Govt Will Raid Foreign Currency Accounts: Tendai Biti Warns

Former Finance Minister Tendai Biti has warned Zimbabweans keeping their money in Nostro Foreign Currency Accounts risk having their money seized by Government.

He said Government will expropriate foreign currency in citizens’ accounts when it runs out of the United States dollar. He said this during an analysis of the 2019 Monetary Policy Statement presented by RBZ governor John Mangudya on Wednesday. Said Biti:

You recall that in the last monetary policy statement of October 2018, John Panonetsa Mangudya created two accounts; the Nostro RTGS and Nostro FCA. Now I want to warn Zimbabweans. I am not a prophet. I’m not a marabout but most things that I say come true. Those of us who are keeping money as Nostro FCA, this regime is going to run out of money and as has happened in the past those accounts will be expropriated. Mark my words.


Tendai BitiJohn MangudyaRTGS

Tendai Laxton Biti is the president of the People's Democratic Party, a prominent lawyer, activist, politician and Member of Parliament for Harare East. Biti was part of the founding team of the Movement for Democratic Change in 1999 together with Morgan Tsvangirai, Gibson Sibanda, Welshman... Read More About Tendai Biti

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a "real time" and on a gross basis. Settlement in "real time" means a payment transaction is not subjected to any... Read More About RTGS

1 Comment

  1. godfrey chikowore Reply

    Considering the receding nature of affairs, this could be one of the unfortunate options the revolutionary government could go for as it is fairly unpredictable, more so because industrialization has so far no traction registered.

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