The Commercial Bank of Zimbabwe (CBZ Holdings) has been implicated in parallel market money laundering schemes and leakages of newly-minted notes into the black market, just hours after a picture of a person with a bulk pile of new notes went viral this morning.
The picture caused an uproar on social media, with Zimbabweans calling for the culprit to be investigated and for the central bank to explain how such bulk notes ended up in the hands of one individual yet the majority of the people withdraw limited amounts.
Hours later, popular Twitter personality and Zanu-PF gladiator @Matigary said the CBZ is behind the scam. Matigary also alleges the bank has been smuggling notes and coins to the black market where EcoCash agents are charging 50 per cent for every withdrawal.
The handle which is believed to be owned by Taurai Chinyamakobvu has expressed its intolerance with the situation at hand and called for an explanation from the Bank and decisive measures to be taken against the Bank.
He wrote: “It would be silly to imagine RBZ did not anticipate that bank notes would not be on the street. This has happened over and over when new notes are introduced. OVER & OVER. The QN is why was it not anticipated & nipped in the bud. Controls nhai Mangudya?
“Consequences on wrongdoing must be swift & decisive. Citizens must never be taken for granted, ever,” reads the tweet.
It would be silly to imagine RBZ did not anticipate that bank notes would not be on the street. This has happened over and over when new notes are introduced. OVER & OVER.
The QN is why was it not anticipated & nipped in the bud. Controls nhai Mangudya? pic.twitter.com/yNLPrUalpL— mmatigari (@matigary) November 14, 2019
The central bank governor has been blamed for failing to put measures on how to stop the situation which was so obvious would happen considering the economic climate at hand.
Zanu-PF national political commissar in the Youth League, Godfrey Tsenengamu, called for young people to protest against the RBZ and corrupt, “useless” Ministers.
“This is time to demonstrate at RBZ. It’s time to defend the interests of the dispensation. (It’s) time to physically remove money changers on the streets.
“It’s time to block useless Ministers from getting to offices. The young people are the vanguard and should defend revolutionary gains lest posterity will harshly judge us,” Tsenengamu said.
Another youth leader, Tendai Chirau, urged the central bank to speedily deal with the matter. Chirau, who is the Zanu-PF Youth League’s national secretary for administration, says it should only take “seconds” to find out where the notes emanated from.
“Finding the bank which sent the new notes to the black market should not take seconds. The people who are the confidence builders need answers,” Chirau said.
Government earlier on said the central bank has launched investigations into the release of bulk notes at av time indicvidual account holders have a cap on their withdrawals of ZWL$300 per week.
“Government through the Reserve Bank of Zimbabwe is investigating allegations of abuse of newly released bank notes. Cash was collected by banks using their CIT (cash in transit) vehicles on Monday. All serial numbers were recorded in the register.
“The offending banks will be named and severe action taken,” said the Ministry of Information, Publicity and Broadcasting Services on social media Thursday morning.
Meanwhile, CBZ was yet to respond to the allegations.
- (Additional reporting by Mining Zimbabwe)