Following the release of the new notes and coins on Tuesday, there has been an uproar on the withdraw limits set by the Reserve Bank of Zimbabwe. The central bank set a maximum withdrawal limit of $300 per week, which arguably cannot buy one month’s grocery of an average Zimbabwean family.
What’s more agitating is that there are images and videos of moneychangers with stacks of the new notes yet the average person is failing to withdraw more than $300. The circulating reports have caught the attention of the Office of the President which has since contacted the Reserve Bank of Zimbabwe about an investigation into this incident. Press Secretary in the Office of the President of Zimbabwe and Presidential Spokeman, George Charamba this morning said:
I have just spoken to the RBZ governor who has indicated that the central bank investigations are now complete. The central bank will issue a statement before long, certainly before close of day. I thank alert Zimbabweans who exposed this racket.
The black market has negated all the government efforts to stabilise the economy- black market activities like the trading of cash, as a result of cash shortages, are fuelling inflation which is affecting the majority (average) folks. There have long been suspicions of bigwigs in the government nurturing black markets but nobody has ever been prosecuted.
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The RBZ should not leave its name on the list of the culprits. RBZ staff are ‘up to the neck’ involved in the saga. Just read a report by the Anti-Corruption Trust of Southern Africa that some of the new notes were already in the black before the date when they were issued.