Fat cats accounts freeze: Forex rates tumble

THE foreign currency rates on the ‘black market’ have tumbled soon after the Reserve Bank of Zimbabwe (RBZ)’s directive to freeze accounts for at least four vibrant companies, Zim Morning Post can report.

On Friday morning the United States dollar was trading at 1 USD -ZWD230 but after the directive the rates dropped to between ZWD 160 and ZW175.

The central bank’s Financial Intelligence Unit responsible for curbing money laundering orders all banks to freeze accounts for Kuda Tagwirei’s Sakunda, Croco Motors, Spartan Security and Access Finance to pave way for investigations for alleged money laundering activities.