Business Reporter
THE Financial Intelligence Unit (FIU) says it has set all wheels in motion to deal with any entity caught up in the practice of exchange rate manipulation amid calls for members of the public to report such culprits forthwith.
This week the official exchange rate depreciated to US$1: ZWL 4 868 closing the wide gap which was created by the parallel market rates for over a month following the decision by authorities to let the market forces determine the exchange rates.
At the current premium, companies are allowed to charge plus 10% thereby pegging the greenback at a maximum rate of ZW$5 354.
However, some traders continue to demand much higher premiums sometimes as an indirect measure to coerce the transacting public to pay in US$, in a development creating hardships for members of the public.
But in a statement, Friday the FIU took note of the malpractices and warned perpetrators against such conduct.
The unit said there is no justification for non- compliance with the legal margins in light of the recent implementation of a market determined interbank exchange rate system.
“The forward pricing and non- compliance with legal limits is being done at the detriment of the consumers who bear the brunt of the resultant unjustified pricing of goods and services.
“With immediate effect, the FIU will be escalating and widening remedial and punitive measures against delinquent businesses by not only imposing administrative fines but also directing that culprits bank accounts be frozen indefinitely and referring the culprits to relevant authorities for the suspension/revocation of trading or operating licenses and prosecution,” FIU said.
The unit said liability will also be extended to directors and owners of the concerned businesses.
Members of the public were urged to continue providing information via FIU WhatsApp hotline numbers 0780434475 and 0719 207 310.
