By Davison Vandira
Government has joined forces with the Private Sector to weed out financial sector indiscipline that is threatening the macro-economic stability prevailing in the country.
Various stakeholders met the Reserve Bank of Zimbabwe Governor Dr John Mangudya early this week and pledged to complement government in its quest to tame rampant financial indiscipline that has rocked the economy.
There is enhanced surveillance into the country’s financial ecosystem with the Commercial bank of Zimbabwe (CBZ) notifying its customers and employees that anyone found violating exchange control regulations will be immediately suspended from all the financial institution’s explicit or implied platforms for a period of two years.
The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit has announced that all debit cards transactions for all banks will now be monitored as they are being misused in propagating illicit financial activities.
Confederation of Zimbabwe Industries (CZI) President, Mr Kurai Matsheza highlighted that the industrial body will descend on any errant member found on the wrong side of the law, especially those benefiting from national resources like forex allotments on the RBZ auction platform.
“As Confederation of Zimbabwe Industries, we will be making sure that no-one from our constituency is working against the country’s financial stability which is key for the survival of the same entities and the economy at large,” Matsheza said.
Financial stability is central to economic development of any country and as such, analysts concur with government on the need to put in place deterrent measures for the benefit of every Zimbabwean.