Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya, yesterday reiterated that companies and individuals can still withdraw their money held in foreign currency accounts.
His remarks come at a time when both mainstream and social media were suggesting that the RBZ’s Statutory Instrument 142 of 2019 had blocked cash withdrawals from FCAs.
In a telephone interview with Zimpapers’ radio station, Star FM, Mangudya said:
The honest answer is that yes, nothing has changed on FCA accounts, people can still hold FCA accounts in Zimbabwe.
Those who are exporting can still continue exporting and can have their money in nostros . . . if you look at tobacco for example, 50 percent is paid in foreign currency and 50 percent is RTGS.
And cotton, they are getting some money in foreign currency and part of the money in RTGS. For gold it’s the same, 55 percent is the foreign currency for FCA accounts and 45 percent is RTGS, which is your local currency.
So, nothing has changed on foreign currency accounts; people can still withdraw money from their personal accounts, so as corporate accounts, NGOs they can still withdraw their cash, (and) NGOs can still even pay their employees in foreign currency.
Mangudya added that the only change was that domestic transactions now require Zimbabwean dollars only. He said:
. . . we are saying all those with foreign currency, if you want to pay for goods in shops, you need now to pay in local currency. It means that you need to exchange your own money, at your will, as you wish to buy goods from shops.
More: The Herald