Zimbabwe’s Ex-finance minister Simba Makoni arrested over foreign exchange violations

October 20, 2021
simba makoni | Report Focus News
simba makoni

Zimbabwe’s former finance minister Simba Makoni appeared in court Tuesday accused of using black market currency exchange rates at his business.

Makoni was not asked to plead to a charge of contravening exchange control regulations during a brief appearance before magistrate, Stanford Mambanje.

Mambanje released the 71-year-old on free bail.

The National Prosecuting Authority charged Makoni in his capacity as the chairman of Powerspeed, which owns Electrosales.

An Electrosales outlet in Harare was allegedly found using black market exchange rates for its goods. The official exchange rate was one United States dollar to 93.08 Zimbabwe dollars on Tuesday, but the greenback fetches as much as 200 on the black market.

Many businesses which import most of their stock provide discounts for customers buying in United States dollar.

Simba Makoni, was for years a senior member of Zimbabwe’s ruling Zanu-PF party. He later quit ZanuPF and formed his own political party Mavambo/Dawn/kusile and unsuccessfully challenged Robert Mugabe for president.