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#Finance

Here Are The Nostro Foreign Currency Accounts You Can Open With NMB

NMB Bank branch
   

It’s 2018 and it’s also very clear that bond notes and USD’s are not the same. The government has finally admitted as much. Because banks were given two weeks to have actually separated the accounts it’s now set in set in stone. CABS already sent out information regarding the types of FCA accounts they can open if they are banking with them. NMB has also followed suit.

So what’s the way forward for NMB clients? Well, NMB has sent out an email to their customers and you can read it below:

Dear valued client,

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In line with the Monetary Policy Statement issued in terms of section 46 of the Reserve Bank of Zimbabwe Act (Chapter 22:15) and the Exchange Control Directive RT120/2018, we wish to advise that you can now open Nostro Foreign Currency Accounts (Nostro FCAs) which will be separate from the RTGS Foreign Currency Accounts (RTGS FCAs) which you presently operate.

NMB Bank is already facilitating the opening of Nostro FCAs denominated in British Pound (GBP), Euro (EUR), Pula (BWP), Rand (ZAR) and US Dollar (USD). Below are the different categories of Nostro FCAs available to you, depending on the nature and source of your foreign currency receipts.

Account CategorySource of Funds
Nostro FCA (Exports)Export earnings
Nostro FCA (Offshore loans)Offshore loans proceeds
Nostro FCA (Investments)Offshore funds placed by a foreign investor
Nostro FCA (Domestic)Foreign currency cash deposits from local trade as well as foreign currency inflows into Trust Accounts
Non-Resident Nostro FCAFunded from offshore sources by non-residents
Individual Nostro FCAFunded with diaspora remittances, donations and foreign currency cash deposits
Non-Governmental, Embassies and International Organisations Nostro FCAFunded with funds sourced from offshore

To open a Nostro FCA in any of the above categories, please note that there is no need for additional KYC documents for existing account holders. All you need to do is to complete the attached consent form which should be signed by all authorised signatories and deliver it to any NMB branch near you for processing.

Do not hesitate to contact us should you require further clarification.

Thank you for banking with us.

Also read, Be Hopeful: Mthuli Ncube Says Afreximbank Has Offered To Guarantee 1:1 Convertibility Of RTGS Balances Into USD’s


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