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ZB Bank distances itself from agents buying forex on using the bank’s name

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ZB Bank distances itself from agents buying forex on using the bank’s name. THE ZB Bank has castigated as impostors some illicit foreign currency dealers who are claiming to be buying foreign currency on behalf of the bank.

In a press statement released Thursday afternoon, the ZB chief executive Ron Mutandagayi said the bank was concerned at claim by the purported agents, saying it only conducted foreign exchange transactions at official exchange rates.

“ZB Financial Holdings Limited has noted with concern some social media posts alleging that there are “agents” who are conducting illicit foreign currency transactions on the parallel market, representing ZB Bank or on behalf of ZB Bank.

“We would like to unequivocally inform our valued customers and the public in general that there allegations are false and malicious. “The ZB Bank conducts all its foreign currency transactions at the official exchange rates, which we publish at our branches and on our website,” ZB Bank said in a statement.

Mutandangayi further said any irregular transactions should be reported to the authorities so that justice could take its course.

The Press statement by ZB Bank comes after President Emmerson Mnangagwa told members of the Political Actors Dialogue that there were some banks which were withholding cash from withdrawers to release it on the black market.

“Banks have been stashing foreign currency which is then used on the market to spike exchange rates and prices,” Mnangagwa said. The government appears to have to fail to control the black market exchange rate, with some activists accusing its officials of fronting the black market rate in connivance with bank officials.

Source – Zim morning

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