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China Nanchang fuelling black market exchange rate madness: RBZ

The Reserve Bank of Zimbabwe has accused a controversial Chinese-run company, China Nanchang of being the scapegoat to the exchange rate madness that has typifed the southern African country’s economic landscape, amid allegations that the company has been illegally channelling foreign currency to the thriving black market.
In a statement released Friday afternoon, the central bank accused China Nanchang and other’foreign exchange manipulators’ of being responsible for the dramatic move by the Dr John Mangudya-governed RBZ to freeze all accounts used for parallel market activities.
Nanchang, the central bank said, ‘has used it’s bank account to inject millions of dollars into the parallel market in the last few days’. The parallel market has, in recent weeks, been turbulent as the Zimbabwe Dollar has markedly tumbled against the characteristically elusive US dollar
See full statement below:



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