RBZ Imposes Penalties of Up to US$100k on Forex Ru...

RBZ Imposes Penalties of Up to US$100k on Forex Rule Breakers

Zim Now Writer

The Reserve Bank of Zimbabwe has tightened its grip on foreign currency trading, introducing steep penalties aimed at curbing widespread non-compliance among banks, authorised dealers, corporates, and individuals.

Under the revised measures, offenders will now face fines of either 1% of the transaction value or US$100 000 — whichever is higher.

In addition, repeat violators risk suspension or outright loss of their foreign exchange trading licences.

Governor Dr. John Mushayavanhu, presenting the Mid-Term Monetary Policy Review, said the central bank had noted persistent disregard for exchange control rules, including the failure to submit export and import documentation on time, falsification of records, under-declared exports, inflated imports, and abuse of the Willing-Buyer Willing-Seller market through fraudulent practices.

“Acts of non-compliance will not be tolerated,” Mushayavanhu warned, adding that the tougher penalties are meant to instil discipline across the market.

The RBZ urged authorised dealers to tighten internal controls and enhance due diligence measures to safeguard the integrity of the WBWS system, which has come under pressure from “double dipping” and other illicit activities.

The central bank stressed that the clampdown is part of a broader effort to reinforce financial discipline, stem illicit capital flows, and maintain investor confidence in Zimbabwe’s foreign exchange market.