12 Bulawayo illegal money changers arrested

TWELVE suspected money changers have appeared in court in Bulawayo following their arrest over allegations of violating the country’s exchange control regulations through illegal foreign currency dealings.

The group was arrested last week and initially appeared in court on April 24, before their matter was deferred to yesterday, where they were further remanded to May 2 for bail hearing.

The group is not being charged as a collective and appeared before Bulawayo magistrate Mr Shepherd Munjanja facing charges of contravening the exchange control regulations, which prohibit unlicensed dealing in foreign currency.

The group was arrested on April 22 this year along Fort Street between 9th and 10th Avenues.

Allegations are that the suspects were arrested by detectives who found them illegally dealing in foreign currency, where they had displayed varied amounts of foreign currency while also touting for clients.

Since the introduction of the new gold-backed currency, the Government has cracked down on money changers who are accused of seeking to undermine the Zimbabwe Gold (ZiG) currency.

Vice President Constantino Chiwenga last week issued a stern warning to gold dealers and black market forex traders adding that strict measures will be put in place to curb leakages and exchange rate manipulation.

As police intensify the blitz, over a hundred people around the country have been arrested and have appeared in court on allegations of contravening the Exchange Control Act.

In his keynote address at the official opening of the International Business Conference at the just-ended Zimbabwe International Trade Fair (ZITF), VP Chiwenga said gold leakages should be plugged and not a gram should leave the country.

“We are going to put strict measures to ensure that we protect our resources as a country. Not even a single gram should leave this country, resources should benefit every citizen.

“We are going to put strict measures, which can see heads rolling,” said VP Chiwenga.

“Every gram of gold must be accounted for. We need our gold because it is God-given. No one came with gold to Zimbabwe, but it’s in our soil. If we don’t want to mine it, it will stay there, but no one should touch it,” VP Chiwenga.

He also issued a stern warning to forex traders saying the ZiG is anchored firmly, by gold.

“The new currency will, therefore, not be subject to exchange rate volatility or manipulation by speculators,” he said.