OVER 1 100 cases of debit cards abuse involving backstage black market dealers have been documented by authorities this year, marking the latest grim revelation to emerge out of a protracted currency crisis, the Zimbabwe Independent can report.
Authorities have been on a campaign to arrest offenders and save the local currency.
In written responses to the Independent this week, Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu said so intense was the crackdown that it had spared no political figures or well-connected individuals.
Government suppliers netted in the operation have been recommended for suspension. But the campaign has failed to stem currency volatilities — and crushing the ambition of a man who vowed to bring sanity on arrival at RBZ this year.
Zimbabwe Gold (ZWG), a structured currency backed by gold and other commodities — held the hopes of a nation shattered by crises on introduction on April 5.
But it has recently fallen under significant pressures on the black market, which authorities have struggled to policy.
The currency has tumbled from US$1:ZWG13,56 on the official market on introduction, to about US$1: ZWG14 this week.
But it has also been battered on the black market, depreciating to about US$1:ZWG32 on Thursday, from around US$1:ZWG16 on April 5.
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This represents a fall of about 50%.
“The Financial Intelligence Unit continuously monitors the abuse of debit cards and as of today (Monday), 1 123 debit cards have been frozen and some offenders have been penalised and others blacklisted from accessing financial services,” Mushayavanhu said.
Over 80 companies have been caught up in the illicit currency trade, while 154 traders have also been affected, according to the RBZ boss.
Statistics released to the Independent showed 912 individuals had been caught in the illegal currency trade crackdown, while illegal internal funds transfers had been detected in 67 transactions.
The RBZ governor said 25 cases involving currency abuse in high value government payments had also been unearthed.
But analysts said the numbers were too low in a market where the black market trades openly.
“The Financial Intelligence Unit has been carrying out monitoring surveillance of traders on a number of aspects, which include their banking trends, daily sales, adherence to the official trading rates and acceptance of the Zimbabwe Gold currency,” he said.
“The Financial Intelligence Unit has also carried out joint operations throughout the country with the Zimbabwe Republic Police to arrest illegal foreign currency dealers and entities manipulating currency which in turn have significantly held the parallel market rates stable.
“The Financial Intelligence Unit also monitors abuse of debit cards by individuals and companies for parallel market dealing purposes at wholesale shops, supermarkets government institutions such as hospitals, the Vehicles Inspection Department, council offices and a variety of traders who accept Zimbabwe Gold currency,” he said.
He said high value government pay outs were also being monitored for illegal forex dealings.
