WATCH LIVE: Fake ZIG floods Zimbabwe
WATCH LIVE as Gambakwe expands on the developing crisis at the Reserve Bank of Zimbabwe where the central bank is failing to trace ownership of over 1000 bank accounts that are dumping billions of fake ZIG into the market using debit cards and swipe machines. The bank accounts are suspected to belong to connected individuals and banks.
Up to yesterday, the Reserve bank of Zimbabwe had seized over 240 cards and closed a similar number of bank accounts. However, the ownership of the accounts have not been established as some of them have been opened using false credentials, dead people or non-existent people.
Topics
1. The RBZ is shocked to find thousands of bank accounts with billions of ZIG which are transacting at the black market.
2. The Banks created billions of phantom ZIG from suspense accounts, ATM accounts, Dormant accounts and general stuffing of accounts during the change over from ZWL to ZIG.
3. The banks have unleased point of sale of unleashed sqipe machine's
Bank cards banned.
4. The bank accounts don't have real names and are often burner accounts created for single transaction use. By the time they are closed they are already emptied.
5. RBZ has no pro-active way of knowing which such accounts exist in the banks.
6. political pressure is stopping the RBZ from naming and shaming the culprits and offending banks.
7. Neville Mutsvangwa remains in jail. This shows that Mutsvangwa is weak and has no base within the political structures.
8. General Chiwenga now has the upper hand.
9. Mnangagwa sets up War veterans league.
10. Young women for Ed visit Chimoio.
11. Mnangagwa sons supplying cars to MPs. Three dealerships linked to ZANU-PF, Executive Motors ( owned by ZANU-PF Chivi Central MP Exevia " Wezhaz" Maoneke), Exquisite Motors (Owned by the Mnangagwa twins throughWicknell Chivayo and Victor Matiyenga) and Paza Busters (
12. Lincoln Mutasa of the Zifa Normalisation Committee has failed to run fresh ZIFA elections.
Conclusions
1. RBZ does not know how much money is circulating.
2. Strategy of not releasing notes is aiding fake ZIG.
3. Seizing cards will not work because banks are the culprits.
4. Banks are dumping billions of fake ZIG that were created during the changeover from ZWL to ZIG.
5. As the ZIG rate drops, banks will dump more ZIG, its a vicious circle.
