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65 Money Changers Apprehended In Harare

Caption here (Linda Mujuru, GPJ Zimbabwe)

Authorities in Harare detained 65 money changers last week on suspicion of conducting illicit foreign exchange transactions on the city’s streets. The accused appeared before the Harare Magistrates Court on Saturday, according to reports from state media, which also made public images of the people after they were taken into custody.

The National Prosecuting Authority (NPA), which confirmed the arrests on Monday, April 22, 2024, said that the suspects were accused of violating section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996, which deals with dealing in foreign currency, as well as section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05]. The NPA revealed:

“The accused were caught at multiple locations throughout Harare; some of them were discovered in possession of multiple credit and debit cards as well as point of sale (POS) equipment. When they appeared in court on April 20, they were placed under remand until April 22, 2024, in order to file bail applications.”

ALSO READ: 11 suspected kidnappers granted bail

The arrested people are expected to get bail decisions on April 23 and 24, according to NewZimbabwe.com, after the state and defence submitted written arguments against bail. 65 Money Changers

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Because of the country’s high unemployment rate and the use of different currencies—mostly the USD, ZiG, and ZAR (Rand)—for local transactions, illegal forex trading is still common in Zimbabwe.

According to reports, some of the people who have been arrested might only be middlemen for the real operators of the illicit currency market, who are allegedly well-connected and able to operate with impunity. More favourable exchange rates can be found on the black market for foreign exchange than on the official exchange; illicit currency dealers are said to be providing about 15 ZiG for the buy and 20 ZiG for the sale of US dollars.

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