The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has frozen bank accounts of 11 companies for exchange control violations.
Speaking to The Sunday Mail, FIU director-general Oliver Chiperesa said some of the entities were trading exclusively in US dollars and refusing to transact in the new currency, Zimbabwe Gold (ZiG). Said Chiperesa:
We froze bank accounts belonging to 11 entities, either for exchange rate violations or for trading exclusively in US dollars and refused to accept ZiG.
We have started to take tough measures to send a strong message to those who are bent on undermining the new currency.
The special operation is ongoing and we are rolling it out countrywide, targeting all major trading centers.
He warned companies allegedly refusing to accept the ZiG under the pretext of reconfiguring their accounting systems, saying they have been given enough time to do so.
Chiperesa said that rather than allow those firms to trade exclusively in US dollars, FIU will stop them from trading altogether until they have configured their systems.
Speaking in a separate interview with The Sunday Mail, Central Bank Governor John Mushayavanhu warned companies insisting on trading exclusively in United States dollars they will face sanctions. He said:
The FIU goes out into the market to monitor corporates as they trade.
ZiG is legal tender and shops, companies and businesses should invoice their goods in either ZiG or US dollars because we are operating in a multi-currency system.
But where we see companies refusing to accept ZiG, obviously the FIU is bound to take action.
Such action includes freezing accounts, and also some corporates may be fined.
The ZiG currency, which is said to be backed by gold and other precious metals, was introduced on 05 April to stabilise the volatile exchange rate.
However, traders still prefer United States dollars and most of those who accept ZiG payments use a rate significantly different from the official rate.
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