More Money Changers Arrested for Selling ZiG on the Black Market

More Money Changers Arrested in Bulawayo for Selling ZiG

More money changers were arrested by the police in Bulawayo on Monday, following the recent arrest of 65 individuals in Harare for allegedly breaking Zimbabwe’s finance regulations.

The latest arrests occurred when the accused individuals were caught allegedly selling the new Zimbabwe Gold currency on the black market. On the black market, the currency is being traded at a rate of 20 ZiG to one US dollar, which significantly differs from the official exchange rate of 13.2889 ZiG to one US dollar.

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Latest on 65 Money Changers Arrested in Harare

The National Prosecuting Authority of Zimbabwe (NPAZ) stated that the accused individuals violated provisions of the Exchange Control Act and Exchange Control Regulations

According to a statement by the NPAZ,

“The accused persons, some of whom were found in possession of point of sale (POS) machines and various credit and debit cards, were apprehended at various sites and points across Harare.”

The 65 individuals who were recently arrested appeared before provincial magistrates Ethel Chichera and Dennis Mangosi on Monday and were remanded in custody until their court appearances on Wednesday and Friday.

A local tabloid reported that some of the alleged money changers may spend up to 14 days in remand prison before their bail rulings on May 2.

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More Money Changers Arrested in Bulawayo

When contacted by VOA, police spokesperson Senior Assistant Commissioner Paul Nyathi confirmed that more money changers were arrested in Bulawayo on Monday but could not provide further details.

Zimbabwean authorities claim that certain money changers are manipulating the new currency to profit from the devaluation of the Zimbabwe Gold currency, which was recently introduced by central bank governor John Mushayavanhu.

As part of its monetary reforms, Zimbabwe has phased out the bond and allowed the use of other foreign currencies, including the US dollar, alongside the Zimbabwe Gold currency.

The post More Money Changers Arrested for Selling ZiG on the Black Market appeared first on iHarare News.