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China Nanchang accused of shipping millions into black market in Zimbabwe

Christian Fernsby |
The Reserve Bank of Zimbabwe (RBZ) froze the bank account of China Nanchang pending further analysis.


RBZ said it was undertaking surveillance to identify more culprits involved in the parallel market transactions.

In a statement yesterday, RBZ Governor Dr John Mangudya said:

“Earlier... the Reserve Bank of Zimbabwe issued a statement raising its concern on the illegal activities of foreign exchange rate manipulators who have been engaging in activities that have exerted pressure on the exchange rate in the last few days.

“The bank escalated the matter to the Financial Intelligence Unit (FIU) for investigation and the FIU has so far identified one entity (China Nanchang), which has used its bank account to inject millions of dollars into the parallel market in the last few days.

“The FIU has ordered the freezing of the identified account pending further analysis and is undertaking ongoing surveillance to identify more culprits involved in the parallel market transactions, particularly on the EcoCash platform.”

Dr Mangudya said RBZ remained focused on its mandate to ensure market stability.

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