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Nothing amiss in cash withdrawals above stipulated limits, Mangudya

by Staff reporter
15 Nov 2019 at 19:21hrs | Views
Reserve Bank of Zimbabwe Governor, Dr John Mangudya, says there is nothing amiss in depositors withdrawing cash above stipulated limits as exemptions are normal in the financial services sector.

Dr Mangudya was responding to questions regarding the 15 thousand dollars and the 44 thousand dollars which found it's way on social media.

"There is no problem in withdrawing money above a stated limit, exemptions are permissible in the financial services sector. People who want to pay farm workers, gold buyers often get these exemptions. What worries me is why one is posting money on social media? To cause alarm and despondency in the economy? So we need to change our laws to cater for that, the cyber security bill must come into effect," he said.

Dr Mangudya attributed the showing of money on social media as an abnormal situation which is obtaining in the economy.

"These are symptoms of a lack of national cohesion and being done by abnormal people. We supervise banks, and depositors are clients of banks, so when it gets to that level, it's under the purview of financial institutions," he said.
On the long queues for cash withdrawals, Dr Mangudya said banks should approach the central bank to get more cash if need be.

There has been an uproar on social media following the posting of huge amounts of new notes and coins in which citizens blamed on the central bank and investigations have indicated the transactions were above board.

In a statement, CBZ said internal investigations were carried out to ascertain the authenticity of the matter.
"The results confirm that a withdrawal of $1 and $0.25 bond coins took place at one of our branches. The withdrawal, by a corporate customer, in the gaming business, was an authorised transaction that fulfilled regulatory requirements. The funds in the container were a display of a subsequent payout to a punter at the aforementioned corporate customers' premises," said CBZ

Source - the herald

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