Banks pay out $7m in Zimdollar compensation

Banks have paid out about $7,2 million in compensation for the demonetised Zimbabwean dollar, figures from the Ministry of Finance and Economic Development show.

The demonetisation process of the local currency began in June this year after the country adopted the use of multi currencies anchored by the US dollar in February 2009.

It was meant to stabilise the economy and establish a credible nominal anchor under low inflation conditions.

By the end of November, total verified balances were $15,8 million; about $10 million was disbursed to the banks while 483 140 accounts were paid out.

The number of paid out accounts represent 47 percent of verified balances. Clients of closed banks were paid about $826 000 while walk-in clients received $740 000.