Forex dealers pushed back for ED's arrival

HARARE - Security details yesterday pushed back illegal foreign currency dealers from the Meikles Hotel where President Emmerson Mnangagwa was meeting a high-profile delegation of Chinese investors.

Mnangagwa arrived in his motorcade to an unusually clean Third Street and Second Street after the money changers were driven to Fourth Street.

Security details used moral suasion instead of arrests to convince the dealers to move to Fourth Street, saying “vakuru vari kuuya (the leadership is coming)”.

Mnangagwa later met the 60-strong delegation of prospective investors at the Zimbabwe-China Business Forum at the five-star hotel.

This comes just after Finance minister Patrick Chinamasa told the National Assembly during a debate on the Money Laundering and Proceeds of Crime Amendment Bill last week that the police had allowed the illegal trading in currency to flourish on the streets despite laws on the statute books empowering police to arrest unlicensed foreign currency traders.

While repeated efforts to obtain comment from police national chief spokesperson Charity Charamba and her deputy Paul Nyathi were fruitless as their mobile phones went unanswered, Charamba told the State media in January that the Zimbabwe Republic Police (ZRP) was finding it difficult to bring the illegal forex traders to book.

“We, as the ZRP, have deployed officers in the streets to curtail the mushika-shika, street vendors and illegal forex traders as our main priority.

“However, it has been difficult to arrest cash vendors as it requires an officer of law to witness the culprits exchanging money,” she said then.

“This operation is a joint venture with the Harare City Council to bring sanity in the central business district (CBD), which has witnessed several arrests of cash vendors.”

Charamba said illegal forex dealers were slippery because some of them are always mobile, while others use their vehicles as convenient “offices” to conduct their business.

“Some of them are mobile and in most cases they get into vehicles and conduct their illegal deals.

“There is need to find a lasting solution such as deterrent sentences,” she said.

The police spokesperson also noted that it was not an offence to hold cash.

Comments (3)

They are not 'illegal forex dealers'. They are 'de facto' bankers, as they are performing services the useless banks cannot do.

sipendu - 13 June 2018

daily news ma Forex dealer news munodzida , just kanyaya kadiki ikako mato report.Leave the forex dealers alone besides nyaya dzenyu dzekungo report about forex dealers dzino push up marates and munobva mafara.STOP IT.Forex dealers are there playing a very crucial part in this country's economy at the present moment by providing industry with money needed to do imports with that's not readily available from the RBZ.Saka stop it TWUMA REPORTS TWENYU ITOTO TWEMA FOREX DEALERS.

tawanda - 13 June 2018

There are two issues in this article that require further interrogation and immediate action . Foremost is the issues of the so called foreign investors who are flooding Zimbabwe and even more alarming, how they are easily getting access to the President. This is a disturbing and alarming trend that anyone who so desires is granted an audience with the President because they are classified as prospective investors. In the absence of a clear policy and well established institutions, mechanisms as well as well defined policies on how to deal with foreign investment, Zimbabwe will soon be overwhelmed and captured by unscrupulous and exploitative elements masquerading as investors. Secondly the proliferation of parallel forex currency dealers is symptom rather than the root cause of the problem. The solution lies in tackling the issue head on through reforms and other efforts in the financial sector as the macro economic factors. Its really amazing that two months before an election,political parties are not highlighting these as some of the principal issues dominating the electoral discourse.

Jaiklou Maison - 13 June 2018

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