The Reserve Bank of Zimbabwe has warned business people who are continuously increasing exchange rates at an alarming rate saying they will be persecuted.
The warning is a firm choice because if the situation is neglected it will likely worsen the already struggling Zimbabwean dollar.
Zimbabwe’s street exchange rate increased from Rtgs120 per 1 US dollar in the first week of October 2021 to 200Rtgs per 1 US dollar growing at an exorbitant rate which was never expected.
However, posting on their twitter handle, the RBZ said they will ensure that those who continuously increase the exchange rate at an unprecedented level will be persecuted.
“The Financial Intelligence Unit is investigating allegations of currency manipulation and pegging of the ZW$ at 200 to 1 USD circulating on social media. Perpetrators shall be brought to book,” said RBZ.
Meanwhile, social media users have responded to RBZ sentiments giving different opinions on how the situation can be addressed.
“What surprises me is that big retail stores Ok, TM, bakers inn lobels peg their prices and claim ignorance and blame it on the man on the streets.
“Mr Regulator, this you know, parallel rate is a product of “ineffective” exchange rate policy. Investigating and arrests of Arbitrators wont bring the required sanity. Auction exchange rate is only effective in the short run not long run, it has outlived its purpose . Lets revisit our exchange rate policy.
“Currency manipulation must be a serious offense. FIU must not wait for social medias to expose the culprits so that they act. It’s their responsibility to monitor if there is no malcontents violating the RBZ laws or national laws. penalise the culprits. auction money is abused.”
Up to now the government of Zimbabwe has stood firm with their bank rate moving slowly from Rtgs $85.5 to Rtgs$ 87.6, while the majority of the country’s businesses have raised their rate to 180-200 respectfully.
The government has implemented almost all the tricks in the financial cheat book to control the ever rising rate but all to no avail.
