‘Commercial Court to deal with currency manipulation’ – RBZ

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THE Reserve Bank of Zimbabwe says deterrent penalties are required if the country is to deal with currency manipulators once and for all.

Over the past two years, the country’s macro-economic environment has been under siege from economic saboteurs, who have been manipulating the local currency to the discomfort of the general Zimbabweans.

The central bank has since demonstrated that the strong economic fundamentals that have seen the economy receipting US$2.4 billion in foreign currency in the first quarter of 2022 are sufficient to maintain currency stability.

Speaking at the official opening of the Commercial Court in Harare this Friday, RBZ Governor, Dr John Mangudya called for stiffer and deterrent penalties to deal with white collar crimes especially currency manipulators.

“As monetary authorities we are very much happy with the establishment of the Commercial Court, which will deal specifically with white collar crimes which are bedevilling the economy especially on the currency front,” he said.

Currency stability is sacrosanct to any nation world over as it is a pre-condition for sustainable economic growth and macroeconomic stability.