Zimbabwe Anti-corruption Commission (Zaac) has opened investigations into the murky way cash is finding its way onto the parallel market from banks, the probe follows the central bank admission that new notes were leaked from banks to the black market by CBZ and Ecobank clients.

The Reserve Bank of Zimbabwe last Monday released a significant amount of cash into the banking sector to alleviate the cash crunch that has been dogging the country. However, by Tuesday morning the parallel market was awash with the new $2 and $5 notes yet most banks were limiting people top withdrawals of $50.

Zacc spokesperson, John Makamure said they had opened a probe into how the new notes had get into the black market, warning that anti-graft body will prosecute all those found to be involved.

“We are investigating how the new bank notes have reached the black market, and those to be found on the wrong side shall be prosecuted. We encourage the public who buy cash on the streets to report those they buy from, to enable us to make follow-ups,” said Makamure.

On Monday, the RBZ pumped $30 million worth of new bank notes and coins into the financial sector in a bid to address the cash shortages in the country.

RBZ John Mangudya said the bank had conducted the investigations and found out that an amount of $15 000 was withdrawn from Ecobank by one of their customers, who it said is assisting the Zimbabwe Republic Police with further investigations.

“The Reserve Bank of Zimbabwe has taken note of pictures circulating on social media that show recently introduced $2 banknotes in sealed packs, suggesting that the notes are already being traded on parallel market.

“Preliminary investigations by RBZ at Ecobank indicate that an amount of $15 000 was withdrawn by one of their customers. Ecobank, together with their customer, are now assisting the Zimbabwe Republic Police with investigations.” Mangudya said.

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By Rutendo Bamu