Mangudya Punishes 18 Companies For Flaunting Forex Auction System
15 June 2021

The Reserve Bank of Zimbabwe Governor Dr John Mangudya has punished 18 companies accused of abusing the Foreign Currency auction system.

The 18 companies including National Foods, Africa Steel and Georgia Petroleum among others will be punished in accordance with the Statutory 127 of 2021 which sets fines of ZWL$1 Million for those caught flaunting rules.

Mangudya said the central bank will be ceased with fighting companies that abuse the auction system.

“Going forward and in line with the recommendations from the business community on the need to continue to enhance stability in the economy, the Bank’s efforts to foster compliance in terms of SI 127 shall be limited to outliers that wantonly abuse the foreign exchange auction system, exchange rate manipulation and non-compliance with anti-money laundering rules and regulations.” said Mangudya.

Below is the RBZ statement with the full list of punished companies…