ZIMBABWE MAJOR CRACKDOWN ON FOREX DEALERS to net Zanu pf bigwigs top executives in banks, companies and State institutions.

ZIMBABWE MAJOR CRACKDOWN ON FOREX DEALERS to net Zanu pf bigwigs top executives in banks, companies and State institutions.
It has come to light that the Zimbabwe government is embarking on major to forex crackdown against foreign currency dealers, to begin in a few days and expected to lead to the arrest of top executives like big wigs in banking , companies and State institutions.
The government is reported to have already drawn up a list of culprits drawn from corporates which have been abusing their share of foreign currency retained on exports.
The investigations will trawl through lectronic payments as charges are already compiled and simply now awaiting execution in what will be the biggest shocker in Zimbabwe since November 2017 when Mugabe was removed by the Operation Restore Order coup.
The development will bring down top officials who were trusted and given huge responsibilities in Zimbabwe’s economy system, and certainly be amajor breakthrough in reigning in the rampant abuse of foreign currency and externalisation by the indifferent culprits.
The government has finally indicated that forex dealers in the streets are small fish and immaterial, but the real criminals or big chefs are in key Government institutions and corporates behind corruption in the black market , all done in air-conditioned offices, in a major exposure of bankers and corporates involved.
President Mnangagwa has stated that ; “A great threat to our bid to stimulate productive activity in the economy comes by way of non-productive, speculative activities operating below the radar but involving millions in precious foreign currency and bond notes.
“These nefarious activities thrive on different electronic platforms. New measures will be pursued to stop such malpractices.
“If this economy felt black market is a cost why do we continue having it? We are moving figures not hard cash so these figures are moved electronically. As a result we have a mechanism to trace bad non-productive money to source which means there is complicity on the part of banks and telephone networks.”
It is clear to the discerning eye that corporates with hard cash and individuals, now, prefer a situation where the local dollar value continues tumbling such that they use less hard cash to fulfill their legal obligations in bond notes or RTGS and are clearly deliberately sabotaging all effort to regenerate the economy for selfish benefit. More news to follow. By Sibusiso Ngwenya Source – Business Times

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