The RBZ has finally issued a statement on the issue of a picture doing rounds on social media of a man holding a pile of the new Zimbabwean dollar notes. According to the central bank, the notes have been traced to Ecobank.


Picture of New Notes Circulating On Social Media

The Reserve Bank of Zimbabwe (RBZ) has taken note of pictures circulating on social media that show recently introduced 2 dollar bank noes in sealed packs, suggesting that those notes are already being traded on the parallel market.

The bank has conducted investigations on the matter, and the findings are that the banknotes in the circulating pictures emanated from Ecobank. Preliminary investigations by RBZ at Ecobank indicate that an amount of ZW$15 000 was withdrawn by one of their customers.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.

Appropriate disciplinary measures shall be taken against the bank and the customer and anyone else found responsible for such malpractices which bring the RBz and the entire banking system into disrepute. Such malpractices cannot and should not be condoned.

In the meantime, the Bank would like to advise the public on how banks withdraw cash from the RBZ. The procedure is such that banks transfer the equivalent amount of their cash requirements to the RBZ throught the RTGS system. The banks will then collect the cash from the RBZ to their central cash deposits from where they distribute to their branch network.

Dr JP Mangudya
14 November 2019

Text of the press release