By Business Reporter
Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya has reassured the public that there is an ample supply of foreign exchange in the market to meet the needs and demands of customers.
Mangudya was responding to claims made by certain banks and had gone viral on social media platforms, the messages suggested that funds held in foreign currency accounts (FCAs), commonly known as Nostro accounts in Zimbabwe, are not considered foreign exchange.
In a statement, Mangudya highlighted that the foreign exchange liquidity position of banks stands at a healthy 060% in both cash and balances held with foreign corresponding banks.
“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 060% in both cash and balances held with foreign corresponding banks,” said Mangudya
The RBZ chief urged the public to disregard these statements as they do not reflect the accurate state of foreign exchange liquidity in the country.
“In that regard, statements allegedly made by certain banks, and shared via social media, purporting that fund 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. The statements are uncalled for as they do not represent the true state of the foreign exchange liquidity position in the economy,” said the Governor
He added “The Bank has noted that FBC Bank Limited and Banc ABC 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,”
The RBZ’s reassurance regarding the availability of foreign exchange is crucial for the Zimbabwean public, as it dispels any concerns or uncertainties that had arisen due to the statements.