RBZ Has Assured That Nostro Balances Are Safe, Can Still Be Used - ZNCC

The Zimbabwe National Chamber of Commerce (ZNCC) has issued a note to its members saying the Reserve Bank of Zimbabwe has assured that Nostro balances and liquidity in the overall banking system are safe and secure and can be used for external payments as before.

This followed claims of unfunded Nostro balances circulating on social media. The organization said it is closely monitoring financial sector developments to safeguard its members’ interests. In a statement seen by Pindula News, the Chamber notes with concern the unconfirmed claims on alleged restrictions around withdrawing cash against Nostro balances. ZNCC said:

Note to members on claims of unfunded Nostro Balances

The Zimbabwe National Chamber of Commerce (ZNCC) closely follows the financial sector developments in the Zimbabwean economy, with a view to ensure that the interests of our members are safeguarded. This is in keeping with part of Chamber’s constitutional mandate to “promote, improve and encourage the development of trade and commerce in Zimbabwe.” The financial sector plays a crucial role in the economy and the Chamber notes with concern the unconfirmed claims circulating in social media on unfunded Nostro balances and alleged restrictions in withdrawing cash against them. Upon enquiry with the Central Bank, we learnt that it was just false information. On further enquiry with the Central Bank to get deeper understanding of the actual position in the financial sector, particularly on the actual performance of local Nostro transactions, we have been assured that the nostro balances and liquidity in the overall banking system are safe and secure and can still be used for external payments as has been the case. So far, none of our members have experienced challenges with transacting using their local Nostro accounts.

We urge our members and the wider business community not to panic and make decisions based on inaccurate market information. We also urge monetary authorities and the financial sector at large to continue fostering financial prudence and transparency to safeguard this sensitive sector of the economy in the interests of stability, economic growth, and development.

contact us on Telephone: 0242 770244/ 770551 Email: membershipOzncc.co.zw or incchrePzncc.co.zw Facebook ZNCC Twitter @znccnational Linkedln: Zimbabwe National Chamber of Commerce Address: 5 Orkney Road Eastlea, Harare

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