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The governor of the Reserve Bank of Zimbabwe (RBZ), Dr John Mangudya has said Zimbabwe recorded a significant improvement in foreign currency holdings.
Dr Mangudya attributed the development to improvement in exports, an increase in Diaspora inflows and a better business operating environment.
The RBZ boss told The Herald in an interview recently that the economy can tap into the US$1.1 billion Nostro account holdings on a regular basis to fund production and imports. Mangudya said:
<blockquote>The higher the holdings the better for the foreign currency auction system to sustain production and productivity, which stabilizes the exchange rate, prices and inflation, which is good for the consumer, investors and everyone.
The banking sector foreign currency deposits stand at US$1,1 billion and this reflects holdings for Zimbabwean individuals and entities and the money is derived from exports, Diaspora remittances, loans and other sources.</blockquote>
<div class="entry-content" id="article-content">
<blockquote>We have seen significant improvement in foreign currency holdings. If you look closely you see that exports have gone up and as at November 30, 2020, exports had gone up 18,2 percent compared to 2019 from US$4,9 billion to US$5,8 billion.</blockquote>
Zimbabwe has had an enormous scarcity of foreign currency, an issue that is hamstringing efforts to revive the collapsed economy.
The country’s major foreign currency sources include diaspora remittances, tobacco and gold as well as other minerals.
Zimbabwe is, unfortunately, expecting reduced forex earnings from both the agriculture and mining sectors as they were this year greatly affected by the outbreak of the coronavirus.
For instance, the Southern African country is expected to <a href="https://news.pindula.co.zw/2020/12/10/zim-records-the-lowest-gold-output-in-6-years/" rel="noopener noreferrer" target="_blank">record less than 20 tonnes of gold this year, its lowest gold output in 6 years. </a>
More: <a href="https://www.herald.co.zw/just-in-zim-economy-on-sounding-footing-for-sustained-growth/" rel="noopener noreferrer" target="_blank">The Herald</a>
</div>

Pindula News

RBZ Records "Significant Improvement In Frorex Holdings"

Some Zimbabweans who hold foreign currency accounts (FCA) have claimed that they are facing challenges in withdrawing their money thereby worsening fears over the possibility of government invading the pubic’s accounts.
Zimbabwe has a huge shortage of foreign currency, a situation that has affected efforts to revive the collapsed industry.
Harare resident Fidelis Matiashe, who banks with a local commercial bank, told Zimbabwe Independent that he had encountered challenges in withdrawing forex from his bank. He said:
<blockquote>I went to withdraw my money yesterday (Wednesday) as I have done over the years, but on Wednesday they told me that I will not be able to withdraw my money because it was sent via a transfer.
I tried to engage the bank over the matter with a view to understanding whether it was their new policy to do that, but I couldn’t get a proper answer.</blockquote>
Recently, the government allowed people to use forex to transact in the country and also urged its employees to open FCAs so as to receive their US$70 allowances, a move some consider as a huge step towards redollarisation.
Economist Godfrey Kanyenze said the challenges faced in withdrawing cash worked to erode public confidence in the banking system.
More: <a href="https://www.theindependent.co.zw/2020/07/03/fca-account-holders-fail-to-withdraw-cash/" rel="noopener noreferrer" target="_blank">Zimbabwe Independent</a>

"This Undermines Confidence," Kanyenze Speaks As Forex Account Holders Fail To Withdraw Cash

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said RTGS dollars and FCA Nostros will remain the same and the central bank will not raid anyone’s foreign currency account.
He said this at a breakfast meeting in Harare to discuss the monetary policy he delivered last week.Said Mangudya:
<blockquote>We have never raided anyone’s nostro account, our records can testify and we will not do so going forward</blockquote>
<hr/>
 
<h4>Related:</h4>
<ul>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2019/02/22/govt-will-raid-foreign-currency-accounts-tendai-biti-warns/" rel="bookmark">Govt Will Raid Foreign Currency Accounts: Tendai Biti Warns</a></h3>
</li>
</ul>
<hr/>
More: <a href="https://www.sundaynews.co.zw/rbz-allays-fears-on-bank-balances/">Sunday News</a>

