Bank Fines, Suspensions Weighed By Zim For Currency Gouging

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Staff Reporter

GOVERNMENT is considering punishing some local banking institutions and some other local firms for what the authorities feel was profiteering off the hard currency it makes available at auctions.

Also set to be penalised are some telecommunications firms.

Media has reported that lenders could face fines and suspensions, while companies that charge a premium for foreign exchange may be banned from participating in the auctions.

Central bank governor John Mangudya has said that all the malpractices by the firms will be accounted for.

“There’s no need to chase foreign currency as if it will run out,” Mangudya said.

President Emmerson Mnangagwa has also threatened to come down hard on so-called sharks within the country’s financial sector.

Mnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 241% and foreign-currency shortages.