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Security Chiefs Put Pressure On RBZ Over Forex Black Market Activities

Security Chiefs Put Pressure On RBZ Over Forex Black Market Activities

Zimbabwe’s security services have reportedly demanded that the Reserve Bank of Zimbabwe (RBZ)’s investigating arm, the Financial Intelligence Unit (FIU) be moved to the President’s Office for it to effectively combat illegal financial transactions stoking inflationary pressures.

A report by The Zimbabwe Independent claimed that members of the Joint Operations Command (JOC), recently held a “heated” meeting in Harare over the financial situation which they described as a “national security matter”.

JOC consists of securocrats drawn from the Zimbabwe Defence Forces (ZDF), Zimbabwe Republic Police (ZRP), the Central Intelligence Organisation (CIO) and Zimbabwe Prisons and Correctional Service (ZPCS).

JOC reportedly expressed concern about illicit financial activities that have resulted in the black market forex rate rising to US$1:ZW$240 while the official figures stand at US$1:ZW$124.

The Zimbabwe Independent reported a high-level security official as saying JOC is of the view that the forex black market is a potential security threat. Said the source:

Three weeks ago there was a Joc meeting. Joc basically called FIU to order.

Intelligence demanded that FIU be moved to the President’s Office (CIO) because the forex black market is undermining the economy.

Some quarters in government are saying it is becoming a potential security threat.

So Joc is saying if FIU is failing to deal with the companies and people manipulating foreign currency exchange, give us the powers to act.

What this means is that FIU is going to become more brutal because they need to protect their reputation.

They (CIO) wrote a position paper arguing for the take-over of financial intelligence from RBZ.

They are saying FIU is not doing enough because these companies are committing crimes and no action is being taken.

The security bosses sought to understand why the FIU was ineffective in executing its duties.

There was an argument that the FIU has enough teeth guided by law to deal with the issue of financial indiscipline.

Early this week, the FIU froze bank accounts for four companies namely Transerv, Electrosales, Halsted Brothers Ltd and Enbee Store, for alleged money laundering activities.

More: The Zimbabwe Independent


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23 Comments

Deep Thinker 2 months ago

The rise of ED to President followong the de facto "COUP" was necessitated by the JOC. Now the challenge is that these securitocrats had confidence in their set piece however in his failures they feel like they can take matters into their hands. This risks state capture by the security forces and eventually evolution into a military state.Security forces' interference into government operations should only extend only within the confines of Constitutional provisions and their statutes. From an economics point of view the RBZ and Min of Finance knows the economy has not recovered to the extent of using our domestic currency, unfortunately they are too sympathetic to their bosses who cannot accept taking the right direction simply because their opponents have advised the need for dollarizing.


Simbimbindo 2 months ago

Iwe wakangwara iwe huya ndikupe US1

MR NICE 2 months ago

To control the dollar against forex black market dealers is not cheap because
1- The bank managers are the first people to investigated.
a. They have agencies that collect zim dollars in the morning and go back at closing hours.

b. On weekends, the manager carries the bank cash that will cover the whole weekend. Who will abandon him.

c. Bank tellers also do the same but not as much as done by the bosses.

d. When the $50 notes were introduced, the very morning at the black market at around 9am the people were now having them . Where do you think these money changers got the cash from.
CORRECT YOURSELF YOU BANK CADRES, STARTING FROM THE RBZ.

