RBZ names and shames forex auction abusers

Eighteen entities face penalties for abusing the Reserve Bank of Zimbabwe foreign exchange auction system.

This was revealed in a latest update by the Reserve Bank of Zimbabwe Dr John Mangudya in an update on compliance with statutory instrument 127 of 2021.

Chief among the entities are National Foods Limited, Africasteel, Georgia Petroleum and Mutare Mart and Exchange, among others.

According to the latest statutory instrument, it is illegal to sell above the stipulated official exchange rate.

Companies that access foreign currency on the auction system are also required to use the forex for the intended purpose.

While businesses should also receipt goods and services bought in the currency of origin like the US dollar or Zimbabwe dollar.

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