RBZ dismisses false reports on foreign currency

The Reserve Bank of Zimbabwe has dismissed information circulating on social media that banks have been instructed to any cash withdrawal of forex by clients.

Zimbabwe was abuzz with information alleging that the forex in clients' Nostro accounts have been converted to the local currency.

"Further to our Directive, the Reserve Bank wishes to advise that contrary to certain information being circulated on social media, cash withdrawals by individuals are still permissible and the policy position hasn't changed." The Central Bank said.

The further clarified that the daily withdrawal limit has not changed.

Cash withdrawals
The current withdrawal limit for individuals remains US$1000 per day.

— Reserve Bank of Zimbabwe (@ReserveBankZIM) June 26, 2019

"For corporates, banks shall apply the KYC principle for any intended cash withdrawals and current withdrawal limit for individuals remains US$1000 per day.

"Individuals are still able to withdraw their cash from their individual accounts and banks are, in line with international best practice, expected to apply the AML/CFT principles."

On Monday Finance Minister Mthuli Ncube gazetted a Statutory Instrument that prohibits the use of foreign currency as legal tender.