Mangudya warns bank officials involved in illegal cash deals

Reserve Bank of Zimbabwe governor John Mangudya has warned bank officials who are involved in illicit cash deals to stop. Speaking at the at the official opening of the Grant Thornton Zimbabwe headquarters, Mangudya said:

As we have been reading in the newspapers, there are some bankers that are also engaging in that type of practice [cash dealing].

That is a poor banking practice and it is not acceptable in Zimbabwe. It is a bad business practice, bad banking and abuse of office and if a banker is doing that it is not acceptable.

As central bank, we have evoked our Bank Use Promotion Act which compels all traders to bank their surplus cash and also on our part as a central bank, we are trying to encourage the use of plastic money.

When we are using foreign exchange, we are using foreign exchange as our medium of exchange right? But we need to earn foreign currency, we need to make it.

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Due to the ongoing cash shortages, people who have access to cash are making a killing by selling the cash, something which is reported to have tempted many bank officials.

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