POSB fined US$500k for pre-mature publicity of bond notes images

The Reserve Bank of Zimbabwe (RBZ) has fined the POSB bank half a million dollars for violating the provisions of section 76 (2) of the Banking Act (chapter 24.20) after its employees unlawfully took images of bond notes in its vaults and publicised themÂÂÂ via the social media.

In a statement, RBZ Governor, Dr John Mangudya described as deplorable the conduct of the POSB staff, adding that it was in defiance of advice and warning against such abuse of bond notes made public by the RBZ through a press statement issued on Saturday the 26th of this month.

He said as consequence of the said transgressions, the POSB has been fined US$500 000, while the employees of the bank who publicised the images of the bond notes on the social media have been dismissed with immediate effect. The governor also said the serious offence committed by the POSB has impacted negatively on the integrity and reputation of the central bank and caused unnecessary anxiety and discomfort in the market. The central bank today introduced bond notes to avert liquidity challenges and encourage exports by giving a 5% incentive on all exports.