News:RBZ targets cash dealers

From Pindula

<vote /> The Reserve Bank of Zimbabwe has launched an operation to assess banking trends by high cash generators amid revelation that cash deposits fell 40% on average last month.

The operation was revealed by Finance Minister Patrick Chinamasa in his report on the implementation of Zim Asset to the ZANU-PF Consultative Assembly last Friday. This operation is covered by Section 11 of the Bank Use Promotion Act.

Chinamasa's pointed out there were illegal cash dealings,

"There are reports which alleged that some players were selling cash, engaged in illicit deals and were not depositing cash as required in terms of Section 11 of the Bank Use Promotion Act."

He also pointed out that Treasury had given the Zimbabwe Revenue Authority board the mandate to increase the tax base, automate the tax collection system and to combat corruption.

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