I never bought into the whole FCA nostro nonsense. This is one of the times however, that I hate to be proved right. The directive sent to banks by the Reserve Bank of Zimbabwe today the 25th of June 2019 is your confirmation that you should never trust what the Zimbabwean government, the central bank and your bank manager tell you.
Does anyone remember how the minister of finance, Mthuli Ncube and the Reserve Bank of Zimbabwe Governor, John Mangudya promised that money in your FCA Nostro account was safe and would not be touched? They lied.
Here is what the RBZ is now saying about your FCA account:
Funds in all these accounts listed in Table 1 above will retain their foreign currency status and shall continue to be utilised for the settlement of international transactions. In cases where the holder of such an account intends to settle domestic transactions, they shall be required to liquidate their foreign currency account balances to the interbank on a willing seller willing buyer basis.
These are the people that go around the world trying to convince investors that their money is safe in Zimbabwe. What’s disappointing is that these guys did not just decide to raid our wallets like this, they knew right at the time that they were making these promises that the end game was to take your money.
Signals to this effect were all over the show. I even wrote then that you were better off keeping your money under the mattress, the nostro FCA’s were just bad news.
Not the first time
This whole thing happened to us less than three years ago when the Bond Note was introduced. The promise then was that you could always get your US Dollars on demand if you didn’t want to be given Bond Notes at the bank.
Before we knew it, we could never get US Dollars. If we wanted to withdraw that currency we had to deposit into all kinds of prepaid cards. Hey but we had deposited USD in the regular accounts at the beginning?
Beware of the current lie
Right now this is the current lie being told by the powers that be to finish you off and commit you into poverty:
In order to encourage and facilitate the flow of foreign currency, diaspora remittances shall continue to be received in foreign currency. The recipients shall have the option to receive remittances in cash or sell their remittances on a willing seller willing buyer basis to Bureaux de Change and Authorised Dealers or deposit into Individual Nostro FCA.
Very soon, money sent to you by your relatives who have braved the big bad diaspora will be snatched too. They will say the only option open to you is to get a Zim Dollar equivalence of your money. We all know that the interbank rate is not the true equivalence of your money.
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