Zimpapers Logo

Prince Sunduzani, Chronicle Reporter
THE Reserve Bank of Zimbabwe (RBZ) has warned bankers and cash barons against selling cash on the black market.

Cash barons in Bulawayo have taken advantage of cash challenges and are charging between 15 percent and 35 percent interest to desperate people in need of cash.

Of late some cash dealers operating with Point Of Sale machines have been targeting people in bank queues.

The Chronicle interviewed some cash dealers around the city and they revealed that they are agents of bank managers and some business people who have access to cash.

In an interview yesterday, RBZ Governor Dr John Mangudya said authorities will deal with anyone found breaking the law.

“This is abuse of office by bankers and it’s a sign of the ugly face of indiscipline. We have instruments that will be turned into law to curb this,” said Dr Mangudya.

“We should have a national approach to our challenges. Consumers should advise authorities so that we can take action against the culprits. They can call the RBZ toll free number (Telone – 08006009 and Econet – 08086770).”

The Bankers’ Association of Zimbabwe also weighed in and urged bankers to uphold ethics.

BAZ president Dr Charity Jinya advised members of the public to report the selling of cash.

“The Bankers’ Association of Zimbabwe does not condone any illegal or unethical practices by both clients and members of staff. All banks and their members of staff are supposed to uphold ethics as they do their work. Should any member of the public come across such instances, we strongly recommend that they immediately report the matter to relevant authorities,” said Dr Jinya.

A cash dealer who spoke on condition of anonymity said cash challenges had presented him with an opportunity to make a living.

“The cash crisis is real but I’m not crying because for us it has opened opportunities. I get cash requests of up to $1 000 or even more from different people who will be in need of cash. I’m not really making a lot of money as an individual because I work for a bank manager at one of the local banks. People are in need of cash and those who work in banks have it,” said the dealer.

Small businesses in Bulawayo said they rely on the cash dealers to run their businesses, but added that the interest rates charged were too high.

A shop owner who sells cell phone accessories and other imported products said they rely on cash barons for cash to buy forex.

“We rely on these cash dealers because we buy our wares in South Africa and some things come from Dubai. You can’t buy using plastic money and there is no cash in the banks .Their charges are very high but we have not option”, said the shop owner who operates at Bulawayo Centre.

Last month police in Bulawayo warned residents who buy and sell cash that they are now targets of fraudsters and robbers.

@PrinceNkosy102