RBZ To Punish Banks Responsible For Flooding Streets With New Notes

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that investigations are already underway to ascertain the source of new notes that have flooded the black market.

Mangudya said the banks responsible for channelling the notes onto the streets will be severely dealt with once they are known. He said:

We have launched an investigation and banks that will be found guilty will be heavily penalised.

Our task has been made easier because some notes we are seeing on social media have serial numbers.

The RBZ issued new $2 and $5 banknotes and $2 bond coins on Tuesday, with $30 million dollars allocated to various banks.

However, a few hours after the notes were introduced, banks had run out of cash while the streets were awash with the notes.

More: Zim Morning Post