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RBZ warns of cheque fraud
Dr G. Gono, Governor, Reserve Bank of Zimbabwe
November 17, 2008

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1. Introduction and Background

1.1 On the 3rd and 4th of December, 2008, the Reserve Bank of Zimbabwe held very cordial and fruitful meetings with the Zimbabwe Congress of Trade Unions (ZCTU), led by Mr. L. Matombo, the President of ZCTU and Mr. W. Chibhebhe, the Secretary General of ZCTU, along with other Senior Executives in the ZCTU.

1.2 The nature of the ZCTU mandate and the issues they raised during the discussions were National in nature, representing the interests of the generality of all workers and users of cash in general.

1.3 With the Reserve Bank having presented to the ZCTU the current limitations in terms of currency printing due to the adversity of sanctions currently being imposed against the country, it was agreed on the 3rd of December, 2008 that the ZCTU prepares scenarios and suggestions on possible remedial measures that would meet the interests of the workers.

1.4 The ZCTU was to also consider their proposals in the context of factual current average salaries and wage levels, as well as the employment numbers.

1.5 The Reserve Bank is pleased to report that the ZCTU worked swiftly to come up with proposals which enabled us to make informed discussions and decisions.

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