Latest on Simba Makoni who was arrested for selling products using black market rate at his shop

Mavambo/Kusile/Dawn leader Simba Makoni

POLITICIAN Simba Makoni was back at the Harare Magistrates Court yesterday on allegations of violating the Exchange Control Act.

He is accused of selling products at his Power Speed Electrical shop in Harare using a foreign currency exchange rate above the official rate. Makoni, who is jointly charged with his company, appeared before Harare regional magistrate Stanford Mambanje.

He was remanded to appear in court on January 18 and placed the State on notice that he would apply for refusal of further remand on that date.

The Exchange Control Act prohibits selling, displaying and offering goods or services for sale at an exchange rate above the official exchange rate in Zimbabwe.

It is alleged that on October 6 last year, the Reserve Bank of Zimbabwe (RBZ) received information that some firms were getting foreign currency from the forex auction system, yet they were selling their products above the official exchange rate.

According to the State, the Reserve Bank Exchange Control Department deployed its officers to a number of retail outlets.

John Marshal Chinembiri and Tanaka Lincoln Sanyamahwe from the Reserve Bank Financial Intelligence Unit visited Makoni’s shop.

Chinembiri bought 750ml of Benzine for $423,65, while Sanyamahwe purchased the same product for US$2,42.

Lancelot Mutsokoti, for the State, alleged the two were issued with point of sale receipts reflecting a rate of $175 per US$1, which was against the ruling exchange rate of $88,55, which was prevailing on October 5, 2021.

– HMetro

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