Honeymoon over for currency manipulators

By Davison Vandira

The Reserve Bank of Zimbabwe (RBZ) has frozen the accounts of four local companies on allegations of irregular financial transactions believed to be driving exchange rate instability.

In a statement, the central bank directed all banks to immediately freeze all local accounts for Transerve, Halsteds, Electrosales and Enbee.

The move will pave way for investigations to determine the extent of irregular financial transactions which were detected by the RBZ’s Financial Intelligence Unit (FIU).

The development also confirms that government is taking decisive action to safeguard the stability and use of the Zimbabwe Dollar as a currency of reference.