Reserve Bank of Zimbabwe Aims To Acquire A US$500 Million Nostro Stabilisation Guarantee Facility For Foreign Currency Account
It has been revealed that negotiations between the Reserve Bank of Zimbabwe the African Export-Import Bank towards a US$500 million Nostro Stabilisation Guarantee Facility are now in the final stages. The Nostro Stabilisation Guarantee Facility is aimed at providing Foreign Currency Account holders with an assurance that foreign currency shall be available as per request.
The Reserve Bank of Zimbabwe and African Export-Import Bank discussions were confirmed by Dr Mangudya during his mid-term Monetary Policy Statement for 2018 this afternoon.
Said Mangudya:
With immediate effect, all banks are therefore directed to effectively operationalise the ring-fencing policy on Nostro foreign currency accounts by separating foreign currency accounts (FCAs) into two categories, namely Nostro FCAs and RTGS FCAs.As a further support to this measure and to provide credit enhancement or deposit protection for the Nostro FCAs, the Reserve Bank is finalising discussions with the African Export-Import Bank (Afreximbank) towards a US$500 million Nostro Stabilisation Guarantee Facility (NSGF) to provide Nostro FCA holders with assurance that foreign currency shall be available when required by the account holders. The NSGF, which will be similar to the AFTRADES Facility that guarantees interbank trading in Zimbabwe, is targeted to be in place by the end of October 2018
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