*RBZ Goes After Chivhayo’s Cash Stash...Or will they?* Also Read Below: *ZACC to launch National Anti-Corruption Strategy 2* https://chat.whatsapp.com/ByaUqWcvaJc2HV53RXYZVx *Source*: 👇🏼 *_Business Reporter, ZimEye_* https://www.zimeye.net/2025/02/11/rbz-goes-after-chivhayos-cash-stash/#google_vignette The Reserve Bank of Zimbabwe (RBZ) has raised alarm over millions of dollars lying idle in cash deposit boxes across the country, a growing trend that is starving the economy of much-needed liquidity. While the central bank did not mention names, its latest statement appears to be aimed at controversial businessman and Zanu PF loyalist Wicknell Chivhayo, along with his associates like gold dealer Scott Sakupwanya, who frequently flaunt vast amounts of foreign currency on social media. Chivayo, a self-styled tycoon with a well-documented history of fraud and shady dealings, has become infamous for his ostentatious displays of wealth. He has splurged on an extravagant fleet of luxury vehicles—ranging from Rolls Royces to Bentleys and Lamborghinis—some of which he has gifted to musicians, socialites, and influencers in exchange for public endorsements of President Emmerson Mnangagwa’s Vision 2030 agenda. Despite his extravagant lifestyle, Chivhayo has never publicly declared his sources of income or provided proof of financial legitimacy, fueling widespread speculation about his dealings. He has previously been implicated in high-profile scandals, including a multi-million-dollar Zimbabwe Power Company (ZPC) tender fraud case in which he was accused of receiving $5 million for a power project that never materialized. Announcing his 2025 Monetary Policy Statement, RBZ Governor John Mushayavanhu cautioned against the growing trend of businesses and individuals hoarding large sums of cash outside the formal banking system. “There are manufacturers who are supplying goods to the informal market but are not banking their proceeds. They are keeping these monies in their cash boxes, which is not in line with the Anti-Money Laundering Act. The Financial Intelligence Unit (FIU) will not just watch but will dismantle this practice,” Mushayavanhu stated. The central bank governor emphasized that stockpiling cash presents unnecessary risks, especially in light of recent increases in prepaid credit limits and attractive interest rates on savings accounts. “The issue here is that robbers have been targeting buses, especially cross-border traders, and stealing their cash. There is no need to keep large sums of money in cash when one can simply upload their funds onto a card, with limits now increased to US$1 million. We have also adjusted interest rates on savings accounts, which makes banking more attractive,” he explained. To instill confidence in the local banking sector and encourage a culture of saving, the RBZ has implemented incremental increases in interest rates on deposits. However, whether the central bank will take concrete action against individuals like Chivayo—who continue to operate outside the formal financial system while openly displaying unexplained wealth—remains to be seen. *ZACC to launch National Anti-Corruption Strategy 2* The Zimbabwe Anti-Corruption Commission (ZACC) will this year launch the National Anti-Corruption Strategy 2 as it upscales efforts to combat corruption. The launch follows the successful implementation of the first strategy, which sought to curb corruption and restore public confidence in government institutions. ZACC’s acting executive secretary, Charity Matumbi said, “We came 21 out of 100, but some of the variables were not indicative of our work as ZAAC. These include strides that we have made, for example, in asset recovery and forfeiture as well as money laundering.” Meanwhile, Zimbabwe has improved its corruption perception rankings as evidenced by the 2024 Corruption Perception Index Report released this Tuesday. “This is a result of National Anti-Corruption Strategy 1 launched a few years back, but we still need to see more being done, including public participation in fighting corruption,” Transparency International Zimbabwe’s executive director, Tafadzwa Chikumbu said. “All sectors must come on board to ensure a corruption-free society,” Civic Society representative Bishop Albert Chikuni said. The National Anti-Corruption Strategy One, implemented over the past few years, included initiatives aimed at improving public sector accountability, streamlining procurement processes, and establishing whistleblower protection. ZBC