The Bankers Association of Zimbabwe (BAZ) has admitted that some banks blundered in failing to submit CD1 forms to the Reserve Bank of Zimbabwe (RBZ) on behalf of their clients. This resulted in some of the companies being placed on the externalisation list which was released by President Emmerson Mnangagwa. However, despite this, BAZ president Charity Jinya said that it was up to the companies to clear themselves.
Said Jinya,
We do admit there are administrative issues involving the banks as raised by some companies. Let me make it clear that when we are discharging CD1 forms, we cannot as banks discharge the CD1 without evidence because that system can only be discharged from the RBZ side when documentation is available.
When an appeal is made, with circumstances explained our regulator, of course, will have to look at the explanation that we give for that transaction to be cleared.
I am not suggesting that banks do not make mistakes, they do as much as customers make errors. Therefore it’s important that those mistakes are known and corrective actions are taken by the banks. What is important is responsiveness when such issues are raised.
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More: Herald
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