WITHDRAWAL of individual free funds remains permissible in
hard currency and the funds can be retained in Nostro Foreign Currency Accounts
(FCA) indefinitely as rules have not changed, the Reserve Bank of Zimbabwe
(RBZ) has said.
RBZ Governor Dr John Mangudya issued a statement yesterday
in response to growing uncertainty in the market as a result of multiple social
media messages circulating suggesting that the Central Bank has made policy
changes on forex retention by individuals.
“The Reserve Bank of Zimbabwe has noted with concern that
false information is being circulated through the media suggesting that the
bank has changed the policy and administrative arrangements regarding the
treatment of Nostro accounts and cash withdrawals. This follows the release via
social media of an FBC Bank internal document,” said Dr Mangudya.
“Please be advised that there has not been any change on
the administrative arrangements regarding free funds. Free funds shall continue
as such in line with the policy directives issued to Authorised dealers.
“As previously communicated, employees of international
organisations, non-governmental organisations, and Embassies shall continue to
receive their salaries in foreign currency in Individual Nostro FCAs at the
discretion of their employers.
Such free funds may be retained in the Nostro FCA for an
indefinite period and cash withdrawals remain permissible. Holders of such
funds may liquidate cash withdrawn from their accounts, or their account balances
into local currency through a bank or a bureau de change to fund domestic
transactions,”
Dr Mangudya however said exporters still have 30 days to
utilise funds generated from exports.He said this was meant to facilitate funding of the
interbank market for the importation of critical imports.
“As regards exporting entities, export receipts shall
continue to be received through normal banking channels. Funds generated from
exports shall continue to be administered in line with policies governing export
proceeds which include settlement of bona fide foreign payments and liquidation
on the interbank market of all unutilised balances after 30 days from date of
receipt.
This is to facilitate funding of the interbank market for
the importation of critical imports for corporates and individuals without
access to foreign exchange as is the case in other jurisdictions,” said the
Governor.
Dr Mangudya urged members of the public to disregard any
information that is not from the central bank’s official communication
platforms.
“Members of the public should therefore disregard the
falsehoods being peddled through social and other media as such claims are not
consistent with the exchange control policy on administration of foreign
exchange,” he said. Chronicle
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