#MondayBlues: RBZ Must Empty The ZWD Account, Fund Nostro

The Reserve bank of Zimbabwe must come clean on the Zimbabwean Dollar (ZWD) bank account they are using to fund local RTGS which does not have any Nostro Account banking, as this is the major cause of current bank crisis.

If Zimbabwe is going to be on an economic recovery path, The RBZ should first sanctify their accounts and with immediate effect stop quasi-projects and releasing of treasury bills which have literally created a huge hole in our economy.

As the government tried to solve the imminent cash crisis early this year, they cleverly introduced the bond notes which sounded like a good idea to work as local currency amidst money laundering reports, however, this introduction did not solve the current cash crisis.

The reserve bank was also not sincere to the populace in plainly explaining that the bond notes would assist in alleviating the cash crisis, but instead hoodwinked the nation that it was a mere 10% incentive to exporters which would not affect the current USD system.

However the same bond notes have been used to replace the actual USD value both in bank accounts and also in actual value, the central bank continuously received bank deposits, yet it only released back bond notes to the institutions.

The situation has however been worsened by the government which released millions of treasury bills and paying them off with RTGS bank balances, which do not have the support of the of the actual USD value in the international nostro account, virtually creating a ZWD account which can not be used beyond our borders.

The current position will force most importing companies and individuals to operate below minimal, or at most use the black market if at all they are going to be relevant.

 

 

 

 

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