Reserve Bank of Zimbabwe dismisses reports that it has unfrozen Tagwirei’s bank accounts


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The Reserve Bank of Zimbabwe today dismissed reports that it had unfrozen bank accounts of four companies- Sakunda, Croco Motors, Access Finance and Spartan Security.

The accounts of the companies, owned by close associates of President Emmerson Mnangagwa including Kuda Tagwirei of Sakunda and Tarisai Mnangagwa of Spartan, were frozen on Friday last week after the local currency plunged against the United Dollar following reports that the companies in question had poured millions into the black market to purchase the greenback.

The rate immediately recovered from 25:1 to 15:1 following news on the freezing of the accounts. But the rate fell again yesterday following social media reports that the accounts had been unfrozen.

The head of the central bank’s Financial Intelligence Unit Mirirai Chiremba dismissed reports circulating on the social media that the accounts had been unfrozen were false.

“We advise that the accounts of the entities named in the directive remain unfrozen, pending finalization of our analyses,” Chiremba said.

“We will communicate to relevant stakeholders through appropriate channels when the process has been concluded.”

The rate fell from 15 to nearly 18:1 yesterday.

Finance Minister Mthuli Ncube said yesterday the government will continue to monitor the architecture of the country’s financial system to close all loopholes that unscrupulous dealers could use to manipulate the exchange rate.

“It’s very clear that we needed to close those loopholes that some have taken advantage of and manipulate the exchange rate of the currency,” he said.

(61 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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