“Commercial court to deal with currency manipulations” – RBZ

The Reserve Bank of Zimbabwe says deterrent sanctions are needed if the country is to deal with currency manipulators once and for all.

Over the past two years, the country’s macro-economic environment has been besieged by economic saboteurs, who have manipulated the local currency to the chagrin of Zimbabweans.

The central bank has since demonstrated that the strong economic fundamentals that saw the economy receive US$2.4 trillion in foreign currency in the first quarter of 2022 are sufficient to maintain monetary stability.

Speaking at the official opening of the Harare Commercial Court on Friday, RBZ Governor Dr John Mangudya called for tougher and dissuasive penalties to deal with white collar crimes, especially currency manipulators.

“As monetary authorities, we are very pleased with the establishment of the Commercial Court, which will specifically deal with white-collar crimes plaguing the economy, especially on the monetary front,” he said.

Monetary stability is sacrosanct for any nation in the world, as it is a prerequisite for sustainable economic growth and macroeconomic stability.

About Ruben V. Albin

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