Govt To Set Up Commercial Court To Prosecute Money Changers: Mangudya

John Mangudya, RBZ Governor (Image: Bloomberg)

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has revealed that the Judicial Services Commission (JSC) is working on setting up a Commercial Court.

The court which is expected to be operational before the end of the year will deal with crimes such as externalisation, multi-tier pricing as well as illegal money trading. Said Mangudya,

The court is set to prohibit all illegal buying and selling of money and assist in reducing the backlog at the general courts, while also improving the ease of doing business. Most jurisdictions have created commercial courts in their judicial systems and they have benefited from the ratings of their countries by the World Bank. Zimbabwe will obviously reap the same benefits.

In 2017 the government introduced Statutory Instrument 122A of 2017 which empowers law enforcement officers to arrest Illegal money changers and seize their money. Offenders face a  10-year jail term.