Editorial and commentary


The Central Bank should come with tough and clear regulations in the management of hard currency.It seems like there is coordinated follow-ups in ensuring that any hard currency withdrawn from commercial banks is used for its intended purpose(s). Previous reports indicate that some individuals were withdrawing large amount of foreign cash for local use which were not clearly specified. If this is so, then these are the same people behind the black market because if their withdrawal are not for import or exports, then what do they do with the money.There must be an elaborate monitoring of the hard cash, more so. Now that the country is taking off the ground where it was been placed for the last five years. Players in the economic sector should be watchful and advice the regulator where they suspect foul play.It is in their interests and that of the country to tame the rogue and errand money launderers. Central Bank alone cannot win this war unsupported and without cooperation, but they should be in the know-how of the loopholes that exist within the commercial banks.

The strength of any country’s economy is dictated by the way its central bank is managed. It is to be remembered that in 2012 and just before the breakout of the conflict, there was a minimal differences in changing hard currency in commercial bank and black-market. The latter was not thriving like it is today. Order and sanity should be the key word in the management and key players in the banking sector. It is becoming obvious that someone was sleeping on the job and not doing what is supposed to be done. This in itself is an economic crime punishable by the laws of this country. Let Central Bank trace those floating the laws and punish them accordingly because they are economic saboteurs.

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