BUSINESS REPORTER
The Reserve Bank of Zimbabwe (RBZ) has said there is sufficient foreign exchange to meet the demands of customers as it moves to calm the nerves of the market amid fears depositors with funds in nostro accounts would not be able to withdraw.
In a statement on Friday, RBZ governor John Mangudya said 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 or credit cards such as MasterCard should be disregarded,” Mangudya said.
He described the statements as uncalled for as “they do not represent the true state of the foreign exchange liquidity position in the economy”.
“The Bank [RBZ] 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,” Mangudya said.
