POSB fires employees for leaking bond notes images. Bank fined $500 000

The People’s Savings Bank (POSB) has reportedly fired employees that leaked images of the bond notes in the bank’s vaults before their release over the weekend. According to State broadcaster ZBC, the bank was also fined US$500 000 for the offence.

The bank was fined by the Reserve Bank of Zimbabwe (RBZ) for violating the provisions of section 76 (2) of the Banking Act (chapter 24.20) after its employees unlawfully took images of bond notes in its vaults and publicised them via the social media.

In a statement, RBZ Governor, Dr John Mangudya said the action by POSB’s employees was a defiance of a warning against abuse of bond notes that was made public by the RBZ through a press statement issued on Saturday.