RBZ to force foreign companies to open local bank accounts, amid allegations that some use cash only

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The Reserve Bank of Zimbabwe has revealed that it is going to order all companies to open local bank accounts amid allegations that some foreign firms are operating on a cash basis without local bank accounts. Several foreign-owned companies have been accused of hoarding foreign currency since the dollarisation of the economy.

RBZ Deputy Governor Dr Kupukile Mlambo said:

Every time when a bank sees a transaction that it thinks is suspicious, it is obliged to report before processing it. We now need to find out first of all, ‘where the money is coming from, where it is going?’

Secondly, we are trying to force all companies; all companies are required to have local bank accounts so that their transactions are done through the bank, especially foreign companies.

There are some that were not banking their money so we are trying to have them bank their money. Retailers also have to bank their money. We check to see that this is happening.

More: Sunday Mail

Reserve Bank of Zimbabwe

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

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