CBZ, Ecobank dump new Zim currency into black market

The Reserve Bank of Zimbabwe says the Commercial Bank of Zimbabwe (CBZ) and Ecobank have been identified as the culprits responsible for flooding new notes on the black market following investigations that were launched to ascertain the source of new notes.

In a statement issued by Governor John Mangudya this Thursday, he highlighted the Bank has conducted investigations on the matter, and the findings are that the banknotes in the circulating pictures emanated from Ecobank and CBZ.

“Preliminary investigations by the RBZ at Ecobank indicate that an amount of 15 000 was withdrawn by one of their customers, Ecobank together with their customer are now assisting the Zimbabwe Republic Police with further investigations on this matter.

Police is also investigating a case in which CBZ Bank released new $2 notes amounting to $44 180 to a single customer.

This followed a picture of wads of new notes stashed in a black plastic container that went viral on social media. In a statement, RBZ said it established that a CBZ bank customer had withdrawn $44 180 and the police have now taken over investigations.

“Appropriate disciplinary measures shall be taken against the bank and the customer and anyone else found responsible for such malpractices which bring RBZ and the entire banking system into disrepute. Such malpractices cannot and should not be condoned,” said Mangudya.

The RBZ issued new notes and $2 bond coins on Tuesday, with $30 million dollars allocated to various banks.

However, a few hours after the notes were introduced, banks had run out of cash while the streets were awash with the notes.

The black market has negated government efforts to stabilise the economy, black market activities like the trading of cash, as a result of cash shortages, are fuelling inflation.

state media