Reserve Bank Of Zimbabwe: There Is Sufficient Foreign Currency

The Reserve Bank of Zimbabwe has issued a statement reassuring the public that there is sufficient foreign currency in the market to meet the needs and demands of banks’ customers. In the statement seen by Pindula News, the central bank notes that the foreign exchange liquidity position of banks stands at 60% in both cash and balances held with foreign corresponding banks.

The Bank has dismissed claims made by certain bank media that funds held in foreign currency accounts (Nostro accounts) are not foreign exchange and that the use of international debit MasterCard and credit cards has been deactivated. The Bank emphasizes that these claims are unfounded and do not represent the true state of the foreign exchange liquidity position in the economy. The Bank has also noted that two banks, FBC Bank Limited and BancABC Limited, which were cited as having deactivated card services, have since issued statements distancing themselves from the circulating claims on social media. Reads the statement signed by the Governor, John P Mangudya:

STATE OF FOREIGN EXCHANGE LIQUIDITY IN THE ECONOMY

The Reserve Bank of Zimbabwe (the Bank) wishes to advise and reassure the public that there is sufficient foreign exchange in the market to satisfy all needs and demands of banks’ customers. The foreign exchange liquidity position of banks stands at 60% in both cash and balances held with foreign corresponding banks.

In that regard, statements allegedly made by certain banks, and shared via social media, purporting that funds held in foreign currency accounts (FCAs) (popularly referred to in Zimbabwe as Nostro accounts) are not foreign exchange and that the said banks were deactivating the use of international debit MasterCard should be disregarded. The statements are uncalled for as they do not represent the true state of the foreign exchange liquidity position in the economy.

The Bank has noted that FBC Bank Limited and BancABC Limited, banks cited as having advised the public that they were deactivating card services, have since issued statements distancing themselves from the statements circulating on social media.

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