RBZ Dismisses Claims of POSB Sale to Foreign Inves...

RBZ Dismisses Claims of POSB Sale to Foreign Investors

Zim Now Writer

The Reserve Bank of Zimbabwe has dismissed social media allegations that the People's Own Savings Bank has been sold to foreign investors.

RBZ Governor, Dr. John Mushayavanhu, labeled the claims as "completely false" and reassured the public that no such transaction has been processed or approved by the central bank.

Dr. Mushayavanhu emphasised that any sale of a banking institution in Zimbabwe requires formal approval from the Registrar of Banks, Exchange Control, and other regulatory bodies.

He clarified that no directive for the sale of POSB has been received or processed by the RBZ.

The central bank urged the public, particularly POSB depositors, to disregard the false reports, stating that they should be "dismissed with the contempt they deserve."

POSB, a government-owned savings bank, remains critical in providing financial services, especially in rural and underserved areas.

While the government has expressed intentions to partially privatize some state-owned enterprises as part of economic reforms, there has been no official indication that POSB is currently up for privatisation.

The central bank reaffirmed that the bank remains under state ownership, with no sale having taken place or being in process.