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Zimbabwe Bank Collapses, Job Loses Irk Workers' Group

Reserve Bank of Zimbabwe

The Zimbabwe Bank and Allied Workers Union (ZIBAWU) Wednesday petitioned parliament over the continuing bank closures that have seen more than 1,200 workers losing their jobs and over $3 million in workers’ salaries and savings trapped in the affected banks.

ZIBAWU secretary general Peter Mutasa says they will also petition the Reserve Bank of Zimbabwe to demand immediate investigation into allegations of some central bank officials borrowing from the affected banks and then failing to pay back.

Mutasa says the central bank is responsible for the bank collapses.

A number of indigenous banks have collapsed in the past few years, with three folding this year alone.

Mutasa says they wanted to demonstrate against the RBZ and to hand over a petition last week but were barred from doing so by the police, resulting in them taking this course of holding a press conference.

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