Home Economy Zimbabwe: 2 banks under investigation for transferring new notes into black market

Zimbabwe: 2 banks under investigation for transferring new notes into black market

275
0

The Zimbabwean authorities have launched an investigation closely inspecting the work of two local banks, which allegedly assisted in flooding the black market with the new banknotes.

The law-enforcers suggest the Commercial Bank of Zimbabwe (CBZ) and Ecobank allowed — possibly by mistake— some individuals to withdraw large amounts of cash significantly beyond the strict ZWL$200 limit.

Later, the notes and coins emanated to those organisations were made available for purchase with underground traders advertising them on social media.

Both banks are said to be collaborating with the authorities.

“Investigations by RBZ (Reserve Bank of Zimbabwe) at CBZ indicated that an amount of $44, 180 was withdrawn by one of their customers,” RBZ governor John Mangudya said adding that Ecobank’s customer managed to take ZWL$15, 000.

This week, Zimbabwe pumped more than ZWL$30 million into circulation in a bid to ease the economic tension within the country.

LEAVE A REPLY

Please enter your comment!
Please enter your name here