ED Advisor Condemns Cash Withdrawal Scandals

A member of President Emmerson Mnangagwa’s Presidential Advisory Council (PAC) who is also the chairman of Alpha Media Holdings, Trevor Ncube has expressed sadness over the “cash withdrawal scandal” in the country.

His remarks come after pictures of huge amounts of new coins and notes which were withdrawn from Ecobank and CBZ made rounds on social media this week with some alleging that the banks were feeding cash into the parallel market.

The central bank, the Reserve Bank of Zimbabwe conducted investigations which implicated the two banks who revealed that the cash was legally withdrawn by their customers.

Meanwhile, some depositors are, as per the RBZ regulations only allowed to withdraw a maximum of $300 which is insignificant considering that the economy is inflationary.

Posting on Twitter after all the drama, Ncube said that the scandal represented the egocentric mindset of the nation as a whole. He said:

Watching this cash withdrawal scandal has been disheartening. Greed, institutional and corporate malfeasance and corruption have become a strong subculture. It is our collective national psyche that is in full display. We are so broken.

The new notes and coins were released this Tuesday and it seems as if cash dealers on the parallel market have more cash than official traders.

More: Trevor Ncube


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