A 20-year-old Harare man, Bernard Rufaro Nyamande, was sentenced to 12 months imprisonment by the Harare Magistrates’ Court on charges of unlawfully dealing in foreign currency.
According to a statement from the National Prosecuting Authority (NPA), the incident occurred on April 18, 2024.
Police officers who were conducting surveillance spotted the Nyamande engaging in foreign currency dealings outside the OK Machipisa store.
The police officers then set a trap, approached the accused, and proposed to exchange US$30 for Zimbabwe Gold (ZWG435).
After some negotiations, Nyamande transferred the requested amount of ZWG435 to an account used by the officers for the sting operation and received US$30 in return.
The other police officers monitoring the transaction then immediately arrested the accused person.
Nyamande pleaded guilty to the charges and was sentenced to 12 months of imprisonment, with 6 months of the sentence suspended for 5 years.
He will serve the remaining 6 months of the sentence effectively.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

A 20-year-old man in Harare was jailed for 6 months for trading foreign currency illegally. The incident happened in 2024 outside a store. Some police officers saw him trading and caught him in a sting operation. The man admitted to the charges and was sentenced to 12 months in jail, but he will only serve 6 months. He will be on probation for 5 years. Trading foreign currency without permission is against the law in Zimbabwe.

Money Changer Jailed 6 Months For "Unlawful Foreign Currency Dealings"

The Zimbabwe Republic Police (ZRP) says the arrest of scores of illegal money changers since the launch of the Zimbabwe Gold (ZiG) currency is only the beginning of the blitz to eradicate currency manipulators.
The government accuses money changers of manipulating the value of the local currency, making it unattractive as a medium of exchange and store of value for the public.
Since the introduction of ZiG on 05 April 2024, over 100 forex traders were arrested by the Financial Intelligence Unit (FIU) along with the police and other security agencies, for contravening the Exchange Control Act.
ZRP spokesperson Assistant Commissioner Paul Nyathi told <a href="https://businesstimes.co.zw/govt-intensifies-crackdown-on-forex-dealers/">Business Times</a> on Wednesday that they have intensified their crackdown on money changers, and the police dragnet will apprehend the key players. He said:
<blockquote>
We have so far arrested over 120 suspected money changers for contravening the Exchange Control Act but if the suspects provide us with information on who their kingpins are, we will take action against them [ring leaders].
There will be no sacred cows this time as the law will take its course without fear or favour.
If the arrested suspects do not provide police with information, they will be heavily sentenced.
We are working together with the FIU and there is no going back in the fight against illegal forex traders in the country.
Our job is to ensure the law takes its course by arresting, compiling the dockets and submitting them to the National Prosecution Authority.
The operation has intensified and is ongoing till we ensure there is sanity in the streets.
There is no stopping for now as the fight is just beginning against the forex manipulators.
</blockquote>
On Monday, Vice President Constantino Chiwenga threatened to cripple illegal money changers who are accused of illegally trading ZiG against the US dollar.
The former army commander said money changers should stop it, or else risk being rendered crippled.
Meanwhile, the National Prosecuting Authority (NPA) on Thursday said Seven alleged forex dealers appeared at Beitbridge Magistrates’ Court facing charges of contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996 “Dealing in foreign currency”.
It said the suspects, Alfred Muchena (41), Justine Machisane (25), Tatenda Muzadzi (35), Joseph Kudakwashe Wamambo (36), Martin Chikumi (40), Phillip Parishi (31) and Lovemore Chivanda (35) were arrested during an operation carried out by the Police.
They were found in possession of point-of-sale (POS) machines, an assortment of bank cards and various amounts of cash. The bail ruling was set for this Thursday.
The NPA said in Masvingo, four alleged forex dealers, Sandra Chinganze (34), Dexter Chimwayange (26), Emmanuel Daure (38) and Innocent Chara (31), have appeared at Masvingo Magistrates’ court.
The four were arrested during an operation carried out by the Police. They were found in possession of point-of-sale (POS) machines, an assortment of bank cards and various amounts of cash.
They were remanded in custody to 30 April 2024.
In Mutare, five alleged forex dealers have appeared at Mutare Magistrates’ court also facing charges of contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996 “Dealing in foreign currency”.
The suspects, Vanancia Machata (42), Carol Mashamba (25), Angeline Fumhanda (25), Brian Nyakurerwa (25) and Dzidzai Chitapata (25) were arrested during an operation carried out by the Police. 
They were found in possession of point-of-sale (POS) machines and an assortment of bank cards.
They were remanded in custody to May 2024.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Crackdown On Money Changers Marks Only The Start - ZRP

