Zim Latest

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:

Zwnews

Share

Recent Posts

Tiktok star Bobbi Athoff trending over alleged video leaks

Alleged Bobbi Athoff Leaks Circulate Online, Fans Suspect AI Bobbi has not yet responded to… Read More

21st February 2024

Woman Arrested for Posting Images of Child Shaving Nude Women on Social Media

The woman accused of posting her child waxing nude women on social media has been… Read More

21st February 2024

Khama Billiat’s Potential Move to Yadah FC Sparks Speculation in Zim Domestic Football…VIDEO

Yadah FC officials welcome Khama Billiat at Harare Airport Former Zimbabwe Warriors star Khama Billiat… Read More

21st February 2024

We’re in talks with ‘The State and Sengezo Tshabangu to get back our captured organization’ – implies CCC president Welshman Ncube

Citizens Coalition for Change (CCC) acting president Prof Welshman Ncube says his party is engaging… Read More

20th February 2024

3 NRZ staffers killed in cargo train accident

Image: Zimlive Three crew members of a National Railways of Zimbabwe cargo train bound for… Read More

20th February 2024

Continue wearing masks, COVID-19 still a danger- gvt

The Ministry of Health and Child Care says the public should remain vigilant against COVID-19… Read More

20th February 2024