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It’s Ecobank That Has Put New Currency On Black Market Says RBZ

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The Zim currency drama unfolds. No comment needed from us. Here is the press statement released by the Reserve Bank of Zimbabwe as promised earlier:

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PICTURES OF NEW NOTES CIRCULATING ON SOCIAL MEDIA

The Reserve Bank of Zimbabwe (“RBZ”) 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.

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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 Preliminary investigations by RBZ at Ecobank indicate that an amount of ZW$15 000 was withdrawn by one of their customers.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.

Dr J P Mangudya Governor

14 November 2019


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16 thoughts on “It’s Ecobank That Has Put New Currency On Black Market Says RBZ

    1. What is ZW$15000????? If RBZ spend their time on issues like this rather than solving the problem, then we are not going anywhere. I think RBZ should start to view current problems in a bigger picture.

      1. We are just being tossed around, RBZ knows all the scams, instead they are the ones behind all this, they hv their inside man in every bank..CBZ, ECOBANK they are just scapegoats

  1. Heads must roll at Ecobank
    We don’t want subortage of that magnitude
    Ppl have suffered enough in this country we now need relief
    Hamumyari makaita sei imi

  2. Haaa I’ve been banking with ecobank for almost 5years now they are corrupt those guys. At one point vakapihwa mari and before banks opening i heard them planning to give only 18pple $50 each then the rest of the money vakatogovana. They have merchant lines they use to sell money on the black market. They need to be investigated thouroughly, just today vatoramba kutipa mari paSoutherton branch but you hear kuti kune umwe munhu 1 apihwa $15000.00.Sis

  3. Its amazing how gullible people are.
    A mere $15 000 accounts for all the money that has supposedly leaked onto the black market, seriously????
    This is despite the RBZ claiming that they put in place “measures to prevent cash being diverted to the black market” before releasing the new money. I wonder what measures they took.
    This has been going on for years, banks have been financing the black market and authorites have been ignoring this fact instead chosing to occassionally chase money traders around in the streets.
    Same old BS. NXA!!!!

    1. The press statement was specifically dealong with the money in the pic, I dont think anybody suggested that only $15000 has leaked. The fact that they traced it to a apecific bank and specific customer suggests that the measures somehow helped catch that particular culprit. Let’s dissect a stort as it is without throwing all our feeling in there right from the word go.

  4. In Chiredzi there is one particular bank which won’t repent. They most often than not claim that they do not have cash for their account holders. Where do they put the money they get from RBZ? You find them waiting for meagre deposits in order for their customers to share that little

  5. Why are we brewing a hurricane in a tea cup? Fifteen thousand dollars ($15000) is only $1000us an amount the chefs carry around in their wallets. Do they get into trouble because they have $1000us on their persons? We are using this incident to explain away gross mismanagement and incompetence forgetting that the RBZ is at the heart of it all. The problem with Zimbabwe is that all those people shouting murder in this case are in themselves very corrupt. We are all corrupt. If we all stopped giving bribes, buying contraband and cash non of this would happen. Just because you haven’t been caught yet is no proof that you are clean. In any case the sale of cash is on a willing buyer willing seller basis and the rot will continues because we hoose to budget for space satellites instead of fixing the money supply and other problems weighing the nation down. ZANUPF had a field day disparaging Chamisa’s spaghetti roads yet are clapping for a silly idea of budgeting for space satellites when there is inadequate cash in circulation. Why is it so difficult to bring to book all those businesses practising 2 tier pricing which is the driving force behind the selling of cash?

  6. 15 000 bond like seriously don’t take us for fools that’s equivalent to 1000 usd an amount that is for pocket for the rbz king pins

  7. The problem in our country is that the officials simply turn a blind eye to issues gone wrong because someone at the top is benefiting and so no one wants to arrest the situation and some of the solutions don’t need technocrats to sovle. One wanders if our beautiful Zimbabwe will ever be the same again.

  8. I think then whole point is not about 15 000 bond, the issue is about that which was not seen. so please, with all due respect, face the facts as they arise and understand them accordingly because if evidence on ground is suggesting that you have leaked 15 000 what can make us not thinking that you are within the corrupt system had it not that noticed leakage

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