RBZ Dismisses Reports Of Classification Of Individual & Company FCAs As Exporters

The Reserve Bank of Zimbabwe has issued out a statement dismissing social media reports that it has directed banks to classify individual and domestic company accounts as FCAs. The Central Bank said in the statement:

Please treat the tweet on social media on the classification of individual and domestic company FCAs as exporters as fake news.

Such fake news is meant to cause confusion in the market and to undermine confidence for the purposes of manipulating exchange rates. This is quite unfortunate.

The RBZ is quite pleased with the operation and classification of all FCAs. All individual and domestic company FCAs are free funds.

One of the social media posts which prompted the RBZ’s response reads:

RBZ directed all banks to classify individual $ domestic co. accs as Exporters. RBZ to hold 20% of forex in exchange of bond notes.

80% forex can be accessed upon submission of expenditure invoice. Collect funds within 30 days.