Individuals And Companies Hold $1.3 Bn In FCA, says RBZ

RESERVE Bank of Zimbabwe
 (RBZ) Governor John Mangudya said on Monday individuals and companies hold US$1.3 billion in foreign currency accounts.

Mangudya made the revelations after Finance Minister Mthuli Ncube announced that individuals will be allowed to withdraw cash in U.S. dollars from those accounts.

Zimbabwe made its interim currency, the RTGS dollar introduced in February, the country’s sole legal tender last Monday, ending a decade of dollarisation and taking a another step towards relaunching the Zimbabwean dollar.

There was confusion mid-last week after some banks declined to let clients withdraw forex from their nostro accounts while awaiting clarification on the issue from the Treasury and RBZ.

Zimbabwe adopted the multi currency regime in 2009 on the back of a collapse of the bearer’s cheque due to record breaking inflation.


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