Zimbabwe targets foreign currency traders
President Emmerson Mnangagwa will use executive powers to amend the exchange control and money-laundering laws
Harare — Unlicensed foreign currency traders in Zimbabwe face up to 10 years in jail if convicted and loss of their money and assets when new exchange control rules are published this week, a senior government official said on Sunday. The southern African nation, which adopted the US dollar after dumping its hyperinflation-hit currency in 2009, is gripped by a shortage of cash dollars, which has seen prices of imported goods spiral in recent weeks. President Emmerson Mnangagwa’s government, under pressure to make good on pre-election promises to mend the stricken economy, is on a drive to end parallel market trading it blames for fuelling price increases. Ministry of justice permanent secretary Virginia Mabhiza said Mnangagwa would use executive powers to amend the exchange control and money-laundering laws in an official notice that will be gazetted on Monday. Mabhiza said the new rules will also empower police, the National Prosecuting Authority and anti-corruption commission to c...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.