Police in Bulawayo arrested six suspects and confiscated 11 Point of Sale machines suspected to have been used to carry out illegal forex exchange transactions.
“Police warn members of the public to desist from dealing in foreign currency as they will face the full wrath of the law. This follows the arrest of six illegal money changers (osiphatheleni) who were illegally dealing in foreign currency at corner Leopold Takawira Avenue and Fort Street at a place commonly referred to as Chicken Inn Tredgold brandishing Point of Sale machines (swipe machines) issued to them by some local banks,” said IBulawayo provincial police spokesperson, Ins Abednico Ncube.
He said the suspects were transacting openly on streets.
“On 22 May 2023 at about 0800 hours, police officers were on patrol when they arrested the six accused persons, and a total of 11 Point of Sale machines, which were used in the foreign currency dealing from the accused persons were seized,” said Inspector Ncube.
Insp Ncube said illegal forex exchange operations have been normalised as if it is legal trade.
“The latest developments where the illegal money changers use point of sale machines has seen their activities going out of hand, blocking pavements and operating as though everything is legal,” said the police spokesperson.
He further said that the police is concerned with the risks to citizens going about their business in the same environs as the illegal activities.
The practice also becomes a security threat as robbers may target such open illegal banking systems. Police will conduct the operations to safeguard the lives and incomes of innocent people,” said Insp Ncube.
Meanwhile Reserve Bank of Zimbabwe governor Dr John Mangudya has said that government will soon stamp down hard on businesses that fuel exchange volatility through parallel market activities.
Zimbabwe has re-dollarized to the US-dollar cash economy, which now accounts for almost 80 percent of transactions, according to official statistics.
The official and parallel rates now bear little relation to each other with some retailers charging as much as $4000 for commodities which cost 1US$.
Rutendo MazhinduZim Now ReporterThe much-anticipated Mbudzi Interchange project, a significant infrastructure development aimed at easing traffic congestion in Harare, is nearing completion. As of n..
ZimbabweZIFA Congress members snubbed his freebies and now he attacks his rivalsOscar J JekeZim Now WriterTemba Mliswa has come out to move for the elimination of all viable rivals in the Zimbabwe Football ..
ZimbabwePhilemon JambayaZim Now EditorIn a bid to recover outstanding debts, the Bulawayo City Council has taken the drastic measure of cutting off water supplies to 59 schools in the city. This move has sp..
Zimbabwe
Leave Comments