Zimbabwe’s apex bank, the Reserve Bank of Zimbabwe says it is investigating two banks – CBZ Bank and Ecobank – for ‘leakages’ of the new notes and coins.
Zimbabwe released new notes and coins on Monday as part of measures to ease cash shortages as the public was now resorting to buying cash from dealers at a premium.
But latest indications are that the ‘new money’ has already been flowing to the cash dealers, despite a moratorium on cash withdrawals limiting individuals to a mere ZWL$300 per week.
In two press notices today, the RBZ noted that Ecobank and CBZ had released cash amounting to ZWL$15 000 and ZWL$44 180 to yet unidentified individuals.
Said RBZ governor Dr John Mangudya:
“The Reserve Bank of Zimbabwe has taken note of pictures circulating on social media that show recently introduced 2 dollar banknotes in sealed packs, suggesting that the notes are already being traded on the parallel market.
“The Bank has conducted investigations on the matter, and the findings are that the banknotes in the circulating pictures emanated from Ecobank. Preliminary investigations by RBZ at Ecobank indicate that an amount of ZWL$15 000 was withdrawn by one of their customers. Ecobank, together with their customer, are now assisting the Zimbabwe Republic Police with further investigations on this matter
“Appropriate disciplinary measures shall be taken against the bank and the customer and anyone else found responsible for such malpractices which bring the RBZ and the entire banking system into disrepute. Such malpractices cannot and should not be condoned. In the meantime, the Bank would like to advise the public on how banks withdraw cash from the RBZ.
“The procedure is such that banks transfer the equivalent amount of their cash requirements to the RBZ through the RTGS system. The banks will then collect the cash from the RBZ to their central cash depots from where they distribute to their branch network.”
The second press notice implicated CBZ Bank (former employers of Dr Mangudya himself and bankers to the Government of Zimbabwe).
“Further to our earlier Press Statement regarding pictures of the 2 dollar banknotes circulating on social media, it has also come to the Bank’s attention that there is a picture of a black plastic bin container full of bond coins also circulating on social media. We would like to advise the public that this case has been investigated by the Bank and it involves a CBZ Bank customer,” said the governor.
“Investigations by RBZ at CBZ indicated that an amount of ZWL$44,180 was withdrawn by one of their customers. In this regard, CBZ Bank together with their customer are now assisting the Zimbabwe Republic Police with further investigations.
“As advised in our earlier Press Statement, appropriate disciplinary measures shall be taken against those bent on damaging confidence by placing such pictures on social media platforms. Such behaviour causes unnecessary anxiety and despondency within the economy.”