RBZ issues press statement warning businesses and individuals selling cash

Posted by Tayana

The Reserve Bank of Zimbabwe today issued a press statement warning business entities and individuals who are selling cash.

In the statement RBZ governor Dr John Mangudya said,

2. Some business entities and individuals are reported to be selling cash, at a premium, against RIGS or bank transfers from the cash buyers’ accounts.
3. Some cash-generating businesses, especially retailers and wholesalers, have not been banking all their cash receipts, as required under the Bank Use Promotion Act [Chapter 24:24]. Instead, they offer the cash to companies and individual, who would make RIGS or inter-account transfers of the equivalent amount, plus an agreed premium, into the cash vendor’s account.

As a result banks will be required to report all transactions suspected to involve selling or purchasing of cash, the RBZ said, while the central bank’s anti-money laundering unit will increase its monitoring.

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