Two Zimbabwe banks investigated for diverting new notes to black market

A woman shows Zimbabwe's new banknotes in Harare, Zimbabwe, November 12 2019. Picture: REUTERS/PHILIMON BULAWAYO

The cash-starved southern African country on Tuesday introduced new banknotes and coins to curtail a three-year-old cash crisis that has kept hard currency out of reach for most citizens. To the shock of many, tens of thousands of the freshly minted notes were readily available on the black market and were displayed on social media despite most banks’ strict allocation of only ZWL$200 per person.In a statement, Reserve Bank of Zimbabwe governor John Mangudya said Ecobank would face disciplinary action.

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