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Financial Intelligence Unit Targets Manufacturers

9 months agoThu, 13 Jun 2024 11:41:59 GMT
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Financial Intelligence Unit Targets Manufacturers

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) is targeting manufacturers who refuse to accept Zimbabwe Gold (ZiG) or limit transactions in the local currency.

FIU is concerned that the actions of some players in the manufacturing sector could lead to fresh volatility in the exchange rate and inflation rate.

FIU Director General Oliver Chiperesa told Business Times that several accounts of the offending manufacturers and suppliers have since been frozen. He said:

We started this targeted exercise against manufacturers last week and we have frozen the accounts of several industry players and penalised them. They have paid penalties and we will monitor if they are now in full compliance.

We are targeting more and more this week as we act on reports we are getting from the retailers.

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One area that remains of concern to us is some manufacturers and suppliers who still restrict the amounts of ZiG that they receive from downstream traders.

We are using both engagement and enforcement against them. We have already frozen the accounts of a handful of manufacturers and penalised them.

We are expecting compliance levels to continue to increase in that sector, which will in turn have a cascading effect down the supply value chain and ultimately benefit the consumers.

Chiperesa cumulatively 534 accounts were frozen, and 161 were penalised for violating exchange control regulations. 12 foreign currency manipulators were caught between Monday and Tuesday this week.

He said that certain offenders will be barred from using financial services for a considerable amount of time.

An official from the country’s biggest lobby business group, the Confederation of Zimbabwe Industries (CZI) told Business Times that they were not charging exorbitant prices. Said the official:

We are charging a price that allows us to continue producing, we can’t charge a price that will see us close shop again. There is a need to engage so that we can have a common understanding.

Manufacturers accused the FIU of harassing struggling companies to impose “price controls”.

More: Pindula News

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31 Comments

Anonymous · 9 months ago
As long as ZanuPf is in power forget.Zimbabwe will never make it,mark my words
Anonymous · 9 months ago
Zimbabwe is open for business. Just not local ones. They are forcing prices, but they are not price fixing. They are encouraging but choose enforcement first. They have clearly stated that they are targeting local businesses. Local businesses must take ZiG but government departments do not need to take it. FIU clearly stated that they will close the business. No business can survive without its bank account. Farms in 2000. Businesses in 2024.
Q.E.D. · 9 months ago
Zimbabwe is closed for business. End of Story.
Patz · 9 months ago
Zvoshandei kuvhara maaccounts ema manufactures. Mind u manufacturers prefer to deal in cash with informal businesses using USD. 80% of Zim business is done in USD. Manufactures can do without business accounts.
Kembo ro Mohadi · 9 months ago
I want to faki
💙💙Blue 🔵cyclone 🌀🌀 · 9 months ago
chezanu unobva waita kumira nemuswe nezvisina nebasa rese ,,hauna kukwana iwe
🤣 · 9 months ago
Kutosimudza besu secheche yakatsimbirirwa nejongwe 🤮🤮🤮
Zim-Sketch · 9 months ago
a lot of local brands has disappeared in shelves since the introduction of ZiG.
Vabhomba · 9 months ago
Unonyebesa iwe
...,. · 9 months ago
who is doing the real work of those fiu workers who are supposed to be working at their desks using their brains, instead of being made to leave their offices and doing what they were not employed or trained for? they now need fuel, hotels and personal allowances, which is costing the country unnecessarily. people should be made to do what they were employed for. what kind of money is it that needs all that follow up and supervision, something not present in economics and the qualities of money? a lot of unnecessary tasks and costs can be avoided by doing things right.
🏃‍♀️ Chi baby Che Zanu 🌊 · 9 months ago
Rambai makadzvanya FIU. Zvaidiwa nana Zuze zvakaramba. Vaiti muna May chaiye. June atopera basa richifamba. Sungai vanhu
· 9 months ago
Ichiri mari here kana yaakuitwa yechibharo?
Yowee · 9 months ago
Asi zvaa zveganyavhu here? Asingade haadi.
🏃‍♀️ Chi baby Che Zanu 🌊 · 9 months ago
Hamurwise hurumende mukabudirira. Dzidzai mubatisise nyaya yacho zvakanaka
💙💙Blue 🔵cyclone 🌀🌀 · 9 months ago
bho ndi rakambotora makore mangni richishnda zvaknka but zvakngodhakwa nekuna kwemazanu pf
⛹️🕺🏋️ · 9 months ago
on the contrary it's actually quite the opposite, the government cannot go against it's people, like seriously do you think mnangagwa wanted this country to be using usd by now?#80 : 20 i.e 4:1
Mdara Odza · 9 months ago
The so called ZiG can be likened to donkey meat; no one will ever voluntarily eat donkey meat much to same way that no one will ever willingly accept the monopoly money that is called ZiG
🏃‍♀️ Chi baby Che Zanu 🌊 · 9 months ago
You're not everyone
🖕🏾 · 9 months ago
He's speaking also on my behalf and my tribe of121
flying Doc ( 3Ds) · 9 months ago
@mdara Odza we are 2gether ..( Psychological proximity) These pple are suffering from atychiphobia ! Battling a tug of war with economy ...
🏃‍♀️ Chi baby Che Zanu 🌊 · 9 months ago
Isu tinoida. Vamwe varipano havana ma accounts ndosaka vachiwawata
flying Doc ( 3Ds) · 9 months ago
Ndine ma accounts with several banking sector across the world my dear sista ... If u r comfortable I will show u but not on this platform
VaBhomba · 9 months ago
Nhai hondo ye Zimbabwe 🇿🇼 ne Zambia 🇿🇲 yakanzi irikutanga riinhi....
🤣 · 9 months ago
Zimbabwe yakarohwa kare hondo isati yatanga
Chahototo · 9 months ago
I miss Mugabe, ainho
· 9 months ago
You are most welcome to join him in Hell.
@chahototo · 9 months ago
Bob vaiti chakati ngachimire chichimira ipapo
Giresi · 9 months ago
Behind every great man is a great woman. Behing Bob was Grace, behind this unini uyu Mwene are many small houses.
Anonymous · 9 months ago
Grace is the author and originator of all our problems. When Sally was around, things were better. All went done the toilet when Grace came on the scene.

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