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OpenRBZ Dismisses Reports Of POSB Sale To Foreign Investors
The Reserve Bank of Zimbabwe (RBZ) has said it is unaware of the sale of the People’s Own Savings Bank (POSB) to foreign investors.
This follows reports that President Emmerson Mnangagwa has ordered the sale of POSB to Hebrew Investment Group.
In a statement issued on Thursday, February 20, RBZ Governor John Mushayavanhu clarified that no such transaction has been processed or approved by the central bank. Below is the full statement from Mushayavanhu:
FALSE CLAIMS ABOUT THE PURPORTED SALE OF POSB
The Reserve Bank of Zimbabwe is concerned about a false story circulating on social media to the effect that POSB could have been sold to some foreign investors.
The public, and particularly POSB depositors, are advised that any purported sale of a banking business would require the authority of The Registrar of Banks and Exchange Control among other approvals.
The Reserve Bank categorically states that these claims are false and has not received an application from any investor for the purchase of POSB, neither has it received any correspondence from any Zimbabwean Government authority, including His Excellency The President.
If there had been any directive for the sale, it would have had to be addressed to the Reserve Bank as the approving authority.
We can categorically confirm that the Reserve Bank never received any such directive, neither has it processed any application from the named investors.
Accordingly, any reference to the purported sale of POSB cannot be true as the sale cannot be consummated without Reserve Bank approval.
These false claims should, therefore, be dismissed with the contempt they deserve.
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