RBZ says ‘don’t worry, banks have enough USD to back your Nostro balances’

Leonard Sengere Avatar
RBZ building, Reserve Bank of Zimbabwe, RBZ Fintech Sandbox, Forex Auction, Statutory Instrument 127 of 2021 SI 127 2021 industry

The Reserve Bank of Zimbabwe has released an official statement on the Nostro account issue. If you were under a rock, a couple of leaked bank memos raised concerns about the status of Nostro accounts in the country.

You can read more about that here: Are Zim banks limiting Nostro account usage, deactivating Nostros for international use?

FBC already said the leaked memo that purported to be theirs was not actually theirs. They said it was fake news. BancABC has also dismissed the memos.

Now, the regulator has released a statement to calm the market down and prevent bank runs I presume. Here it is:

STATE OF FOREIGN EXCHANGE LIQUIDITY IN THE ECONOMY

The Reserve Bank of Zimbabwe (the Bank) wishes to advise and reassure the public that there is sufficient foreign exchange in the market to satisfy all needs and demands of ban. customers. The foreign exchange liquidity position of banks stands at 60% in both cash and balances held with foreign corresponding banks.

In that regard, statements allegedly made by certain banks, and shared via social media, purporting that funds held in foreign currency accounts (FCAs) (popularly referred to in Zimbabwe as Nostro account) are not foreign exchange and that the said banks were deactivating the use of international debit or credit cards such as MasterCard should be disregarded. The statement are uncalled for as they do not represent the true state of the foreign exchange liquidity position in the economy.

The Bank has noted that FBC Bank Limited and BancABC Limited, banks cited as having advised the public that they were deactivating card services, have since issued statement distancing themselves from the statements circulating on social media.


John P Mangudya

Governor

9 June 2023

There you go, my friends. You should be reassured now, what more could you ask for when banks’ liquidity position stands at 60%? Some of it in cash and some of it held by other banks outside the country (correspondence banks).

That should clear things up. Except there remains a niggling question in my mind – both banks rubbished the memos and the RBZ confirms that banks’ liquidity positions are solid, so, who took the time to create the elaborate lie?

You have to admit that both memos looked legit, using bank language and going into specific details incorporating the two banks’ unique products. Whoever falsified them took their time.

Why though? Okay, some people just love to watch the world burn and do not need a reason to sow chaos into the economy.

Why yesterday though? If one wanted to create maximum panic, I think yesterday was as good a day as you’re going to get. There is already panic and anxiety in the economy with the ZW$ on a free fall in the last few weeks.

President Mnangagwa recently awarded judges $400,000 housing loans and people were already wondering where that money was coming from. That only added to the civil servant USD salary issue that has been bubbling under for years.

So, with all that in the pot, who would not believe that Nostro accounts were a scam? After all, there were concerns about those Nostro accounts for years, before the fake memos from yesterday.

That’s how I see it. It’s either some mischievous person (or enemy of the state) decided to cause panic or there was a little more to the memos than we are being led to believe. If it’s the latter, we shall find out sooner rather than later.

Also read:

Domestic USD NOSTRO cards: Seems like govt employees were short-changed… again.

RBZ Clarifies On Treatment Of Nostro Accounts & Forex Cash Withdrawals

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30 comments

  1. Y

    Transparency and accountability are are afterthoughts for these folks

    1. Fanny

      Fine, ininiwo my question to u people ndeyekuti sekufunga kwenyu murikuti hre RBZ ichaita back your nostro balances hre,ummm mari muRBZ yes kuvamo irimo asi pakuzozadzisa zvavataura kuti don’t worry banks have enough USD to back your nostro balances vachazviita hre?

  2. Joey

    Nhy nhy, there’s no need to worry. Even mu Al Jazeera documentary, Eubert Angel akataura wani kuti pane mari iripo, figure moriziva. They have been looting for this period so don’t worry.

