Zimbabwe’s largest bank, Ecobank, in trouble

Zimbabwe’s largest commercial bank, CBZ, and Ecobank are in trouble after both allowed clients to withdraw huge sums of money believed to be have been destined for the black market.

The Reserve Bank of Zimbabwe said it was investigating CBZ after it allowed one customer to withdraw $44 180.

Ecobank allowed a customer to withdraw $15 000. It is also under investigation.

The normal withdrawal limit is $300 a week.

Zimbabwe is facing a serious cash crisis which the government is trying to address by injecting cash into the market.

The shortage has led to a thriving black market. Those with cash are trading electronic money at huge discounts.

Cash is also required to purchase United States dollars which have become a store of value though Zimbabwe has declared the local currency the sole trading currency.

(141 VIEWS)