RBZ Will Not Raid Foreign Currency Accounts- Mangudya

Former Finance Minister Tendai Biti has warned Zimbabweans keeping their money in Nostro Foreign Currency Accounts risk having their money seized by Government.
He said Government will expropriate foreign currency in citizens’ accounts when it runs out of the United States dollar. He said this during an analysis of the 2019 Monetary Policy Statement presented by RBZ governor John Mangudya on Wednesday. Said Biti:
<blockquote>You recall that in the last monetary policy statement of October 2018, John Panonetsa Mangudya created two accounts; the Nostro RTGS and Nostro FCA. Now I want to warn Zimbabweans. I am not a prophet. I’m not a marabout but most things that I say come true. Those of us who are keeping money as Nostro FCA, this regime is going to run out of money and as has happened in the past those accounts will be expropriated. Mark my words.</blockquote>
<hr/>
<h4>Related:</h4>
<ul>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2019/02/22/watch-tendai-biti-analyses-2019-monetary-policy-statement/">WATCH: Tendai Biti Analyses 2019 Monetary Policy Statement</a></h3>
</li>
</ul>

Govt Will Raid Foreign Currency Accounts: Tendai Biti Warns

The deposit of actual United States dollar has now shot up to about US$600 million.
This comes after the separation of real time gross settlement (RTGS) foreign currency accounts from actual United States dollar accounts. This was said by Reserve Bank of Zimbabwe Deputy Director for Economic Research Dr Nebson Mupunga yesterday during a breakfast meeting organised by the Employers’ Confederation of Zimbabwe (Emcoz) in Harare. Said Mupunga:
<blockquote>In the same account, we were depositing RTGS and US dollars, there was pressure in terms of the actual US dollar. That is why as the Central Bank we took the decision to separate the accounts so as to preserve value and so as to attract those with actual hard cash to deposit in the banking sector and this has actually started paying dividends as you see. Now, nostro FCA deposits are on an increase to around US$600 million from maybe around $130 million.</blockquote>
Mupunga said the increase  in nostro FCA deposits is largely attributed to rising confidence in the financial services sector by individuals and corporates.
More: <a href="https://www.chronicle.co.zw/rbz-decision-pays-off-as-fca-deposits-hit-us600m/">Chronicle</a>

Foreign Currency Accounts Deposits Reach US$600 Million

According to local financial services firm, IH Securities, Zimbabwe’s financial markets are likely to remain unstable until Nostro Foreign Currency Accounts (FCAs) meet the demand in the real-time gross settlement accounts (RTGS). IH securities went on to say that by separating the accounts, into separate dedicated Nostro FCAs and electronic accounts, the central bank was admitting the two are not at par. Part of the report reads
<blockquote>We believe that volatility in rates will persist until transferrable foreign currency in FCA nostro accounts meets foreign currency demand in FCA RTGS accounts, thus reaching equilibrium. We estimate the real effective exchange rate to be such that the parallel rate should converge to our estimate of 115% (implied rate 1—2,15) should fundamentals come into play…genuine productive sector businesses have significantly slowed down as ability to pass on that level of cost to the consumer becomes strained. This has had an impact on COGS (cost of goods sold) and we expect this to remain a challenge as long as the currency problems remain unresolved.</blockquote>
More: <a href="https://news.pindula.co.zw/2018/10/30/video-zororo-makamba-on-lifting-of-import-restrictions/" rel="noopener" target="_blank">NewsDay</a>

Financial Markets To Remain Unstable

Finance and Economic Development Secretary George Guvamatanga said Government ordered the separation of Foreign Currency Accounts (FCAs) and real time gross settlement (RTGS) accounts because some banks had begun cheating their clients of part of their United States dollar savings.
Guvamatanga said this when he appeared before the Parliamentary Portfolio Committee on Finance and Economic Development. He said some banks would only allow their clients to access part of their funds. Said Guvamatanga:
<blockquote>So to protect those with access to such funds, it was very important to separate so that there is no confusion and I know — I come from the banking sector that in the past if you received money from the diaspora or from whatever source some banks would tell you that you can now access 70 percent of your money because the Reserve Bank said we should take the other 30 percent, which was not true. So there was an element of market indiscipline that was now starting to creep in and discouraging those with access to US dollars from bringing it into the formal system and we were trying to address that matter by saying let’s separate the accounts under the multi-currency system, which is still Government policy as we speak.</blockquote>
<hr/>
<h4>Also Read:</h4>
<ul>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/10/01/banks-given-two-weeks-to-separate-nostro-foreign-currency-accounts-and-rtgs-deposits/" rel="bookmark">Banks Given Two Weeks To Separate Nostro Foreign Currency Accounts And RTGS Deposits</a></h3>
</li>
</ul>
<hr/>
More: <a href="https://www.chronicle.co.zw/banks-fingered-in-us-dollar-scams/">Chronicle</a>

