Business BriefsMarketsTop Stories

RBZ names 18 companies abusing forex auction system | FULL LIST

Story Highlights
  • • 18 names of corporate bodies on the wall of shame • National Foods, Africa Steel amongst foreign currency abusers

The Reserve Bank of Zimbabwe has released names of 18 companies who were abusing the foreign currency auction system.

The central bank says following investigations by its Financial Intelligence Unit and the bank’s Exchange Control Division it has established that the 18 corporate companies were in violation of Statutory Instrument 127 of 2021.

The bank says the companies shall be dealt with in accordance with provisions of the Statutory Instrument.

The Apex Bank says over the past two weeks it has been engaging business associations and entities to discuss the modalities for compliance with SI 127/2021.

The bank says going forward the Bank’s efforts to foster compliance in terms of SI 127/2021 shall be limited to outliers that wantonly abuse foreign exchange system, exchange rate manipulation and non-compliance with anti-money laundering rules and regulations.

The bank released the names of 18 companies that face penalties under si127-2021 for abusing the foreign currency auction system and these are:

  1. National Foods
  2. Georgia Petroleum
  3. Tettola Investments
  4. Africa Steel
  5. Westville Investments
  6. Flicknick Enterprises
  7. Duo Valley Commodity Brokers
  8. Faircclot Investment
  9. GlenuLas Trading
  10. Natural Stone Export
  11. Nuvet Trading
  12. Phirebrook Investment
  13. Classic Energy
  14. Clorex Energy
  15. Explochem
  16. Mutare Mart & Exchange
  17. Souzrce Fuels
  18. Kimya Investments

The Central Bank said it has a duty of care to ensure that the significant progress that the economy made since the introduction of the foreign currency auction system continues on an unabated positive trajectory whilst at the same time protecting consumers and fostering compliance to engender fair play in the economy. ■

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Back to top button
Would love your thoughts, please comment.x