Sixty-five suspected illegal foreign exchange dealers operating on the streets of Harare were arrested last week and were brought before the Harare Magistrates Court on Saturday.
Over the weekend, state media released photographs of the illegal money changers outside the Harare Magistrates Court after their arrest.
The National Prosecuting Authority (NPA) on Monday 22 April 2024, confirmed the arrest of the suspects, saying they were charged with contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996 “Dealing in foreign currency”. The NPA added:
<blockquote>
The accused persons, some of whom were found in possession of point of sale (POS) machines and various credit and debit cards, were apprehended at various sites and points across Harare.
They appeared in court on the 20th of April and were remanded in custody to the 22nd of April 2024 for bail applications.
</blockquote>
According to NewZimbabwe.com, the 65 suspects are now set to spend another night behind bars as the state will be making written submissions to oppose bail by the end of today and the defence will also make written submissions.
The report added that bail ruling will be handed on the 23rd and 24th of April for most cases heard so far.
<img alt='May be an image of 13 people, car, crowd and text that says "스데이 H-METRO ETRO Η"' decoding="async" src="https://scontent-cpt1-1.xx.fbcdn.net/v/t39.30808-6/438737652_854850370008535_3445455942362213454_n.jpg?_nc_cat=106&amp;ccb=1-7&amp;_nc_sid=5f2048&amp;_nc_ohc=Ectbbwg8OMMAb4zUCBa&amp;_nc_ht=scontent-cpt1-1.xx&amp;oh=00_AfCcXgO0-r_5ou7Vlu7UWGpzTO87DRcKEcQSIEbBI_v0Qg&amp;oe=662C3E98"/>
Illegal forex trading is a thriving industry in Zimbabwe due to high unemployment and the use of several currencies, mainly USD, ZiG, and ZAR (Rand) for local transactions.
Furthermore, some goods and services, such as fuel and rentals, are paid exclusively in USD and this drives the majority of citizens to the streets to buy forex.
Some reports <a href="https://3-mob.com/featured/as-65-illegal-forex-dealers-appear-in-court-few-seem-to-care-and-here-is-why/">claim</a> that some of the dealers that are routinely arrested on the streets are mere runners for the real drivers of the industry, untouchable, faceless well-connected people with access to billions of cash in local currency.
The forex black market offers more favourable rates than the official exchange. Illegal currency changers are allegedly offering around 15 ZiG (buy rate) and 20 ZiG (sell rate) to the US dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

