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Zimbabwe Takes Action on Firm Over Alleged Illicit FX Activity - BLOOMBERG

JANUARY 25, 2020

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The Reserve Bank of Zimbabwe has frozen the bank account of a Chinese company that the central bank alleges has been manipulating the foreign exchange market.

The bank escalated the matter to the Financial Intelligence Unit for investigation and it has so far identified one company -- China Nanchang -- “which has used its bank account to inject millions of dollars into the parallel market in the last few days,” the central bank said in a statement on its website.

The FIU is “undertaking surveillance to identify more culprits involved in the parallel market transactions,” the bank said. The central bank will work closely with the FIU to identify and take appropriate action against those involved in “illicit foreign currency activities and manipulation of the foreign exchange rates,” it said.

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