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Banks Agree To Scrap Charges On Forex Accounts For Civil Servants

3 years agoTue, 23 Jun 2020 07:39:03 GMT
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Banks Agree To Scrap Charges On Forex Accounts For Civil Servants

The government of Zimbabwe has entered into an agreement with local banks with regards to Foreign Currency Accounts (FCA) for civil servants and pensioners.

Banks agreed to open the accounts free of charge and also to lower banking and transaction costs so that the US$75 allowance allocated to workers recently is not demeaned by costs.

The development was confirmed by George Charamba the Presidential spokesperson who claimed that President Mnangagwa President directed the Ministry of Finance and Economic Development and the Reserve Bank to make sure measures are put in place to minimise costs. He said:

I happen to know that quite a number of banks have already offered a zero cost FCA facility to civil servants, but also offered to say the FCAs can be opened online, so you don’t have to go to the nearest town and thirdly to link those accounts with the employment numbers of every civil servants and the bank he or she uses.

Workers had expressed concern over the costs associated with opening the accounts since it costs between US$10 and US$20, depending on the bank, to open an FCA in Zimbabwe.

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Meanwhile, banks have already started notifying clients about the development.

More: ZBC News

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