“We have enough US$ in circulation” says RBZ in dismissing alarmist statements

Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has dismissed baseless statements alleging that banks are running short of US$ , insisting the country has enough foreign currency in circulation.

Some publications and social media posts had earlier hinted that that past US$ balances in MasterCard backed FCAs are no longer valid amid calls to deposit hard cash before use.

The reports also alleged that international debit cards will be deactivated prompting speculation of an impending crisis within the local banking sector.

But RBZ governor, John Mangudya said such reports are malicious as they do not represent the true picture obtaining in the economy.

 “The RBZ 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 correspondent banks.

“In that regard, statements allegedly made by certain banks, and shared via social media, purporting that funds held in FCAs / 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,” he said.

The central bank governor described the statements as “uncalled for” as they do not represent the true state of the foreign exchange liquidity position in the economy.

 He added that FBC and BancABC which were implicated as originators of such fake news had since distanced themselves from the reports.