Zimbabwe gazettes new regulations on forex

November 13, 2018
| Report Focus News

Harare-The Zimbabwean government has gazetted new regulations to deal with illegal foreign currency dealers. The dealers are accused of fueling rates on the parallel market.

According to the gazetted regulations authorised officers or police officer have the power to interrogate any individuals they suspect to be dealing in currency.

“If any authorised officer or police officer, acting to enforce section 4, finds any person frequenting, loitering in or lingering about any public place in circumstances that give rise to a reasonable suspicion that he or she is dealing in currency in contravention of section 4(1)(a), such a person may be required by the officer to give an explanation of his or her presence in or about the public place, and of his or her conduct thereat, and to produce to the law enforcement agent any identity document, and to show to the agent any currency or property in his or her immediate possession or under his or immediate control and to account to the agent of his or her possession or control of the same” read the gazette

Those found breaching the law and cannot explain the source of their wealth will face a jail term of up to two years. The gazette comes in the wake of spiralling prices of basic commodities as a result of high foreign currency rates on the parallel market.

A blitz against the illegal dealers has so far rounded up more than 150 illegal foreign currency dealers.