Banks Were Stealing Clients' Forex That's Why Govt Ordered Separation Of Accounts- Finance Secretary

Minister of Finance and Economic Development, Mthuli Ncube has reassured the public that this time around, the government will not raid their foreign currency accounts (FCA)s. In 2008, under the tenure of then Reserve Bank of Zimbabwe governor Gideon Gono, holders of FCA accounts lost all their hard currency after the government raided the accounts to finance its projects and expenditure. Said Ncube,
<blockquote>I want to assure you that these FCAs will not be raided. They have been ring-fenced. These are kept offshore and you have a mirror account (domestic) which reflects those accounts. You know what happened the last time we did that when we shut them down, the US dollar just disappeared. So we have learnt that if you raid these FCA, if you shut them down, the US dollar disappears and you go back to disintermediation, which is what we have now…So we learnt a hard lesson. I would not recommend that to anyone to say raid people’s accounts. It is not a good idea, not under my watch if I am allowed to watch over those FCAs as Minister of Finance.</blockquote>
Announcing the mid-term monetary policy on Monday, <a href="https://news.pindula.co.zw/2018/10/01/banks-given-two-weeks-to-separate-nostro-foreign-currency-accounts-and-rtgs-deposits/" rel="noopener" target="_blank">RBZ governor John Mangudya ordered banks to separate Nostro FCA from RTGS FCAs within the next two weeks in order to preserve value for exporters.</a>
More: <a href="https://www.herald.co.zw/well-not-raid-fcas-minister-reassures-depositors/" rel="noopener" target="_blank">Herald</a>

Govt Will Not Raid Foreign Currency Accounts Again If I Am Allowed To Watch Over Them - Finance Minister

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has ordered banks to separate Nostro foreign currency accounts (FCAs) from the real-time gross settlement (RTGS) deposits. This effectively means the Nostro FCA will be for actual United States Dollars while the RTGS accounts will be for electronic money and bond notes. According to the governor, the Nostro foreign currency accounts will be used to stamp out the leakages of foreign currency leakages onto the black market.
Said Mangudya,
<blockquote>With immediate effect, all banks are therefore directed to effectively operationalise the ring-fencing policy on Nostro foreign currency accounts by separating foreign currency accounts (FCAs) into two categories, namely Nostro FCAs and RTGS FCAs.
Accordingly, all banks are directed to use their know-your-client (KYC) principles to
comply with this directive to separate the accounts without requiring their clients to
complete any other documentation other than for new bank accounts. Banks have been
provided with a period of up to 15 October 2018 to fully comply with this policy
measure. Banks are also expected to provide reasonable deposit rates on the Nostro
FCAs in line with international best practice on such accounts
….For the avoidance of doubt, foreign currency in the Nostro FCAs pertains to free
funds, diaspora remittances, international organisations’ remittances, portfolio
investment inflows, loan proceeds and export retention proceeds. It is also essential to
note that all exporters retain 100% of their export proceeds with the exception of gold
producers that retain 30% of export proceeds; platinum, diamonds and chrome 35%
and; 20% for tobacco and cotton producers.</blockquote>
However, Mangudya stressed that the government has not devalued the Bond Note and has no intention of doing so as this will be tantamount to committing economic suicide. Responding to questions on the separation of Nostro FCA accounts and RTGS deposits, Mangudya said that this was necessary to preserve value for those exporting or bringing in foreign currency into the country.
<a href="https://zero.pindula.co.zw/video-civil-servant-cannot-go-bank-demand-money-cash-exported-nothing-barclays-ceo/" rel="noopener" target="_blank">Before his current appointment, Permanent Secretary in the Ministry of Finance and Economic Development, George Guvamatanga, had said that civil servants do no deserve cash because they are not exporters</a>
<h3>Related:</h3>
<h3><a href="https://zero.pindula.co.zw/download-pdf-mid-term-monetary-policy-statement-by-john-mangudya/" rel="noopener" target="_blank">Download PDF: Mid-Term Monetary Policy Statement By John Mangudya</a></h3>

Banks Given Two Weeks To Separate Nostro Foreign Currency Accounts And RTGS Deposits

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