Reserve Bank of Zimbabwe censures 11 defiant firms

Sunday Mail Reporter

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has frozen bank accounts of 11 companies for exchange control violations that include trading exclusively in US dollars and refusing to transact in the new currency, Zimbabwe Gold (ZiG).

FIU director-general Mr Oliver Chiperesa told The Sunday Mail that the blitz would continue.

“We froze bank accounts belonging to 11 entities, either for exchange rate violations or for trading exclusively in US dollars and refusing to accept ZiG,” Mr Chiperesa said.

“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 centres.”

Some businesses, he said, were still refusing to accept the ZiG under the pretext of reconfiguring their accounting systems.

“We think companies have been given sufficient time to migrate to the new currency,” he continued.

“So, rather than allow them to trade exclusively in US dollars, we would rather they stop trading altogether until they have configured their systems.”

Mr Chiperesa said some manufacturers continued to demand US dollar payments.

“We are pursuing those and we are also going to freeze their accounts and penalise them. We will only allow them to resume trading when they are in compliance.”

Separately, RBZ Governor Dr John Mushayavanhu said companies insisting on trading exclusively in United States dollars would face sanctions.

“The FIU goes out in the market to monitor corporates as they trade,” he said.

“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 companies (names withheld) that have been fined include a big wholesaler operating in Harare’s central business district, a listed apparel retailer and a pharmacy.