Thirteen companies have been blacklisted from doing business with the government after being found guilty of siphoning money into the parallel market which has been the key driver in undermining the value of the local currency.
The past two weeks have seen a significant movement in exchange rates on the parallel market which authorities attribute to some contractors conducting illicit foreign currency deals using proceeds acquired from Treasury.
The blacklisted companies are Casha Designs (Pvt) Ltd, Re-net Technologies (Pvt) Ltd, Malfran Investments (Pvt) Ltd, Difflock Construction (Pvt) Ltd, Staman Investments (Pvt) Ltd, Guide Marketing (Pvt) Ltd, Nodship Investments Pvt Ltd and Infinity Hire Pvt Ltd. Others include Nomalanga Marketing Pvt Ltd, Gift Mwayers t/a Mwayera Transport Pvt Ltd, Mukota Haulage and Buses, Ofixmore Marketing Pvt Ltd and Blecia Investments.
“Resultantly, the Government has blacklisted the aforementioned companies so as to maintain stability in the foreign currency market and to curb inflation. In the same vein, the Procurement Regulatory of Zimbabwe will be advised to permanently remove the entities from the list of potential service providers to government,” said Finance and Economic Development Minister, Prof Mthuli Ncube.
The development comes after the Treasury blacklisted 19 companies for fuelling parallel market activities in November last year.
Market watchers have long criticized government payment to its contractors in local currency which ends up in the disposal of large Zimbabwe dollar balances into the parallel market in exchange for USD.
