50 companies reportedly control half the country’s deposits ZTN News reports. The matter came to light when the Minister of Finance was addressing the issue surrounding the RBZ investigating companies manipulating the exchange rate.
Mangudya said;
50 percent of the deposits are owned by 50 corporates. This is 50 percent of ZWL$ 19 billion. It is easy for us to monitor movements on those accounts…If left, they can cause suffering. We must not allow such a thing to happen. We are not targeting an individual, we are targeting those with energy to influence the market
Mangudya’s declarations comes a few weeks after the RBZ’s Financial Intelligence Unit launched an investigation on Sakunda, Croco Motors and many other companies on allegations of money laundering and manipulating the exchange rate.
More: ZTN News