Thursday, 14 November 2019

RBZ PROBES NEW NOTES ON THE BLACK MARKET


The Reserve Bank of Zimbabwe has instituted investigations to establish the bank that issued out large sums of new bank notes.

The $2 notes are now circulating on social media, with citizens questioning the integrity of the bank that released the money. Critically, skeptics are beginning to doubt that the issuance of new notes and coins by the RBZ will solve the prevailing shortage of physical cash.

After sending him the picture of new notes circulating on social media, Dr Mangudya told The Herald that the central bank will investigate the matter. He said the issuing bank will be fined heavily.

“Preliminary evidence suggests the money was released through the formal banking system and the perpetrator will be heavily fined,” said Dr Mangudya.

The beneficiary of the notes suspected to have been corruptly released shielded serial numbers on the bulk of the notes except for a few.
It is thought that the money is used by cartels in the banking sector to oil the illegal market for forex. Further, the money is offloaded to mobile money agents who charge ridiculous premiums that had gone up 60 percent if one wanted to swap their RTGS for physical cash. Herald

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