RBZ DESCENDS ON CASH BARONS AND BANKERS | The Reserve Bank of Zimbabwe (RBZ) has warned bankers and cash barons against selling cash on the black market. Cash barons have taken advantage of cash challenges and are charging between 15 percent and 35 percent interest to desperate people in need of cash.
Of late, some cash dealers operating with Point Of Sale (POS) machines have been targeting people in bank queues. Our Bulawayo Bureau interviewed cash dealers around the city and they revealed that they were agents of bank managers and businesspeople who have access to cash.
In an interview yesterday, RBZ Governor Dr John Mangudya said authorities’ will deal with anyone found breaking the law.“This is abuse of office by bankers and it’s a sign of the ugly face of indiscipline,” he said.
“We have instruments that will be turned into law to curb this.
“We should have a national approach to our challenges .Consumers should advise authorities so that we can take action against that. They can call the RBZ toll free number (TelOne — 08006009 and Econet — 08086770).”
The Bankers Association of Zimbabwe urged bankers to conduct business in an ethical way. BAZ president Dr Charity Jinya advised members of the public to report the selling of cash.
“The Bankers Association of Zimbabwe does not condone any illegal or unethical practices by both clients and members of staff within banking institutions,” she said. “All banks and their members of staff are supposed to conduct business in an ethical way within the confines of the law.
“Should any members of the public come across such instances, we strongly recommend that they immediately report the matter to relevant regulatory authorities.”
A cash dealer who spoke on condition of anonymity said cash challenges had presented him with an opportunity to make a living. People operating small businesses in Bulawayo said they relied on the cash dealers to run their businesses, but the interest rates were high.