65 Money Changers Arrested In Harare

Some illegal money changers are now duping members of the public of their hard-earned money as their customer base dwindles due to the firming of the street rate as well as the official rate.
A report by <a href="https://www.manicapost.co.zw/forex-dealers-get-desperate/">The Manica Post</a> says some victims have lost their entire salaries or bank loans in botched transactions involving illegal foreign currency dealers.
The deceitful forex dealers reportedly mainly target people coming from outlying areas to withdraw their monthly salaries in Mutare, Nyanga, Rusape and Chipinge urban areas.
One of the victims of the forex dealers who requested anonymity told <a href="https://www.manicapost.co.zw/forex-dealers-get-desperate/">The Manica Post</a> that he lost a ZWL$2 million bank loan to a female dealer at Mudzviti Bus Terminus.
The victim said the woman in question insisted that the money transferred had not reached her account, hence she could not give him any US dollars. He said:
<blockquote>
This happened on July 20 when I had gone to change my ZWL2 million bank loan into USD. I approached this other lady at Mudzviti Bus Terminus who said she could get me some foreign currency.
She was in possession of a POS machine and we agreed on the rate of the transfer.
After l entered my PIN, she told me that the money had not reached her account. She said it could be hanging, hence she could only give me the USD after the money reflects in her account. Surprisingly, the money in question had already been deducted from my account.
After a heated argument over the issue, she told me to go to my bank and reverse the transaction. When l visited my bank, I was told to bring a letter from the recipient confirming that l should reverse the transaction.
When I went back to Mudzviti Bus Terminus, the lady was nowhere to be found. Up to now, I am still looking for her.
</blockquote>
Desire Dube of Chipinge told the publication that he fell victim to a forex dealer early this year. He said:
<blockquote>
I was once a victim early this year when I went to Chipinge town to collect my salary. I was told to do a Zipit transaction. I did. After a few minutes, the dealer told me that he had not received the money.
I argued with him for almost an hour, and we later agreed that I should come back after an hour. When I came back, he insisted that he had not received anything.
We spent almost three hours arguing over the issue, and he only gave me part of what I was entitled to and asked me to come back the following day since he was insisting that it was not his problem. That was the last time I saw him.
</blockquote>
Tedious Chinyowa, a well-known socialite in Nyamhuka, Nyanga, said he has come across several people who have been duped by forex dealers.
Zimbabwe Republic Police (ZRP) spokesperson in Manicaland Province, Inspector Nobert Muzondo, said they are yet to receive reports from victims of such transactions, but warned the public not to engage in illegal forex deals. He said:
<blockquote>
It seems people do not approach the police after falling victim. We urge members of the public who would have fallen victim to approach the police and file reports.
Street money changing is outlawed in Zimbabwe. That’s why the forex dealers always play hide and seek with law enforcement agents.
We will get to the bottom of this issue. We urge members of the public to give us information whenever such things happen so that we bring the perpetrators to book.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Man Loses ZWL$2 Million Loan To Money Changer

The Reserve Bank of Zimbabwe (RBZ) has warned alleged currency speculators that their days are numbered.
The central bank accuses currency speculators of fuelling currency volatilities resulting in price instability.
According to Business Times, the Zimbabwe dollar was last week trading at ZWL$950: US$1 on the parallel market from about ZWL$800: US$1 two weeks ago.
On the formal market, last week the Zimbabwe dollar was trading at ZWL$671.44: US$1 at the auction system, down from ZWL$654.86: US$1 two weeks ago.
Addressing stakeholders in Bulawayo last week, the Reserve Bank of Zimbabwe (RBZ)’s principal economist, Stephen Moyo said:
<blockquote>
We are working with other arms of government like the Financial Intelligence Unit to make sure that behaviour is minimised because those speculators contribute to a lot of speculation that leads to the destabilisation of the currency.
So to all those quick rich speculators, their days are numbered and the long arm of the law will deal with them. Speculation is going to be minimal.
</blockquote>
Business had been pursuing forward pricing models, which have an adverse impact on inflation and exchange rate expectations.
Moreover, informal businesses are shunning the local currency and are now virtually trading all products in United States dollars. | <a href="https://businesstimes.co.zw/rbz-warns-forex-dealers/">Business Times</a>

RBZ Warns "Currency Speculators"

The Zimbabwe Republic Police (ZRP) warned members of the public against illegal forex deals following reports that illegal foreign currency dealers have “invaded” supermarkets and wholesalers.
Forex dealers are reportedly offering higher rates to customers intending to use forex to pay for goods and services in supermarkets and wholesalers.
This comes after the government gazetted Statutory Instrument 127 of 2021 which, among other things, empowers the Reserve Bank of Zimbabwe (RBZ) to penalise traders that price their goods or services above the official exchange rate.
According to Manica Post, illegal forex dealers have been using their debit cards, mobile banking, internet banking and Zipit facilities to pay for goods and services on behalf of customers at higher rates.
Officially, US$1 is worth around $85, but black market dealers are offering anything between $120 and $130 for the same amount.
Manicaland provincial police spokesperson, Inspector Luxson Chananda, said more police officers have been deployed to bring the illegal forex dealers to book. He said:
<blockquote>We have seen an increase in the number of people doing illegal foreign currency transactions on the pavements and in the supermarkets.
We have deployed our officers, both in uniform and plainclothes, to arrest these people and bring them to book.
We urge members of the public to do their transactions in banks and registered bureau de changes.
Some of the people they are dealing with are criminals who will rob them of their hard-earned cash.
What the public must understand is that it takes two or more people to do a transaction and all the parties involved in any illegal money transfer deal will be arrested and charged accordingly.</blockquote>
<h4>More: <a href="https://www.manicapost.co.zw/forex-dealers-invade-shops/" rel="noopener" target="_blank">Manica Post</a></h4>

