A few hours after the government outlawed the multi-currency system, they issued the directive on how FCA/Nostro withdrawals must be handled by banks. Scores of people were wondering how Diaspora remittances would be handled. The ministry of Information took their time to enlighten masses on the new development. According to the Ministry of Information and Publicity:
Please note that Diaspora remittances shall continue to be received in foreign currency. Recipients shall have 3 options to receive remittances: * in cash *sell their remittances on a willing-seller-willing-buyer basis to Bureaux de Change, or deposit into Individual Nostro FCA
Please note that Diaspora remittances shall continue to be received in foreign currency. Recipients shall have 3 options to receive remittances:
* in cash
*sell their remittances on a willing seller willing buyer basis to Bureaux de Change, or
*deposit into Individual Nostro FCA— Ministry of Information, Publicity & Broadcasting (@InfoMinZW) June 25, 2019
However, Zimbabweans took to social media to register their displeasure about the new directive from RBZ that bans Forex withdrawal from Nostro accounts.
What did I tell you about FCA (Nostro) accounts? 💅🏼
— Fadzayi Mahere 🇿🇼 (@advocatemahere) June 25, 2019
This is the RBZ exchange control directive on Nostro/FCA accounts.
I remember being called names here after I predicted that this would happen!
Anyway, here you. Your Nostros/FCA balances will be liquidated if you want to use the money in Zimbabwe.
No more cash withdraws! pic.twitter.com/LpjHe2yKM2
— Hopewell Chin’ono (@daddyhope) June 25, 2019
It appears FCA (Nostro) accounts have been raided by gov. If so this is sad and tragic!
— Pedzisai Ruhanya (@PedzisaiRuhanya) June 25, 2019
So This Evelyn girl is trending kupfura FCA Nostro 😂😂😂. Hope mamatora ma yuwesi muma Nostro umo
— Ti Nasheh (@tinasheh4) June 25, 2019
But once deposited into an Individual Nostro FCA – that money cannot be withdrawn! Ndochiii ichocho?😳😳😳
— Chief Svosve II (@SvosveII) June 25, 2019
Mr Biti ,a huge blow for FCA Nostro Accounts , you are a prophet
— Kevin (@Kevin23676252) June 25, 2019
So we opened FCAs once and those accounts became bond and we had to open FCA Nostro accounts and now those accounts will be zimdollarised??? This is too much pic.twitter.com/8oQ1Mne73w
— Gibson Ncube (@gib_zzz) June 25, 2019
Another government sanctioned heist on ordinary people’s monies. No more cash withdrawals from your Nostro/FCA accounts! #Zimbabwe pic.twitter.com/kXMdmf59f2
— Prof Changamire (@1changamire) June 25, 2019
Your FCA Nostro account is usable when you travel outside of the country.
You can also do your online payments for foreign goods and services while you are here.
You will no longer forex locally since all goods and services will be paid in local currency.
Pane chaipa here?
— Shingai Ndoro (@shingaiRndoro) June 25, 2019
No, your FCA/Nostro accounts will not be affected… Until you wake up and they have changed their minds
— #BlackGirlMagic🇿🇼 (@miss_Shaz21) June 24, 2019
So u deposit into individual nostro FCA then what? Receive it as Zimdollar.
A wise man will not let his children donate to GoZ by remitting any forex to Zim
— The_Thinker🤔 (@The_Thinker_II) June 25, 2019
You can’t withdraw any money as they are now saying .the Nostro FCA account are now for paying international obligations.
Basically our FCA accounts have been raided again.
— Shane (@unperson13) June 25, 2019