Money On Black Market Not Coming Directly From Banks, RBZ Not Only Source Of Freshly Minted Notes - Deputy Governor

Deputy governor of the Reserve Bank of Zimbabwe (RBZ) Khupukile Mlambo has said that he does not believe that banks are involved in the foreign currency black market. Mlambo also denied that the central bank was the source of the freshly minted bond notes found on the black market. According to Mlambo, the freshly minted notes may have originated from small-scale gold miners. In an interview with the Sunday Mail, Mlambo said

I am not shifting the blame to the banks: the banks followed the regulations that we gave them. I do not think the money on the black market comes directly from the bank. I say so because banks make reports to the RBZ on the movements that take place in different accounts. So if there is one that is suspicious, they have to notify the RBZ; we are not saying the banks were in the parallel market… People need to understand that it is not only the RBZ which has the fresh money. For example, small-scale miners receive fresh money almost directly from the RBZ because they are paid in cash by Fidelity Printers, which is one of our subsidiaries. So that can also be one explanation.  As the Governor has already said, we have no policy to supply the black market.

More: Sunday Mail