Kudakwashe Welcome Maketo, a 24-year-old black market foreign currency dealer, has been sentenced to six months imprisonment for illegally trading in forex. The Harare Magistrates’ Court sentenced Maketo on charges related to violating the Exchange Control Act and associated regulations. However, he will serve an effective three months in jail, as half of his sentence—three months—was suspended for five years on the condition of good behavior.
Maketo was found guilty of contravening several sections of the Exchange Control Act and Exchange Regulations. The charges stemmed from an incident on August 1, 2024, at Kamunhu shopping center in Mabvuku, Harare. According to the State’s case, Maketo, a resident of New Tafara, was observed by police officers engaging in illegal currency transactions.
The police officers, posing as civilians, approached Maketo and agreed to exchange money with him. Maketo offered a rate of US$1 to ZWG16 and received ZWL$ 320 from the officers’ mobile wallet. He was arrested when he accepted US$20 in trap money from the officers. During his arrest, Maketo was found with five bank cards, which raised further suspicions.
This case highlights ongoing efforts by authorities to curb illegal foreign currency trading, which is a significant issue in Zimbabwe’s economy. The illegal forex market operates outside of official regulatory frameworks and often involves transactions at unfavorable exchange rates for the local currency.
Maketo’s sentencing serves as a reminder of the legal repercussions of engaging in unauthorized currency trading and underscores the government’s commitment to enforcing exchange control regulations.
In other news – Two strong earthquakes strike off the coast of Japan
On Thursday, August 8, 2024, southern Japan experienced significant seismic activity, with a 6.9-magnitude earthquake followed by a 7.1-magnitude tremor. According to the United States Geological Survey (USGS), the initial quake struck at 4:42 p.m. local time (7:42 a.m. GMT) at a depth of 33 kilometers, approximately 29 kilometers southeast of Miyazaki on Kyushu Island.
Less than a minute later, a second quake hit at a depth of 26 kilometers, 20 kilometers northeast of Miyazaki. The Japan Meteorological Agency issued warnings for tsunamis of up to one meter, affecting coastal areas in Kyushu and Shikoku islands. Read More
