The ManicaPost
THE ongoing blitz by the Reserve Bank of Zimbabwe against illegal foreign currency dealers is a welcome move that is meant to bring normalcy, and arrest distorted runaway prices of basic commodities.
At least 77 people have been blacklisted by the Central Bank for their heavy involvement on the black market where they have reportedly pushed millions in six months, manipulating exchange rates in the process.
People who are behind these distortions are well known because they are operating in the open, and some of them have the audacity to market their activities on various social media platforms.
Ordinary citizens are suffering due to these exponential price hikes.
It is refreshing to note that the recent arrests were made possible because members of the public came forward, and provided the Central Bank with names of the suspects.
RBZ Governor, Dr John Mangudya on Tuesday thanked members of the public for supplying information that helped the Central Bank’s Financial Intelligence Unit to identify, and take action against culprits.
It is the duty of any reasonable citizen to expose illegal foreign currency dealers because their activities have made life difficult for many especially the less privileged ones.
The rising prices have quickly eroded the buying power of people’s incomes.
What authorities need to know, and understand is that these dealers are working for big companies who are overcharging their products in local currency, and quickly offload the millions they realise from the sales in order to quickly land their hands on foreign currency.
Some of these companies are double dipping as they access foreign currency on the official auction system on the pretext of raising money to restock, but later sell the same procured goods at prices pegged way above the ruling official rate.
The fight against this scourge must not end with the arrest of the illegal dealers, but it should be taken to the doorsteps of big companies who are dishing out these millions.
All these illegal transactions that do not have supporting papers can be easily traced, and perpetrators brought to book.
RBZ has to set an example, and deal heavily with all those implicated, such that would-be offenders would not dare want to trade in the same area, lest they face the music.
Illegal money changers market their activities daily on WhatsApp groups, and other social media platforms, and there is need for the Financial Intelligence Unit to monitor these activities, and arrest the suspects.
The same applies to hundreds of illegal money changers who throng the entrances of supermarkets, and wholesalers enticing shoppers to exchange foreign currency for electronic money at black market rates.
These people are operating in the open, blocking pavements in the Central Business District of most cities and towns.
Law enforcement agents should make constant raids, and arrest these culprits. Those arrested must be given deterrent sentences.
It therefore requires close coordination between RBZ and law enforcement agents to bring this to a screeching halt.
The courts must also play ball, and descend heavily on those found guilty. We are tired of the catch and release syndrome as this erodes people’s confidence in the justice delivery system.
The realisation of Vision 2030 which is being anchored by the implementation of the National Development Strategy 1 (NDS1) risks being derailed by the activities of these illegal foreign currency dealers.
Only a few are benefitting from this illegal enterprise.
Whistleblowers must come forward, and report offenders. They should also be protected.
It is our desired hope to see more offenders being brought to book.
The net should also catch all the big fish.
