Govt Bans Cash Withdrawals From FCA Nostro Accounts

The Reserve Bank of Zimbabwe (RBZ) has issued a directive banning cash withdrawals from all Foreign Currency (FCA) Nostro Accounts following the promulgation of Statutory Instrument 142 of 2019, which reintroduced the local Zimbabwe Dollar and scrapped the multi-currency regime.

Nostros/FCA holders will have to liquidate their balances to be usable in Zimbabwe.

What this essentially means is that if one earns USD, deposited into their Nostro account, they can’t draw the cash but will have to get it in Zim Dollar using that day’s interbank rate.