POLICE, CBS CRACKDOWN ON ILLEGAL FOREX AGENCIES

SIKHUPHE – Police have already launched a search for all illegal foreign exchange agents working from private homes and offices.

 Majozi Sithole, Governor of the Central Bank of Swaziland (CBS), said this during the launch of the Standard Bank Airport Private Banking Service Lounge at the King Mswati III International Airport. He said as governor, he was troubled by reports of the mushrooming of a number of members of the public, who have decided to operate as foreign exchange businesses in the country.

 “We know that a number of these people are operating in backrooms in their homes and offices, and we want to state that this is illegal,” said Sithole.

 He mentioned that he had been assured by the National Commissioner of Police, Isaac Magagula, that the service was now on a serious search for all these illegal foreign exchange outlets and that the law would deal harshly with those caught.

 Sithole also warned all those who put coins into their steaming water with the hope of being super rich. He urged the nation to treat money with respect and to remember that the country used a lot of money to procure these coins and notes.

 “I was also shocked to read in the newspapers that some people were now piercing coins and creating necklaces, this is illegal; it is a crime to deface money.”
He said what disappointed him the most was the fact that the necklace makers were actually using the newly released coins to make their neck pieces.

 He said when Standard Bank approached the Central Bank with the vision to open a private banking lounge at the airport, they were pleased. He said as such, other banks were encouraged to emulate this gesture.

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