Mangudya Accuses Banks Of Fuelling Black Market

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya blamed banks for fuelling the black market adding that the central bank does not participate in the parallel market.

In July 2017, Stanbic Bank Zimbabwe manager Tariro Nyazema appeared in court for swapping 30 000 in bond notes for US dollars.

Mrs Nyazema allegedly instructed her colleagues at the branch to exchange her bond notes to US dollars that the branch had received from the bank’s cash depot for tobacco farmers. The Herald reports that Nyazema had a group of “money changers”at Roadport whom she supplies with US dollars from Stanbic in exchange for bond notes. Investigations by the publication also showed that the money changers work with employees from most banks to access US dollars in exchange for bond notes, which they exchange at a premium.