Published by the government of Zimbabwe
30 December 2008
Harare — UNSCRUPULOUS bank account holders who were apparently eking a living through "burning" money were last Friday stranded after they failed to access the quadrillions that had accumulated in their accounts following the Reserve Bank of Zimbabwe's payslip requirement for withdrawal.
The money launderers were shocked after failing to withdraw the $10 billion per month that came into effect last Friday.
Banks now require account holders to produce current payslips indicating the flow of salaries/wages from one's employer into the employees' bank account in order for one to withdraw money.
Many returned home empty-handed as they failed to access the $10 billion.
Those without payslips are only allowed to withdraw $500 million per week.
The payslip requirement has significantly curtailed the wanton raising of illegal parallel market rates as foreign currency dealers, who had assumed notoriety for quadrupling rates each time withdrawal limits were raised, were caught flat-footed.
Parallel market exchange rates steadily rose since there was limited cash on the market as most account holders failed to access cash from banks as a result of the payslip requirement.
However, some account holders who said they were not in the business of "burning" money, but had funds deposited into their accounts by relatives or were in the informal sector, felt shortchanged by the payslip requirements. They said they were being punished for crimes they did not even commit.
"We are suffering because of people who were into the practice of 'burning' money. My bank account is well funded but I cannot withdraw cash because I do not have a payslip.
"I understand (Reserve Bank of Zimbabwe Governor) Dr (Gideon) Gono meant well when he ordered the production of payslips, but this will further worsen our troubles. Imagine my payslip with a mere $2 billion while another person can withdraw $10 billion.
"Businesses will never consider the fact that I have withdrawn $2 billion, they will only assume that everyone has $10 billion cash and, thus adjust prices to eat up our disposable income," said Mr Weekend Muza from Odzi.
An official at CBZ Bank Mutare said though the measures were felt as a "pinch" by many, it would go a long way in curbing the malpractices that had haunted the banking sector in the past few months.
"A lot of irregularities had arisen in this process, as many people had overnight acquired trillion-dollar bank balances, which meant that banks were not in a position to supply such money.
"After all, it is not necessarily aimed at ensuring that people suffer. I believe normalcy will prevail as workers will not be hindered from accessing their cash," he said.
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