2. ECONET shop managers usually have people who change money outside their shop after hours they go and get hard cash from the manager but if I go and ask for cash in the shop they say there is no cash.
At work I earn my wages through ECOCASH which means that I must get my hard cash on Econet but then the manager never accept that. He want a percentage on top of that little wage I have. Because besides being robbed that percentage I won't have hard cash in my hand. You will never see this because this is done by his agencies. By going directly to him the answer is no cash.
WHO WILL MONITOR WHO because even the security guard is having some connections on the deal.
CHECK THESE GUYS. TO MANY NON ECONET WORKERS AND WITH ECONET CLOTHING AND CONNECTED TO THE ECONET SHOP MANAGER TO SELL CASH OUT SIDE. TOO CORRUPTIVE

3. SUPERMARKETS TELLERS, and their managers are also a problem on money changing.
The price on shelves will never resemble the till prce
An item on shelves will priced by zimdollars but then when you go to the tellers the price will be maybe plus 50 or 100% more
If you use forex on buying your receipt will show in zimdollars at rate of madness. Eg. If you buy anything for 1000rtgs at Usd, that item will cost you 10.5 usd and to my question is this matching with the INTERBANK rate 1us as to 1.24 rtgs
THIS IS DONE BY BIGGER SUPERMARKETS LIKE OK,N.RICHARDS and etc

In other shops, if I have my Cash in ZIMDOLLARS and I want to buy anything for 10usd they will totally tell you to produce 2600rtgs and these shops are of the police.hank managers, Zanu pf big fishes or MPs or some members of the president's office

SO WHOM DO YOU THINK WILL MONITOR WHO
because all those who have an access to every day cash no matter it is his or not, always plan to change money at the forex black market.

3. WHOEVER SAYS HE CAN CONTROL THIS IS LYING BECAUSE THESE AGENCIES IAM TALKING OF ARE BEING SPONSORED BY THE BIG FISHES. IF IAM A STRICT POLICE OFFICER AND NEED TO DO MY JOB ACCURATELY, OBVIOUSLY I WILL DIE POOR OR BEING FIRED BY MY BOSSES BEFORE I GET MY BELONGINGS. SO I MUST FOLLOW THE LEADERS AND THAT WILL NEVER END CORRUPTION.

It's better for the FIU to keep on doing it's job since they are owners of the job.

This deal of JOC guys will add more CORRUPTIVE personnels to the ground yet we are still crying with these on stage.
They are campaigning to intervene yet they saw that there is RICHNESS ON THE FOREX BLACK MARKET.

HOW MANY MONEY CHANGERS ARE IN JAIL BY NOW? The answer is nothing. WHY NOTHING BECAUSE THE STREETS ARE FULLY EQUIPPED BY MONEY WITH BRAND NEW NOTES.

AND THEN TELL ME HOW ARE GOING TO SOLVE THIS BECAUSE YOU ARE EATING YOUR OWN CHILDREN, YOU JACKALS


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Makelanwi 2 months ago

I do not know why Vostro and Nostro are still at work.These two gentlemen are a disappointment really.


Dubs Magehlegehle 2 months ago

Behind all this is that monotonous Queen Bee involving and including those very powerful people at the top. Not even JOC can stop them because some of them are part of this Queen Bee. You don't set the cat to find out who's killing the rats.


S 2 months ago

Ini chandinoziva ndechekuti Zimbabwe dollar riri kungoramba richidonha. Musatambe ne US$ akomana. Mari iya yakasimba. Ini ziii zvangu. Ndiri kuma Terrace. Rambai muchi yedza. Zvimwe ?????? hamheno.


Makelanwi 2 months ago

Ndokupererwa uku,wether the Fools Intelligence Unit is under the ampit of the Supreme Leader,the devaluation of the imaginary Zimbabwe Kwacha will continue.Zimbabwe needs economic solutions not military in quest to revive the economy.NHM,these old fellas have lost the plot.In addition the RBZ and it's department are supposed to be independent from the State interference,nxaa.Muri🐶🐶🐶vanhu veHICLE.


Neo 2 months ago

Wabaya dede nomumukanwa

Anonymous 2 months ago

There is a reason why Reserve banks operate independently from governments.


