Stanbic employee "suspended" for exchanging bond notes to US dollars

Stanbic Bank Zimbabwe manager Tariro Nyazema is in court for swapping bond notes for US dollars after she was caught last week by security personnel of one of the bank’s clients with an amount of US$30 000.

Mrs Nyazema allegedly instructed her colleagues at the branch to exchange her bond notes to US dollars that the branch had received from the bank’s cash depot for tobacco farmers. The Herald reports that Nyazema had a group of “money changers”at Roadport whom she supplies with US dollars from Stanbic in exchange for bond notes. Investigations by the publication also showed that the money changers work with employees from most banks to access US dollars in exchange for bond notes, which they exchange at a premium of between 10-25 percent.

Stanbic chief executive Joshua Tapambgwa was said to be out of office when contacted by The Herald for a comment. Nyazema was initially said to have been transferred but was suspended after pressure from authorities.