Black market rates fall after RBZ freeze ED son’s accounts, Sakunda-Queen B

The parallel market rate has dropped this afternoon following freezing of Sakunda, Croco Motors and Spartan Security Investments (Pvt) Ltd accounts by the Reserve Bank of Zimbabwe(RBZ).

The parallel market rate had jumped an unprecedented number of points over the course of this week to 30 against the US dollar and left the economy in freefall with prices increasing twice a day.

By the end of Friday most illegal money changers in Harare, Bulawayo and Gweru had no rate and had ceased trading for the day.

On Friday morning, the United States dollar was trading for up to 30 Zimbabwe dollars on the parallel market. On Thursday, the alternative market rate had opened at 17 before jumping to 23 by the afternoon.

The RBZ believes the companies whose accounts have been frozen were involved in illegal foreign currency buying on the parallel market, driving up the exchange rate.

Sakunda is owned by Kudakwashe Tagwirei, an ally of President Emmerson Mnangagwa and now part owner of the Commercial Bank of Zimbabwe.

Spartan Security is linked to the Mnangagwa family through one of his sons.

Jelous Mawire revealed that one of the companies targeted by RBZ is owned and directed by Mnangagwa’s son.

He said:

Spartan Security Investments (Pvt) Ltd, one of the companies whose accounts were frozen is registered under company number 6360/13.It was registered on 20/08/13.It’s directors are 1.Tarirai David Munangagwa 2 Luka Ignatius Fabris 3 Charles Tafadzwa Chimbwanda 4 Edmund Nganunu.