THE Reserve Bank of Zimbabwe on Monday slapped POSB with a half a million fine for breaching confidentiality and secrecy after the bank’s employees leaked pictures of bond notes a day before they were released.
BY BUSINESS REPORTER
In a statement, central bank governor, John Mangudya said POSB violated section 76(2) of the Banking Act Chapter 24:20.
“More specifically, POSB unlawfully and without permission took images of bond notes in its vaults and distributed and publicised the images via social media,” Mangudya said. “The wrongful and deplorable conduct of POSB was also in defiance of advice and warning against such abuse of bond note made public by the Reserve Bank through a press statement on November 26, 2016.”
Mangudya said the POSB employees’ action had impacted negatively on the integrity and reputation of the central bank and caused unnecessary anxiety and discomfort in the market. He said the employees, who committed the offence, were dismissed with immediate effect.
Bond notes started circulating in the country on Monday and they are pegged at 1:1 with the US dollar.
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The notes are in denominations of $2 and $5.