The Reserve Bank of Zimbabwe (RBZ) has been castigated for its failure to communicate clearly in its directives especially on the issue of withdrawals from Nostro FCAs.
Local journalist and social commentator, Hopewell Chin’ono said that the RBZ has moved to clarify the issue. He wrote;
After speaking to Finance Ministry officials, we have established that the Nostro/FCA rule applies to exporters, not you and me.
We can still withdraw our US$ in cash. The RBZ must learn to communicate better and release a question and answer sheet for citizens after policy announcements.
However, in later posts on microblogging site Twitter, Chin’ono said that banks are still refusing to give cash to customers. He said:
A bank CEO has said to me that “…consultations happening internally at the moment,” regarding Nostro withdrawals. They have suspended withdraws at three banks pending more light from the RBZ.
What has been your experiences so far? Do you now see how muddy this pronouncement was?
What we said yesterday is what is happening on the ground. Nostro Clients are not able to withdraw as we speak.
I was not wrong after all, banks are not allowing Nostro withdrawals by individuals. The issue is about lack of communication and policy clarity by the RBZ.
Any policy announcement should come with a FAQ sheet. Even banks are confused. Of course, our friends won’t come back to accept.
Meanwhile, the RBZ insists that individuals can still withdraw cash from their Nostro FCAs. In a statement on Wednesday, the Central Bank said:
For corporates, banks shall apply the KYC principle for any intended cash withdrawals.
The current withdrawal limit for individuals remains US$1000 per day.
Individuals are still able to withdraw their cash from their individual accounts and banks are, in line with international best practice, expected to apply the AML/CFT principles.
Further to our Directive, the Reserve Bank wishes to advise that contrary to certain information being circulated on social media, cash withdrawals by individuals are still permissible and the policy position hasn’t changed.
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The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe