RBZ to reward whistle blowers

Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has introduced a five percent reward to whistle blowers who report individuals and businesses involved in cash hoarding, selling or engaging in illicit dealings.

In a statement, RBZ Governor Dr John Mangudya said information provided to the bank would be kept in confidence between the whistle blower and the bank.

“To promote and enforce compliance with best practice and anti-money laundering rules and regulations, the bank is pleased to advise that it has established dedicated hotline numbers for the public to report individuals and firms or traders that may be involved in cash hoarding, selling or abusing or externalising of cash, or any related misdemeanour,” he said. “A reward equivalent to five percent of the reported and recovered cash amount will be offered by the bank.”

Since April last year, the country has been faced with cash shortages and as such long winding queues have become common at banks especially during month-ends.

The central bank has blamed the cash crisis to externalisation among other illicit dealings. In light of the cash shortages, the monetary authority has encouraged the transacting public to use plastic money and electronic payment systems such as Real Time Gross Settlement (RTGS) and mobile money transfer platforms.

Dr Mangudya said the central bank was pleased to note that the economy was recovering on the backdrop of a good agricultural out-turn and the turnaround of the mining sector.

He said foreign exchange spin-offs from the above critical sectors have started driving the revival of the industrial sector, particularly those sub-sectors benefiting from the provisions of Statutory Instrument 64 of 2016.

SI64/2016 was introduced by the Government to control imports thereby promoting consumption of locally produced products.