Zimbabwe freezes accounts of five more companies

Reports, which have so far not been confirmed, say the Reserve Bank of Zimbabwe today froze accounts of five more companies which they believe are fuelling the black market after the rate on the black market shot up from Monday.

According to the ZANU-PF Patriots twitter handle, the central bank froze the accounts of:

Bill Height Investments,
Landela Investments,
Rimosa Trading,
Fossil Agro
Traverze Travel

Some of the companies are said to be linked to Kudakwashe Tagwirei whose other accounts were closed on Friday last week.

The gap between the blackmarket and the interbank rate which had vanished on Monday has now widened and stood at 19:1 while the interbank rate was 15:1. It was at 14:1 on Monday.

The note posted on the Patriots handle said a formal directive will follow.

Finance Minister Mthuli Ncube said in New York 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.

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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.