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The new notes and coins flood black-market a day after their release

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The new notes and coins flood black-market a day after their release. The Central Bank recently injected $1 Billion into the market to ease cash challenges with individuals permitted to withdraw ZWL300 a week from their respective banks.

Zimbabweans have taken to social media expressing their anger after a picture of a cash baron showing off new banknotes from the Reserve Bank Of Zimbabwe went viral. Barely 24 hours after the notes were released into the market, the ZWL 2 and ZWL 5 were already on the black market raising a lot of questions as to which was the money withdrawn given the limits imposed by the Central Bank.

Below are some of the comments made by citizens on Twitter:

“The @ReserveBankZIM is always wrongly accused of channelling cash to the black market. That’s a false accusation. The real culprits are banks. Bank Managers are the culprits here.The Reserve Bank is complicit because they DON’T penalize these rogue banks. That’s disappointing,” said one Kudzai Mutisi.

“While I don’t exonerate bank managers the RBZ has over the years been buying foreign currency from the streets. New currency has serial numbers which can be traced to the institution which availed it to the money changers, why hasn’t action been taken to identify the culprits,” said Andy Kuwocha.

Speaking to Online publication Zimmorning Post, The Governor of The Reserve Bank of Zimbabwe John Mangudya has promised to take action on the errant banks responsible for channelling money to the black market.

“We have launched an investigation and banks that will be found guilty will be heavily penalised,Our task has been made easier because some notes we are seeing on social media have serial numbers, I think you are aware that banks collected their allocations on Monday morning so we know which bank got notes with which serial numbers. Each bank was allocated notes with certain serial numbers so the investigation is half done already,”

Only time will tell if the Central bank will succeed to bring order to the market.

Source – iHarare

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