CIO competence questioned by RBZ Governor

CIO competence questioned by RBZ Governor
Published: 15 October 2018 (436 Views)
THE Reserve Bank of Zimbabwe Governor, Dr. John Mangudya confirmed that a secret group of people is making the black market flourish.

Mangudya questioned the competence of the Financial Intelligence Unit (FIU) and the Central Intelligence Organisation (CIO) in failing to catch these "influential people".

Mangudya said, "Those figures of foreign currency being bought or sold for up to six times its value were computer-generated. They were not real and few, if any, transacted at those rates. You could see that it was artificial given the way the situation tumbled back to reality," Mangudya said.

It emerged the net was closing in, with the RBZ's Financial Intelligence Unit (FIU), the Central Intelligence Organisation (CIO), the police as well as heads of commercial banks now in the vortex of a raging storm as to how they could have failed to detect illicit transactions taking place under their noses.

"The people moving money onto the black market, the people behind the money changers are not your ordinary Zimbabwean. These are influential people with access to huge sums of cash. It has been discovered that one character has been pushing onto the black market as much as $48 million in foreign currency," sources told NewsDay.

"This person has access to cash and it is difficult to understand how this could have happened without the knowledge of the CIO, the FIU, the police as well as the commercial bank. The meeting called by the President could trigger a nasty fall-out and there is already gnashing of teeth. Some people have a lot of explaining to do and heads will roll."

But Mangudya said his bank was not involved and, instead, had been investigating illicit transactions.

"The bank does not participate in parallel market practices. It is a process and we have been investigating and if you have any information, please bring it to us. Commercial banks have an obligation to report financial malpractices as well as suspicious transactions," he said.

- newsday

Tags: CIO, Mangudya, RBZ,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 652 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1278 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 972 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1022 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 996 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 811 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 659 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 640 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 519 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 872 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 557 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 577 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 573 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 453 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 535 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 535 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 511 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 505 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 366 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 330 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 514 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 844 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 568 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 552 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 528 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 614 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 497 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 442 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 476 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 476 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 459 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 513 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 456 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 409 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 525 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 811 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 487 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 411 Views