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The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) said that retailers and manufacturers who were exclusively charging certain goods in foreign currency and using the street market rate for currency conversion have agreed to reconsider their pricing models.
In an interview with <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a>, FIU director-general Oliver Chiperesa said that the Unit has received assurances from retailers that they will adjust their prices in line with the prevailing official exchange rate while also accepting Zimbabwe dollars for all products. Said Chiperesa:
<blockquote>
We engaged with them and they have assured us that they are relooking into their pricing models.
Yes, some had items that they were not allowing clients to pay for using the local currency, but we have told them that is not acceptable and they agreed to rectify it.
They also assured us that customers will be able to pay in local currency for all goods whose prices have been marked in foreign currency only.
</blockquote>
He, however, said there were still some rogue businesses who they continue to monitor to ensure that they were brought to book.
Chiperesa gave an example of one supermarket in Belvedere, Harare, saying it had a rate higher than the parallel market. He said:
<blockquote>
On Friday we found out that this supermarket was using an exchange rate of US$1:ZW$10 000 which has no relationship with even the parallel market.
So it is just a rate they came up with as forward pricing just to destabilise the rates because the most extreme parallel market rates were 8 000, but they are beginning to go down.
</blockquote>
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products while popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Shops Agree To Sell Products In ZimDollars At The Official Rate - RBZ

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) says it has frozen additional bank accounts of companies and individuals for allegedly participating in fuelling the exchange rate on the parallel market.
Speaking to <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a> on Saturday, FIU director-general Oliver Chiperesa said that penalties for the offenders will be issued to them this week. He said:
<blockquote>
This past week we also froze an additional six bank accounts of traders who were also violating the regulations relating to the prescribed rates that must be used by traders and penalties will be issued to them this week.
The penalties are usually in the form of fines and as we said before repeated offenders will end up being recommended for cancellation of their trading licences.
We have also frozen the accounts of 10 individuals and companies who were involved in the parallel market.
They are not necessarily traders but they are companies in various sectors as well as individuals whom we traced their transactions and found that they were participating in fuelling the exchange rate on the parallel market.
Again, we will issue them with penalties in the course of the coming week.
</blockquote>
Chiperesa claimed that the black market rate is now starting to stabilise in response to measures and policies announced by the Government over the past few weeks. He said:
<blockquote>
We have witnessed that for the first time in the last five or six weeks, the black market rate is now starting to stabilise because of the effectiveness of the policies that have been put in place which we are supporting as the FIU by making sure that those who destabilise the foreign exchange are dealt with severely in terms of the law.
</blockquote>
On Friday, the street rate was hovering around ZWL$9 000, while the official rate last week stood at US$1: ZW$5 900.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Freezes Six More Bank Accounts For Exchange Rate Violations

The  Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it has fined over 300 firms in the past 18 months for fuelling illegal foreign currency activities on the parallel market.
FIU director general Oliver Chiperesa told Business Times that some firms “dump” their proceeds onto the parallel market in search of scarce US dollars, thereby destabilising the local currency and fanning inflation. He said:
<blockquote>
We have fined over 300 companies in the past 18 months over their participation in the illegal trading of foreign currency on the parallel market thereby influencing the exchange rate.
Since 2021 we have taken this administrative action against these companies to instill discipline.
</blockquote>
Early last year, FIU froze the bank accounts of several companies including Transervet, Powerspeed trading as Electrosales, Halstead Brothers, and Enbee. Said Chiperesa:
<blockquote>
As FIU we check the anomalies in the banking sector, that is where we monitor how the money was moved, what where you buying, whether is it a normal operating company, and does it have the services you require, if we see that there is no linkage and there is no normal business relationship with the two companies we pick it.
After that, we dig deep and analyse the findings as well as engage the parties, resultantly many have confessed to taking part in the parallel market.
If we are tough with every business that we find guilty, the economy will ground to a halt. That’s why we try to strike a balance.
The main reason why we try to deal with the issues at FIU level is that our criminal laws are a bit weak on that side as most issues we have referred to the police were not effectively dealt with.
</blockquote>
Chiperesa said FIU now has the power to freeze accounts for 90 days from the previous 14 days to give the police the time to investigate.
The penalties stretch to over ZWL$1 million per violation but sometimes the violations could be bigger and attract bigger penalties.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

FIU Fines 300 Firms Over Parallel Market Activities

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has blacklisted six contractors that were doing business with the Government for trading on the foreign currency black market.
The FIU has also frozen the bank accounts of five leading wholesalers for overcharging.
Speaking to State media, FIU director-general Oliver Chiperesa warned that they take stern action against companies involved in the parallel market. He said:
<blockquote>
So far, we have identified six or so (contractors) that we have taken action against, including referring to the Ministry (of Finance and Economic Development) for blacklisting. We expect the stability to continue.
I think Government suppliers are no longer really getting involved in the parallel market because they are aware of the consequence.
It’s only a few that are still doing it and we have taken stern action against those by freezing their accounts and referring them to the ministry.
So, following the action taken by the ministry last year, we continue to refer more companies periodically, as and when we find them.
</blockquote>
Last year, the Government blacklisted 19 suppliers and contractors for trading on the foreign currency black market.
Chiperesa said the FIU has frozen the bank accounts of five leading wholesalers for overpricing through forward pricing. He said:
<blockquote>
We are not confining ourselves to the parallel market drivers only, but also to wholesalers who are overcharging.
So far, in the last two weeks, we have frozen the accounts of five major retail and wholesale shops pending further investigations.
We are continuing with our work. Our teams are out there identifying more companies and entities that are doing the same.
There is really no excuse for the companies to be using parallel market rates at all at this stage with the near convergence that we have enjoyed over the last few months between the parallel market and official rates.
It’s just greediness that is driving some of these companies to do that.
</blockquote>
Some companies that are reportedly mopping up US dollars on the black market are understood to be also benefitting from the RBZ foreign currency auction market. | <a href="https://www.sundaynews.co.zw/rbz-blacklists-companies-11-firms-sanctioned-over-black-market-deals-overpricing-same-firms-reportedly-benefitting-from-rbz-auction/">The Sunday News</a>

RBZ Sanctions 11 More Companies Over Black Market Deals

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