RBZ raps errant businesses

Zvamaida Murwira Senior Reporter

The Reserve Bank of Zimbabwe Governor Dr John Mangudya has rapped individuals and organisations who fall victim to robbers for keeping wads of cash in homes instead of banking it as is required by the law.

Dr Mangudya said a lot of reported cases of people falling victim to robberies in their homes or vehicles could have been avoided if they were depositing money in banks.

He singled out Gateway High School which was raided by eight robbers and robbed of more than US$250 000 cash recently.

Dr Mangudya said this today while giving oral evidence before Parliament’s portfolio committee on Industry and Commerce on the objective of Statutory Instrument 127 of 2021 which empowers the central bank to impose penalties on traders abusing foreign currency obtained through the weekly foreign currency auctions.

“We have to comply with the Money Laundering and Financing of Terrorism laws that business must bank their money in terms of the Bank Use and Suppression of Money Laundering Act. We have seen many people being robbed of their money in homes or cars. We had a school which was robbed of its money. You wonder why that school had to keep that money instead of banking it,” said Dr Mangudya.