By Staff reporter

Ecobank has been fingered in the storm in which sealed packs of the recently introduced $2 notes were found trading on the parallel market.

Preliminary findings of the Reserve Bank of Zimbabwe investigations revealed that the bank notes came from Ecobank.

In a statement, RBZ Governor Dr John Mangudya said, “The bank has conducted investigations on the matter, and the findings are that the banknotes in the circulating pictures emanated from Ecobank. Preliminary investigations by RBZ at Ecobank indicate that an amount of ZW$15 000 was withdrawn by one of their customers.

“Ecobank, together with their customer, are assisting the Zimbabwe Republic Police with further investigations on this matter.”

The Governor said disciplinary measures would be instituted against the bank and its customer and anyone involved in the malpractices which he said brought the name of the central bank into disrepute.

Dr Mangudya further explained how banks withdraw cash from the RBZ.

“The procedure is such that banks transfer the equivalent amount of their cash requirements to RBZ through the RTGS system. The banks will then collect the cash from the RBZ to their central cash depots from where they distribute to their branch network,” said the Governor.

The RBZ was forced to act after pictures of recently introduced $2 notes in sealed packs circulated on social media, implying that they were already being traded on the parallel market.