RBZ freezes Chinese company’s bank accounts over ‘exchange rate manipulation’

The Reserve Bank of Zimbabwe has announced that a Chinese company, China Nanchang, accusing it of exchange rate manipulation.

In a statement, it said:

The Bank escalated the matter to the Financial Intelligence Unit CFIU”) for investigation and 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.

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 central bank says it will continue to work the FIU to protect the Zimbabwe dollar.

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