No anomaly in cash withdrawals: CBZ

16 Nov, 2019 - 00:11 0 Views
No anomaly in cash withdrawals: CBZ

The Chronicle

Business Reporter

FINANCIAL services group, CBZ Holdings, has said there was no anomaly regarding the alleged withdrawal scam involving $44 180 by one of its customers after pictures of a bin container with bond coins went viral on social media.

The Reserve Bank of Zimbabwe (RBZ) had threatened appropriate disciplinary measures against the bank, which was co-accused with Ecobank Zimbabwe, whose client also withdrew $15 000 in new notes and coins, way above the $100 daily limit and weekly limit of $300.  

“In response to social media publications circulating, we would like to advise members of the public that CBZ Limited 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,” said CBZ in a statement posted through its official twitter account. “The withdrawal, by a corporate customer, in the gaming business was an authorised transaction that fulfilled regulatory requirements. The funds in the container were a display of a subsequent payout to a punter at the aforementioned corporate customer’s premises.”

The images of the newly issued bank notes and coins in sealed packs, believed to be destined for the parallel market in Harare, went viral on social media on Wednesday, putting a dent on the image of the monetary authority and the entire banking system. 

In two separate statements Wednesday, RBZ Governor Dr John Mangudya fingered Ecobank and CBZ, adding that further investigations were being conducted in liaison with the police to expose and completely weed out the malpractice. “The Reserve Bank of Zimbabwe has taken note of pictures circulating on social media that show recently introduced $2 bank notes in sealed packs, suggesting that the notes are already being traded on the parallel market,” said Dr Mangudya. 

The Ministry of Information, Publicity and Broadcasting Services also condemned the withdrawal malpractice. The issuing of new $2 and $5 notes plus $2 bond coins on Tuesday this week has brought relief to Zimbabweans who had for months endured cash shortages and were now accessing it on the parallel market.

Share This: