November 14, 2019

EcoBank in black market money supply scandal

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THE Reserve Bank of Zimbabwe says its investigations have unveiled that pictures of new notes circulating on social media emerged from EcoBank.

 “Reserve Bank of Zimbabwe has taken note of the pictures circulating on social media that show the recently released 2 dollar bank notes in sealed packs, suggesting that the notes are already being traded on the parallel market.

“The bank has conducted investigations on the matter, and the findings are that the bank notes in the circulating pictures emanated from EcoBank.

“Preliminary investigations by the RBZ at EcoBank indicate that an amount of ZW$15 000 was withdrawn by one of their customers. EcoBank together with their customer are now assisting the Zimbabwe Republic Police with further investigations on this matter,” reads a statement from the central bank.

The central bank also highlighted that there will be disciplinary measures taken against both the bank and the client, as well as anyone engaged in such practices.

This case comes at a time when members of the public were wondering how new notes were finding their way onto the streets whereas banks were saying they do not have money to give their customers.

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