RBZ Clarifies on Salaries in Foreign Currency

RBZ Committee To Launch A New Committee To Review the Interbank Market
Image Credit: My Zimbabwe News

Reserve Bank of Zimbabwe (RBZ) has clarified on payment of salaries to workers in foreign currency.

This follows the release of an FBC Bank internal document through social media.

The circulating report suggests that the central bank changed the policy and administrative arrangements regarding the treatment of Nostro accounts and cash withdrawals.

“There shall be no cash withdrawals from these particular accounts funded under this arrangement,” the circulating document says referring to workers Nostro accounts.

Central bank Governor Dr John Mangudya dismissed the FBC Bank internal documents as false information and said there has not been any change on the administrative arrangements regarding the treatment of Nostro accounts and cash withdrawals.

“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,” Mangudya said.

“Such free funds may be retained in the Nostro FCA for an indefinite period and cash withdrawals remain permissible.”

“Free funds shall continue to be treated as such in line with the policy directives issued to Authorised Dealers.”

The governor also dug into exporting entities and said 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,” Mangudya said.

“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.”

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