobile money/phone service providers and relevant regulatory agencies has embarked on an exercise to identify and take action against individuals who create, advertise on or participate actively or passively in WhatsApp groups or other platforms for illegal foreign currency trading.”
The unusual move by the FIU is the latest in a series of measures, which have mostly been unsuccessful, by the RBZ to tame the thriving parallel foreign currency market.
The Zimbabwe dollar has been fixed at a rate of 1:25 against the United States dollar, but it is weaker on the parallel market where one United States dollar exchanged for 92 Zimbabwe dollars on Monday.
The FIU says it will ask telecoms operators to block numbers found promoting illegal foreign currency trading. It will freeze the money held in mobile phone wallets for the said individuals and also freeze their bank accounts, it warned.
“Identified persons will be investigated and prosecuted for illegally trading in and advertising illegal trading in foreign currency,” the statement added.
The threats contradict a recent commitment by the authorities to allow the market to determine the rate.-Kukurigo
