Finance

Zim central bank freezes Chinese firm’s bank account

Staff Reporter

Zimbabwe’s central bank has frozen the bank account belonging to a Chinese firm, China Nanchang amid revelations it has been injecting millions of dollars into the parallel market.

The Reserve Bank of Zimbabwe governor, John Mangudya, said the bank’s Financial Intelligence Unit (FIU) was investigation more illegal activities by several other companies.

He said the central bank will “take appropriate action, in terms of the law, against any culprits involved in illicit foreign currency activities and manipulation of the foreign exchange rates”.

“…The FIU has so far identified one entity (China Nanchang), which has used its bank account to inject millions of dollars into the parallel market in the last few days,” Mangudya said.

He added: “The FIU has ordered the freezing of the identified account pending further analysis and is undertaking ongoing surveillance to identify more culprits involved in the parallel market transactions, particularly on the Ecocash platform. The Bank remains focused on its mandate to ensure market stability.”

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