“WE HAVE ENOUGH USDs” Mangudya

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John Mangudya
John Mangudya

Harare – The Reserve Bank Governor John Mangudya has issued a statement refuting claims that the state coffers have run dry of United States Dollars

“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 banks’ customers. The foreign exchange liquidity position of banks stands at 60% in both cash and balances held with foreign corresponding banks” said Mangudya

The statement was a response  when a purported  FBC memo leaked and took social media corridors by storm as it had a heading that says

“local Nostro Card for International Use- Urgent Deactivation”

The memo meant that the FBC bank was planning a move to deactivate all Master Services and other USD-based transactions insinuating a shortage of USD in the country

However, the FBC in a statement today, distanced itself from the “memo” and assured its customers that all their master cards services have no challenges

“the reliable FBC Master Card remains operational for executing local and international transactions, online as well as on all MasterCard branded terminals across the globe. This is in line with the bank’s unwavering commitment towards ensuring the provision of a secure, convenient, and reliable platform for anyone in Zimbabwe and abroad to transactions using the FBC Mater card “ read the FBC statement

The central bank thrashed the false statement, claiming that the Nostro accounts are safe and that the statements don’t represent the country’s state of liquidity and economy

“in that regard, a statement allegedly made by certain banks, and share via social media, purporting that funds held in foreign currency accounts (FCAs) (popularly referred to in Zimbabwe as Nostro Accounts) 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 statements are uncalled for as they do represent the state of foreign exchange liquidity position in the economy” said Mangudya

The Zimbabwe National Chamber of Commerce has advised its member not to panic as they inquired about the performance of local Nostro transactions and liquidity in the banking system

“We urge our members and the wider business community not to panic and make decisions based on inaccurate market information. We also urge monetary authorities and the financial sector to continue fostering financial prudence and transparency to safeguard this sensitive sector of the economy in the interest of stability, economic growth, and development”

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