RBZ to ‘discipline’ Ecobank for fuelling black market.

RBZ has issued an official statement to clear the air on alleged fuelling of the black market with the new currency by some unscrupulous banks. The largest cash resevoir in the country has set the record straight by revealing the out on of its investigations in the matter. In a recent press release, the RBZ said that it had established that Ecobank was behind the supply of around ZWL 15 000 whose pictures had flooded social media last week. They said it had been cashed out to an Ecobank customer.

RBZ made assurances that disciplinary measures will be taken against Ecobank for such malpractices. The incident comes at a time when government is struggling to contain the influx of hard notes on the black market. Allegations are that banks are giving out large sums of money to dealers on the black market at the expense of innocent clients who have to queue for hours to get paltry sums.

Most people have scoffed at the RBZ its so called investigation as a mere drop in the ocean. Others questioned why CBZ was not investigated for a bin of coins and notes amounting to over ZWL 40 000 that were pictured recently. Although CBZ released a statement confirming that a client of theirs in the gaming business had withdrawn the money in accordance with regulations, most people are not convinced.

New notes and coins started circulating last week and on the very day they were issued, the black market was already flooded with the notes much the dismay of many people. Issues of money changers being given a lifeline by banks have been a bone of contention for many people who have to buy money on the black market for everyday errands