Neo 2 months ago

Ndosaka takazomiswa ku FIFA.. Iyo gvnt iri corrupt kudai ndoyamoda ifambire nyaya dze Money... Hahaha

Joyee 2 months ago

Why didnt they freeze ZUPCo accounts as well
but l dnt think that moneys those Zupco guys Collect even go to the bank These guys ve anti Corruption varikurova **** vakaviga mpini we need transparency


Joyee 2 months ago

Tkt first things first what rate do they use when colecting fairs from us and what rate do they use when they bank the money my question is why are they not using the interbank rate why use mushikashika rate when there is interbank rate stop defending rotten shenangians

Tkt 2 months ago

Freezing Zupco accounts for what??
Zupco does bank on a weekly basis.stop peddling falsehood.m

Yellow 2 months ago

Forex black market rate haidi zvechimbimbo vana baba idzi ieconomiccs idzi hadzisi pfuti even flu ikava under the president's office zvinongodhakwa coz issue ndeyeconfidrnce vana kulu😅😅😅


Jah🇿🇼Tsvarie-07 2 months ago

I always ask myself an unanswered question looking at the way inflation goes up and being put to a halt only for some seconds because of the report from RBZ telling us of the cause.
The question in question is that, is RBZ so behind in technology only to see things when citizens complain?

Last week they said government is the cause coz it pay companies doing their projects e.g roads etc in Rtgs$ who then put that Rtgs$ into the streets to buy forex, which companies and why not see it before citizens cry?
are we going to see an end to this, who are the owners of businesses and do they have posts in government?
we are not into politics but when politics comes to our door step get into the kitchen and eat our food then we comment on it...


🥸 2 months ago

Panosvinwa munhu kusvika rate yadzika chete


🔥 2 months ago

it is indeed a security threat to the nation.. hand the FIU TO THE PRESIDENT DEPARTMENT


CID Zimbabwe 2 months ago

Hooookay Yazoita Security Threat nhasi manje😎😎 musapuse Black market existed back in 2017 when they introduced bond notes . Now its 2022 . open your eyes 😎😎

Mᴀʀᴀᴠᴀᴢᴀ 2 months ago

Iғ ɪᴛ ɪs ʟɪᴋᴇ ᴛʜᴀᴛ ᴛʜᴇ ᴘᴏʟɪᴄᴇ ᴍᴜsᴛ ᴅᴇsᴄᴇɴᴅ ᴏᴠᴇʀ ᴛʜᴇ ᴍᴏɴᴇʏ ᴄʜᴀɴɢᴇʀs. Iᴛs ᴜɴғᴏʀᴛᴜɴᴀᴛᴇ ᴛʜᴀᴛ ᴍᴏsᴛ ᴏғ ᴛʜᴇᴍ ᴀʀᴇ ʜᴜᴍᴀɴ ʙᴀɢs ᴏғ ᴋɴᴏᴡɴ ɢᴠᴛ ᴏғғɪᴄɪᴀʟs

2 months ago

Mutuda mutuda 2 months ago

Sory chedolar


Mutuda mutuda 2 months ago

Ana OK .tm rate yavo pakutenga chinhu Che solar hachitengeke


Mᴀʀᴀᴠᴀᴢᴀ 2 months ago

Mᴇᴅᴅʟɪɴɢ ɪɴ ᴛʜᴇ Rʙᴢ ʙᴜsɪɴᴇss ᴡɪʟʟ ᴡᴏʀsᴇɴ ᴛʜᴇ sɪᴛᴜᴀᴛɪᴏɴ. Zᴀᴄᴄ ᴜɴᴅᴇʀ Mɴᴀɴɢᴀɢᴡᴀ ʜᴀs ɴᴏᴛ ʏᴇᴛ ᴘʀᴏsᴇᴄᴜᴛᴇᴅ ᴀ sɪɴɢʟᴇ ᴄᴜʟᴘʀɪᴛ sᴏ ғᴀʀ ʏᴇᴛ ᴛʜᴇ sᴇᴄᴜʀᴏᴄʀᴀᴛᴇs ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ɪɴᴛᴇʟ ᴛᴏ ʙᴇ ᴛʜᴇɪʀs.



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