Not to be confused with the global meaning of Nostro Account In Zimbabwe, a Nostro account is the USD foreign currency account held by local customers of banks in the country. The account is essentially a foreign currency account introduced in October 2018 by the Reserve Bank of Zimbabwe (RBZ) as a way of separating real USD accounts from RTGS and Bond Note holding accounts.

Zimbabweans can open Nostro accounts at any registered bank in the country.

Introduction

Introducing the new bank account type on 1 October 2018, RBZ Governor, John Mangudya said the separation of FCAs and RTGS accounts is meant “to eliminate the commingling or dilution effect of RTGS balances on Nostro foreign currency accounts.”[1]

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References

  1. RBZ’s new FCA ‘ring-fence’, explained, NewZWire, Published:1 Oct 2018, Retrieved: 28 Feb 2019