ZRP probes banks 

Source: ZRP probes banks | The Herald 22 NOV, 2019

ZRP probes banks

THE Reserve Bank of Zimbabwe (RBZ) says a matter involving two banks alleged to have allowed their depositors to make withdrawals above the stipulated limit is now a police case.

RBZ governor John Mangudya told ZTN that the banks were co-operating and assisting Zimbabwe Republic Police (ZRP) in investigations and tracing the money. The apex bank’s Financial Intelligence Unit last week revealed that CBZ Bank and Ecobank had let two of their depositors get $44 180 and $15 000, respectively, at a time when other depositors were being allowed a maximum of $100 per day.

On Wednesday, Ecobank said it complied with regulatory requirements before approving a $15 000 cash withdrawal by a customer which resulted in pictures of new Zimbabwe dollar notes circulating on social media raising fears that the money was being channelled to the parallel market.

In a statement, the bank said the customer had intended to use the money to pay for milk deliveries from small-scale producers.

Investigations by monetary authorities, the bank said, are now on whether the client then used the money for its indicated purposes. — ZTN.

COMMENTS

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    dr solomon 3 years ago

    The regulation says 300$ZW per person per week. It does not say milk purchasers can withdraw more. What is special about milk which everyone else buys with Ecocash in any case, why this silly explanation? Borders on taking citizens for fools, that same day many people never got even the 100$these banks were dispensing and someone shamelessly proffers such a lame excuse having taken 50 weeks supply of cash at one go. Is there a supervisor, manager, ops executive, ceo and a board in these banks? What does it take for them to own up and either resign in shame or visibly deal with the issue? How deep is the issue?