HARARE – The Commercial Bank of Zimbabwe (CBZ) says no law was broken after the Reserve Bank of Zimbabwe (RBZ) and police initiated an investigation into how one of their customers ended up with over ZWL$44,000 in bond coins.
The RBZ has set a weekly withdrawal limit of ZWL$300 cash. The emergence online of a large amount of coins wrapped in plastic with CBZ seals fuelled internet speculation that the money was being traded on the black market, with questions over how an individual accessed the money.
Authorities are also investigating EcoBank after one of their customers was photographed with over ZWL$15,000 in newly-issued ZWL$2 notes.
CBZ, in a statement on Friday, said: “In response to social media publications circulating, we would like to advise members of the public that CBZ conducted internal investigations regarding the issue raised.
“The results confirm that a withdrawal of $1 and $0.25 bond coins took place at one of our branches. The withdrawal, by a corporate customer in the gaming business, was an authorised transaction that fulfilled regulatory requirements.
“The funds in the (bin) containers were a display of a subsequent payout to a punter at the aforementioned corporate customer’s premises.”
On Thursday, the RBZ threatened both CBZ and EcoBank with “appropriate disciplinary measures… for malpractices which bring the RBZ and the entire banking system into disrepute.”
The RBZ also warned Zimbabweans against “placing such pictures on social media platforms.”
“Such behaviour causes unnecessary anxiety and despondency within the economy,” the apex bank said.
The RBZ introduced new ZWL$2 coins, ZWL$5 and ZWL$2-denominated notes this week hoping to solve a cash crisis which has fuelled a thriving parallel market where cash is bought at a premium.
