Zimbabweans employed by exporting companies and earn their
salaries in foreign currency will now have their money converted into local
currency or only withdraw the forex after getting approval from the Reserve
Bank of Zimbabwe, it has emerged.
According to a leaked internal memo from a commercial bank,
the new rules will become effective tomorrow.
The memo said any unutilised balances in the individual
nosto foreign currency accounts will be compulsorily liquidated 30 days after
the salary is transferred to the bank.
“There shall be no cash withdrawals from these particular
account funds under this arrangement,” part of the memo reads.
“However, should there be a genuine need for cash to be
withdrawn from the accounts, specific applications must be made to the RBZ and
supported by letters written by the account holders detailing the reason and
circumstances surrounding such requests.
“The absence of cash withdrawal facilities is also extended
to offshore travellers who must load their master card prior to departure.”
The bank said there were strict rules to be followed in
approving foreign payments by the nostro accounts holders.
“Where an account holder intents to conduct domestic
transactions, such shall be done in line with S1 142 of 2009 where all such
transactions should be done in local currency (for domestic transactions) funds
in the accounts should be liquidated at the prevailing exchange rate,” added
the memo.
“Foreign currency funds in these accounts may, however be
used to settle bona fide foreign payments wherein the bank shall ensure that
goods and services paid for are fully accounted for through submission of
relevant documentarian to be scrutinised and approved by either the branch
operations manager or branch manager who must annotate foreign payments from
the nostro accounts.”
The bank instructed its branches to keep records of
movements of funds from nostro accounts.
“Prior to processing transactions for this category of
account holders, a statement enquiry operating accountant Master Card, to check
and ensure that the transaction is within the limit of the amount authorised as
per salary proceeds credited and that the Master Card has not been reloaded
from another branch,” the memo added.
“The onus is on the administering branch to ensure full
compliance with the conditions of the RBZ approval, otherwise we risk being
fined, which regrettably, is unacceptable.
RBZ Governor John Mangudya confirmed the new rules.
“That document is an internal document for (the named
bank), kindly treat it with caution, but presuming it is authentic, here it is
very correct because it is dealing with funds from exporters,” he said.
“Companies allowed to export and pay salaries in foreign
currency, have to oblige because these are funds acquired through exports.
“Free funds from diaspora remittances are not subject to
the provisions of that document. That document only deals with funds from
exporters.”
The government is battling to contain a bludgeoning foreign
currency market driven by an acute shortage United States dollars. Standard
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