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RBZ To Penalise Forex Auction System Saboteurs

by Bustop TV News

By Lloyd Takawira

The Reserve Bank of Zimbabwe has released a list of companies that sabotaged the foreign currency auction system it introduced last year which it plans to penalise.

The Central Bank said the entities which includes National Foods face heavy  penalties in accordance with Statutory Instrument 127.

In a statement the RBZ said that it had unearthed massive abuse of the auction by some companies.

“The Reserve Bank of Zimbabwe (the Bank) wishes to advise members of the public that over the past two weeks it has engaged a number of business associations and entities to discuss the modalities for compliance with Statutory Instrument 127 of 2021 (SI 127)…Accordingly, after investigations by the Financial Intelligence Unit and the Bank’s Exchange Control Division, the entities listed hereunder which were abusing the foreign exchange auction system shall be dealt with in accordance with SI 127.

“1.National Foods (Pvt) Ltd. 2Georgia Petroleum (Pvt) Ltd Company. 3. Tettola Investments (Pvt) Ltd. 4. Africa Steel (Pvt) Ltd. 5. Westvillle Investments (Pvt) Ltd. 6. Flicknik Enterprises (Pvt) Ltd. 7. Duo Valley Commodity Brokers. 8. Faircclot Investments. 9. GlenuLas Trading. 10. Natural Stone Export. 11. Nuvert Trading. 12. Phirebrook Investments. 13. Classic Energy (T/A Omni Africa).14. Clorex Energy. 15. Explochem. 16. Mutare Mart & Exchange. 17. Souzrce Fuels. 18. Kimya Investments,” read the statement.

The RBZ statement comes barely weeks after the government gazetted statutory instrument SI127 which was roundly condemned by the business community.

In 2018, President Mnangagwa released a list of companies allegedly sabotaging the economy through externalization. However, nothing was done as the case fizzled .

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