Govt To Announce Statutory Instrument To Protect Nostro Accounts

Finance and Economic Development Minister Mthuli Ncube said Government will announce a Statutory Instrument to protect nostro accounts for individuals and the private sector.

Nostro account refers to an account that a bank holds in a foreign currency in another bank. Said Ncube:

Over and above the Nostro Deposit Protection Guarantee from Afreximbank, we are also reinforcing nostro foreign currency accounts with a statutory instrument to guarantee that these are private deposits and neither the Reserve Bank nor Government has any access to them.

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