RBZ lies about Nostro Accounts

The Reserve Bank of Zimbabwe has rendered the information circulating on social media suggesting that the bank has changed its policy and administrative arrangements regarding the treatment of nostro accounts and cash withdrawals as false.

In a statement released today, RBZ Governor John Mangudya said the bank did not implement any changes of ‘free funds’.

“Be advised that there has not been any change on the administrative arrangements regarding free funds . These funds shall continue to be treated as such in line with the policy directives issued to Authorised dealers,” he said.

Mangudya added that employees that were receiving their salaries in foreign currency shall continue to do so in their Individual Nostro FCAs at the discretion of their employers.

Regarding exporting entities, Mangudya said “Exports receipts shall continue to be received through normal banking channels and the generated funds shall continue to be administered in line with policies governing export proceeds”.

He added that members of the public should disregard the falsehoods being peddled through social and other media as such claims are not consistent with Exchange Control policy on administration of foreign exchange.

It is with shock that RBZ governor dismisses the information in the public square as false yet they are saying account holders have to liquidate their foreign currency into local currency