Zimbabwe: CBZ Clears Air On Bucketful of Coins Saga

15 November 2019

Commercial Bank of Zimbabwe (CBZ) has cleared the air on circulating claims that they issued ZWL$ 44.180 to a single client with the bank saying the transaction fulfilled all the regulatory requirements, 263Chat can reveal.

Social media was abuzz with pictures of a bucketful of coins understood to have been withdrawn by a gaming company to pay off a winning punter who had struck jackpot at one of its branches.

In a statement, the Bank said the bucketful of $1 and $ 0.25 bond coins had been issued to a corporate customer contrary to comments that it had siphoned cash into the parallel market.

"In response to social media publications circulating, we would like to advise members of the public that CBZ Bank Limited conducted internal investigations regarding the issue raised. The results confirm that a withdrawal of $1 and $ 0.25 bond coins took place at one of our branches. The withdrawal by a corporate customer, in the gaming business was an authorized transaction that fulfilled regulatory requirements,"

"The funds in the container were a display of a subsequent pay-out to a punter at the aforementioned corporate customers' premises," CBZ said.

The pictures circulating on social media which also include another one involving wads of new $2 notes believed to have been issued by Ecobank have caused apathy in the market over monetary authorities' sincerity in fixing the country's financial woes which has been worsened by illicit money activities.

At time of printing Ecobank had not yet responded.

The development comes at a time most depositors are struggling to access their hard earned cash despite issuance of new coins and notes into the market starting this week Tuesday.

Banks have maintained the $ 300 -weekly limit for cash withdrawals, a case that has not improved demand for cash.

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