Two weeks ago, it was declared that there would be separate accounts for RTGS money and forex. This announcement came much to the irritation of everyone but the government did not budge and now banks are notifying customers how exactly these accounts will work. CABS has been sending customer’s information concerning the types of FCA accounts one can open.
Here’s the email they have been sending their customers:
Dear Valued Customer,
Reference: Introduction of separate FCA accounts for Nostro and RTGS funds In line with the Monetary Policy Statement issued in terms of Section 46 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] and Exchange Control Directive RT120/2018, we are pleased to advise that you can now open Nostro Foreign Currency Accounts which will be separate from RTGS Foreign Currency Accounts.
In this respect, CABS will facilitate the opening of accounts denominated in Rand (ZAR), US Dollar (USD), Euro (EUR), British Pound (GBP) and Pula (BWP). You have the option to choose from any of the aforementioned accounts. Please contact us to start the process. The Nostro FCAs will be opened in the following categories of which you can choose the categories that suit your nature of foreign currency receipts;
Account Designation Source of funds Nostro FCA (Exports) Export proceeds Nostro FCA (Offshore Loans) Offshore loan proceeds Nostro FCA (Investments) Offshore funds provided by a foreign Investor Nostro FCA (Domestic) Foreign currency cash deposits from local trade and foreign currency inflows into Trust Accounts Non-Resident Nostro FCA Funded from offshore sources by non-residents Individual Nostro FCA Funded with diaspora remittances, donations and foreign currency cash deposits Non-Governmental Organisation, Embassies & International
Organisations Nostro FCA
Funded with funds sourced from offshore
Please note that you will not be required to provide new documentation if you are already a customer. However we will require a letter confirming whether the signing arrangements on the existing RTGS Foreign Currency Account will apply to the Nostro Foreign Currency Account.
If you require clarification, please contact us on 0242 883822-23 or visit any of our branches.
Thank you for your continued support.
Hopefully, other banks will follow suit and indicate to customers what they can and can’t do with these FCA’s.