    1. Fanny

      Ye Al Jazeera documentary hatisungise hre iyi tikatanga kuitaura nhasi Joey

      1. Fanny

        haiitisungisi

    2. Fanny

      Mari hanti yakanzi iriku bank riri ku Dubai hre, plus don’t forget kuti yanga yakanzi inofanira kumbomira kushandiswa coz it’s dirty money so vanhu vaibuda padocumentary hapana anofanira kuitira.

  3. Fanny

    I don’t think I’m gonna trust this nostro account of mine it’s better to keep my money in my pocket coz mmmmmm RBZ ehe Mari irimo but zvekuzoti they will back my nostro balances with those USD. Help me people before lm gonna take a step to go and get my money.

  4. Fanny

    Fine, ininiwo my question to u people ndeyekuti sekufunga kwenyu murikuti hre RBZ ichaita back your nostro balances hre,ummm mari muRBZ yes kuvamo irimo asi pakuzozadzisa zvavataura kuti don’t worry banks have enough USD to back your nostro balances vachazviita hre?

    1. Fanny

      Inini what I think maybe ngavatombotange vatambirisa macevil servants ma USD maybe I will trust RBZ maybe,kuti graduates they will use USD to back our nostro balances. Otherwise vakasadaro,tinenge tichinyeperwa people of God.

      Nhatinzwei vamwe tirikubastirana.πŸ™‚πŸ™‚

  5. Fanny

    Inini what I think maybe ngavatombotange vatambirisa macevil servants ma USD maybe I will trust RBZ maybe,kuti graduates they will use USD to back our nostro balances. Otherwise vakasadaro,tinenge tichinyeperwa people of God.

    Ngatinzwei vamwe tirikubastirana.πŸ™‚πŸ™‚

  6. Fanny

    People were are uπŸ™‚πŸ™‚,lm alone.

    1. Anonymous

      My comment is even RBZ doesn’t back your nostro balances, how do you wish to take that money out of your nostro accounts. It is too late for a bank run in Zimbabwe. Zvatodhakwa. Just accept that kutonyura kuri kuuya

      1. Fanny

        🀣🀣🀣 yeah haa l accept 🀣🀣

  7. Fanny

    Mr Sengere nyaya irikuda kutangwa na Joey haikupinzisei busy hre or isusu. Nyaya ye AL Jazeera.

  8. Mukomana WeDrip

    Ini zvangu i think you’re better safe than sorry. That’s enough advise to anyone using those nostro accounts

    1. FOMO

      If I was a Token Boy or Coin BroπŸ’°πŸ’°πŸ’°… Anyway, wasn’t the rate today great for loading up on data? If you’re worried about not getting a chance to use it all, download torrents or something coz the adjustments are coming and they will be ruthless πŸ˜…

      1. Mr Robot

        🀣🀣🀣

  9. Anonymous

    Zvadhakwa

  10. 007

    Zvadhakwa

  11. Anonymous

    E creator ichiriko hereπŸ˜‚

    1. Isaac

      Someone asked me something similar today. Why do you say so πŸ˜‚

      1. Anonymous

        I heard from someone kuti zvaendwa but i dont actually know if its true,considering from the last article some ambassador was saying they had plans of expanding into more cities

  12. Mukanya

    Safely tucked inside the mattress, its security and availability when I want it is 1000% assured …

  13. Bounty hunter

    The rumors on the street abt itel p40 + is circulating.. wats the big secret please techzim unpack it

  14. Dr Who

    Time for a good old Zimbabwean witch hunt: who/what is responsible for the Zimbabwean dollar meltdown?

    Witch hunts typically are ugly and cruel just like the ruling party.

  15. Anonytun

    Guys, is Pindula closed? Or something is wrong

    1. Isaac

      zero.pindula.co.zw/download

  16. Francov

    People how much is 60% in USD? We should also know that banks create money from your bank deposits?

    Francov

  17. GG

    It’s confusing , only last week John Magudya said Zimbabwe did not have enough US dollars so which is which.?

  18. GG

    It’s confusing, it’s only last week when John Magudya said Zimbabwe has not enough US dollars so which is which?

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