Illegal Forex Dealers Invade Shops

Some street hustlers in Harare are now buying dirty smaller denominations of US dollar and rand notes at half the value which they then sell to importers.
This comes on the back of the rapid dollarisation of the economy as the local currency, re-introduced just over a year ago, has fallen in value at a rapid rate.
Zimbabwe recently introduced a foreign currency auction market, under which 1 US dollar buys 65.8 Zimbabwe dollars. The street rate, meanwhile, is US$1: ZWL85.00.
This means that, on the streets of Harare, a US dollar can be exchanged for more Zimbabwe dollars than the official government rate.
One of the cash hawkers, who only identified himself as Eddy, told Fin24 in an interview at an informal settlement some 37 kilometres outside Harare’s business district that he buys soiled rand and US dollar notes, which in most cases are not acceptable in the supermarkets and other shops. He said:
<blockquote>The deal is that importers utilise that money to pay for imports through the banks, because the notes cannot be directly banked or deposited, but are acceptable as payment for imports through the banks.
We buy the soiled notes at half the value and put a premium when we sell to the importers, who then use the soiled notes instead of the clean bills they get when re-selling their products in cash on the market.</blockquote>
<h4>More: <a href="https://www.news24.com/fin24/economy/africa/its-local-currency-in-free-fall-zimbabwe-cash-hawkers-trade-soiled-rand-and-us-dollar-notes-20200711" rel="noopener noreferrer" target="_blank">News24</a></h4>

Forex Dealers Trade Dirty Rand And US Dollar Notes

Illegal money changers have reoccupied their trading spots in Bulawayo’s Central Business District (CBD) in contravention of the stay-at-home order.
The foreign currency dealers are back at their usual spots that include the vicinity of Tredgold Building, Leopold Takawira Street opposite TelOne Building while others are operating from Jason Moyo Street opposite Edgars.
Some of the money changers are covertly conducting their operations by trading in cars.
Bulawayo police spokesperson Inspector Abednico Ncube said police officers are conducting patrols and spot checks for those defying lockdown restrictions and he also warned that any car owner who is found parked in the CBD will be arrested if they fail to justify their being in town. He said:
<blockquote>As police, we are on the ground to ensure that everyone observes lockdown regulations. We are conducting raids and spot checks and if we find anyone violating regulations through loitering in the city centre we will arrest them. This includes illegal money changers.</blockquote>
Members of the public prefer the higher rates offered by the illegal money changers as opposed to the rate in the formal market.
The parallel market exchange rate was at US$1:43 for electronic transfers while US$1:32 was for those changing using hard cash while the official cross rate is US1:25.
<h4>More: <a href="https://www.chronicle.co.zw/illegal-money-changers-back-at-usual-haunts/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Illegal Money Changers Reoccupy Usual Spots In CBD

ZANU PF has told its members to desist from buying money from money changers to make them disappear. The party blamed the illegal money dealers for causing the current economic challenges. ZANU PF provincial co-ordinating committee (PCC) members said
<blockquote>The economy is bleeding because of these money dealers, who continue to exist and now operate strategically at secret places. We want a resolution that these illegal money changers be removed from the streets and from where they operate.</blockquote>
ZANU PF Bulawayo provincial secretary for administration Elifas Mashava said
<blockquote>We must agree as citizens that we will not buy money from these people, and they will disappear on their own if we do not support their illegal business. We must resolve that we will not go to them as members, and we are asking the government to re-introduce bureau de-changes.</blockquote>
<h3>More: <a href="https://www.newsday.co.zw/2018/12/flush-out-money-changers-zanu-pf/" rel="noopener" target="_blank">Newsday</a></h3>

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