State Media|Finance and Economic Development Minister Professor Mthuli Ncube has praised the Reserve Bank of Zimbabwe (RBZ) for swiftly acting against two banks alleged to have allowed their depositors to make withdrawals above the stipulated limit.
CBZ Bank and Ecobank are in the eye of a storm after two of their depositors got $44 180 and $15 000, respectively, at a time when other depositors were being allowed a maximum of $100 per day.
The RBZ reported the two banks to the police on Thursday last week and the two institutions are reportedly assisting with investigations.
Responding to questions during a post-Budget breakfast meeting in Harare last Friday, Prof Ncube said it was important for RBZ to ensure such behaviour was nipped in the bud.
“In terms of the cash that you have seen floating in places where it should not be, clearly the Governor (of the RBZ Dr John Mangudya) has acted swiftly on the couple of banks whose staff were involved,” he said.
“So it was a strong message coming from the Reserve Bank.”
The RBZ has threatened to fine any banks caught on the wrong side of the law.
CBZ Bank on Friday sought to exonerate itself from any wrongdoing, saying its investigations regarding the $44 180 circulating on social media established that the transaction was “authorised”.
“The results confirm that a withdrawal of $1 and $0,25 bond coins took place at one of our branches. The withdrawal, by a corporate customer, in the gaming business, was an authorised transaction that fulfilled regulatory requirements,” said CBZ.
“The funds in the container were a display of a subsequent pay-out to a punter at the aforementioned corporate customer’s premises.”
There were indications last night that Ecobank would issue a statement on the matter.
ZRP national police spokesperson Assistant Commissioner Paul Nyathi yesterday said that investigations were continuing.
“We are conducting joint investigations with the RBZ,” he said. “Once we feel that we have anything that we want to advise the public, we will communicate appropriately.”
Prof Ncube called on banks to reduce charges and also pay interest on bank balances.
“On bank charges, we also feel as Government that they are on the high side,” he said. “We will continue to engage them to bring down the charges.
“Instead, I will add my own comment which is around interest on deposits. We want a decent interest on domestic deposits, and a decent interest rate on FCAs (foreign currency accounts).”