eBusiness Weekly
Twenty-one more firms have been found guilty of abusing the foreign currency auction system and flouting exchange control rule regulations, the Reserve Bank of Zimbabwe has said.
Some of the guilty firms have already been hit with punitive measures including prohibition from participations in the foreign auctions until full payment of the fines imposed or permanent blacklisting from participation, depending on the seriousness of the breach.
In a statement released today, the central bank said in addition to the 18 entities named in mid-June, 21 more entities have been investigated and found guilty of various breaches including transfer pricing, use of fraudulent import documentation, failure to bank and conducting illegal foreign exchange transactions.
“Of the total of 39 entities, 27 have been fined to date and 12 have been issued with written warnings for aiding or abetting flouting of exchange control rules and regulations.
However, unlike the last time, the central bank did not name the affected entities.
The Government towards the end of May announced Statutory Instrument 127 of 2021 Presidential Powers (Temporary Measures), which states that firms that abuse the foreign currency obtained at the Foreign Currency Auction Trading System will be heavily penalised.
