As we reported earlier, the RBZ recently met with members of the banking and business community over the spike in black market rates. During that meeting, banks through the Bankers Association of Zimbabwe agreed to help the RBZ to curtail the black market forex deals. It seems the CBZ is one of the banks that has heeded this call. In a recent circular, we have seen the bank details a series of measures they are going to take to fight the forex black market.

The circular starts by noting that a lot of CBZ account holders who were selling or buying foreign currency illegally had been advertising on various social media platforms. CBZ said staff were to report any such people to the FIU. CBZ also said staff were to help identify anyone dealing with foreign currency and report them to the FIU. It’s not clear how staff is supposed to do this though without violating the privacy of clients.

Below is a full text of the circular

DATE: 12 October 2021
ALL QUERIES TO: Mark Demba (GROUP COMPLIANCE)
FROM: GROUP COMPLIANCE
TO: ALL
REF: MFM/PZ/GROUP COMPLIANCE
SUBJECT: PARTICIPATION OF CBZ CLIENTS IN PARALLEL MARKET ACTIVITIES

Reference is being made to the Press Release statement issued by the Reserve Bank of Zimbabwe and the Financial Intelligence Unit (FIU) on 30 September 2021 and 5 October 2021 respectively, on individuals participating in parallel market activities.

Both Regulators have cited great concern on the number of CBZ clients who are advertising parallel foreign currency transactions on different social media platforms, this in turn is fuelling exchange rate distortions in the foreign exchange market.

In a bid to curb the fuelling of exchange rate distortions and preserve the Group’s good image, CBZ shall fulfil its obligation of identifying such clients and reporting them to the FIU.

Additionally, all staff members are being advised to desist from participating in illegal foreign currency transactions, either on behalf of clients or for their own personal benefit.

Disciplinary action shall be taken against any staff member who breaches the contents of this Instruction Circular hence staff members are encouraged to use the legal designated channels to access foreign
currency.

It should be noted that clients and staff members identified by both Regulators to be involved in parallel market activities shall be blacklisted and barred from accessing financial services for the next 2 years.

Lastly, all staff members are being encouraged to identify any persons advertising parallel foreign currency transactions using the CBZ name on social media and report them to [email protected], or forward the social media message to the following WhatsApp number
+263774132360 (Matthew Manyati).


Please bring the contents of this circular to the attention of all staff members for their information, guidance and compliance.
Regards,
Matthew F. Manyati Peter Zimunya

Group Chief Compliance Officer Managing Director


A screenshot of the alleged CBZ circular

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