The Reserve Bank of Zimbabwe (RBZ) on Wednesday morning issued a statement to clarify the issue around cash withdrawals by holders of Nostro Foreign Currency Accounts (FCAs).
This follows a directive issued by the Central Bank on Tuesday which has seemingly contradictory paragraphs, especially Paragraphs 3.4 and 4.3.
The RBZ says that individuals are still able to withdraw their cash from their Nostro FCA accounts;
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