RBZ Intensifies Enforcement Against US Dollar-Exclusive Trading, Freezes Accounts of Companies Rejecting ZiG

The Financial Intelligence Unit (FIU) of the Reserve Bank of Zimbabwe (RBZ) has taken decisive action against 11 companies for violating exchange control regulations, including trading solely in US dollars and refusing to engage with the new Zimbabwe Gold (ZiG) currency.

According to Mr. Oliver Chiperesa, the director-general of the FIU, these measures are part of an ongoing effort to enforce compliance with the country’s currency policies.

“We have frozen the bank accounts of 11 entities for various violations, such as trading exclusively in US dollars and rejecting ZiG,” Mr. Chiperesa stated. “This operation will continue, targeting major trading centers nationwide.”

Despite warnings and ample time for transition, some businesses persist in their refusal to accept ZiG, citing the need to adjust their accounting systems. Mr. Chiperesa emphasized that non-compliant companies risk suspension of trading activities until they conform to the regulations.

Furthermore, RBZ Governor Dr. John Mushayavanhu warned that companies insisting on US dollar-exclusive transactions would face sanctions.

“ZiG is legal tender, and businesses should accept payments in either ZiG or US dollars,” Dr. Mushayavanhu emphasized. “Failure to comply may result in freezing of accounts and fines.”

Among the fined companies are a prominent wholesaler in Harare’s central business district, a listed apparel retailer, and a pharmacy. Their identities remain undisclosed.

This crackdown underscores the RBZ’s commitment to enforcing currency regulations and promoting the adoption of ZiG within the country’s multi-currency framework.