Zim govt raids foreign currency accounts, Nostro holders to get ZW dollars

President Mnangagwa’s Government has raided US Dollar (FCA) accounts held  in local banks and given account holders RTGS without consultation.

A few days after saying that individuals could withdraw up to US$1 000 per day from their FCA accounts, the central authority has now changed its tune, saying that Cash Withdrawals can only be made by individuals who intend to settle foreign costs.

If individuals want their money but do not have proof that they will be travelling outside the country, they will receive the money as Zimbabwe Dollars at the prevailing rate instead.

In a statement, the central bank said:

Under the newly announced policy measures, salaries for NGOs remain payable in foreign exchange where funding for such NGOs, International Organisations, is from offshore.

In cases where the holders of such funds intend to settle domestic transactions, the funds shall be liquidated at the prevailing interbank market to facilitate payments in ZWL, which is now the legal tender.