Zimbabwe biggest bank CBZ “caught smuggling new notes and coins into black market”

CBZ CEO Blessing Mudavanhu

The Commercial Bank of Zimbabwe (CBZ Holdings) has been accused of smuggling notes and coins to the parallel market money.

The alleged scandal was disclosed by popular twitter who is also a ZANU PF crusader, @matigary who is believed to be Taurai Chinyamakobvu who said:

It’s not enough to demand an explanation to these @CBZHoldings seals on the coins.

It would be silly to imagine RBZ did not anticipate that bank notes would not be on the street. This has happened over and over when new notes are introduced. OVER & OVER.

The QN is why was it not anticipated & nipped in the bud. Controls nhai Mangudya?

These reports come after an image of new notes alleged to be on the parallel market has circulated on social media platforms suggesting that banks were feeding cash onto the parallel market.

The central bank, the Reserve Bank of Zimbabwe this Tuesday introduced $5 and $2 notes, as well as $2 coins and whilst banks, are still issuing limited amounts of money to account holders, currency dealers on the parallel markets seem to be in possession of huge amounts of these new notes already.

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