RBZ freezes company accounts for violating exchange rate, banking regulations – NewZimbabwe.com

By Alois Vinga

THE Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has frozen four bank accounts for violating exchange rate and banking regulations amid a stern warning that any company caught on the wrong side of the law will be charged accordingly.

The development comes on the back of incessant price increases by businesses on the back of exchange rate depreciation which struck the economy in the past weeks.

Government contends that the business community is acting unfairly through forward pricing and hedging in anticipation of further weakening of the local currency value, triggering inflation.

Recently, authorities allowed businesses to keep their US$ earnings through a nullification of the 15% foreign currency surrender requirement but companies have continued to make it difficult to buy goods in US$.

In a statement Saturday, the FIU said the latest blitz was therefore prompted by increasing number of reports implicating traders engaged in illegal business practices which include the failure to bank business cash receipts, refusal to allow customers the option to pay for goods in local currency, converting prices using illegal and punitive exchange rates to discourage customers from paying in local currency.

Some of the illicit practices include charging higher US dollar prices for customers paying using foreign currency accounts (FCA).

“These practices are not only criminal offences prosecutable in the courts of law but are also administrative violations punishable under the Bank Use Promotion Act and Exchange Control Act. The FIU has already started identifying and bringing to book traders committing these violations.

“On 24 May 2025, the FIU froze the bank account of major distributors, namely Saxin Trading, Sirmac Enterprises, Brain scope Investments and Munella Enterprises, that has been diverting basic commodities to the informal market while refusing to supply same to established retailers who sell goods in local currency,” said FIU.

The FIU noted that these errant distributors transact almost exclusively in foreign currency cash yet they do not bank the cash as required under the Bank Use Promotion Act.

“The entities are being penalised and will further be referred to the Zimbabwe Revenue Authority for suspected tax evasion.

“The FIU has also increased surveillance operations, identifying and taking punitive action against traders engaged in exchange rate manipulation and all other illegal practices,” added FIU.