Zimbabwean authorities are not backing down in fighting against the black market and forex dealers with the latest mission of closing down online black market currency tracking platforms.
Central Bank Governor Dr. John Mangudya, yesterday told The Bloomberg that the Reserve Bank of Zimbabwe (RBZ) ordered marketwatch.co.zw and other sites that publish parallel market currency rate to shut down.
“It’s cybercrime,” Mangudya said. “How is the rate determined on the computer? It’s based on nothing but hot air.”
This morning the Market Watch was no longer working.
“Sorry, this website is no longer in service,” reads the Market Watch website.
RBZ’s battle online is not only targeted on sites that publish parallel market currency rates but also on money changers operating using social media.
The surveillance system at RBZ, Financial Intelligence Unit (FIU) has recently been identifying people using mobile telecommunications services and other social media platforms to promote and facilitate illegal foreign exchange transactions and money laundering activities.
FIU instructed banks and financial service providers to freeze accounts of individuals identified as using social media to promote and facilitate illegal foreign exchange on social media.
Mangudya said, “The FIU, in collaboration with law enforcement agencies, will continue to monitor various social media and bank accounts to identify and take action against perpetrators of illicit dealings.”
RBZ accuses those involved in the parallel market of destabilizing the economy with the Zimbabwean dollar weakening 3.2% to US$1: 93ZWL at the official RBZ rate, marking the biggest decline to the local currency in 14 months.
On the parallel market rate, the Zimbabwean dollar lost value against the US dollar last week falling to US$1: 190 ZWL from US$1:170ZWL
Prices have also recently shot up including in government parastatals like ZUPCO, raising the Total Consumption Poverty Line(TCPL) for one person to $6,654.00 in September 2021 from $6,350.29 in August.
Confederation of Zimbabwe Industries (CZI) says Zimbabwean authorities should correct policies for efficacy to solve the challenge of the weakening economy.
