RBZ, banks fight reaches tipping point

THE central bank is embroiled in a vicious fight with financial institutions over the suspected manipulation of local currency, barely two years after it wielded the hammer on mobile money transfer companies, the Zimbabwe Independent has established.

ere are indications that the Reserve Bank of Zimbabwe (RBZ) has wielded the hammer on a number of errant banks that are suspected of fuelling the current spike in the exchange rate.

In the past, the RBZ has been battling with mobile money transfer companies, like Ecocash, accusing them of fuelling the parallel market. …e focus has now shifted to banks, which are now accused of being involved in shady currency dealings at the expense of economic stability.

e RBZ’s Financial Intelligence Unit yesterday said there were some banks that were using suspense and other internal accounts under various descriptions for the purpose of purchasing foreign currency on the parallel market.

e financial intelligence arm will carry out an intensive audit on the accounts in question after every bank has submitted the required information. …e information should be provided to the FIU by not later than today.

“We intend to carry out an audit of such accounts. To facilitate the planning of the audit, every bank is required to furnish the Financial Intelligence Unit with a list of all bank’s suspense accounts and other internal accounts used by the bank for its own transactions,” FIU director Oliver Chiperesa said in a circular.

“Subsequent to receiving this information, the FIU may request detailed bank statements for all or some of the accounts.