In a circular sent out by the Reserve Bank of Zimbabwe to financial institutions today, the central bank announced that it has not commenced test to have FCA accounts start using the RTGS system.
FCA Account where introduced last year at the beginning of October as an alternative for banking customers in Zimbabwe and the move was widely seen as an acceptance by government that Bond Note and RTGS balances where not equivalent to the US Dollar.
FCAs accounts were however not part of the RTGS or the ZIPIT platform. This is is now changing. Effectively, the meaning of RTGS in general language changes as there will now be RTGS Bond and RTGS FCA.
Here’s the full text:
CIRCULAR TO RTGS PARTICIPANTS — MULTICURRENCY UPGRADE — ADDITION OF USD ON THE RTGS PLATFORM
We advise that the RTGS platform has been upgraded to include the United States Dollar (USD) to facilitate settlement of USD Nostro FCA transactions. The function is now available in the test environment for testing by participating institutions.
All participants are urged to send test messages end to end and ensure a full cycle of the transaction is completed. Results of the test should be logged immediately on the attached user acceptance testing form and submitted to the Reserve Bank on a daily basis until Friday,01 February 2019.
It is expected that the settlement of USD transactions will commence soon thereafter in the live environment.
Please be advised accordingly.
Deputy Director, Financial Markets Division — National Payment Systems
28 January 2019