RBZ reviews Zimdollar balances

RBZ reviews Zimdollar balances

via RBZ reviews Zimdollar balances – NewsDay Zimbabwe May 14, 2015

THE Reserve Bank of Zimbabwe (RBZ) is reviewing the Zimbabwe dollar bank balances provided by the financial services sector as it works towards the demonetisation process.

BY VICTORIA MTOMBA

Central bank governor John Mangudya said all the banks had submitted their Zimbabwe dollar bank balances.

He said the RBZ would launch campaigns in June to raise awareness on the demonetisation process.

“We are finalising the review of all bank balances and in June we will have awareness campaigns to pay both cash and bank balances,” Mangudya said.

“We will also pay for the cash that individuals have in their home so that we bring finality to the demonetisation process.”

He said the Zimdollar could not be buried without the demonetisation process. Demonetisation is the act of stripping a currency unit of its status as legal tender.

The bank has set aside $20 million for the process to be undertaken next month.

Each individual bank account holder will receive $5 as the minimum compensation for the Zimdollars people lost when the country switched to the multi-currency regime in 2009.

The central bank will use the United Nations rate for all accounts.

Mangudya said in his Monetary Policy statement in January that genuine normal bank accounts, other than loan accounts as at December 31 2008 would be paid an equal amount of $5 as a minimum.

He said the UN rate would be used to convert balances that were as a result of arbitrage opportunities “burning” and Z$ cash will be received.

The demonetisation policy will bring finality to the long outstanding government obligation to the banking public and this will formally pronounce the demise of the local currency.

The move was expected to buttress the multiple-currency system.

COMMENTS

WORDPRESS: 6
  • comment-avatar
    grabmore 3 years ago

    The RBZ will launch “awareness campaigns” where they will go stay in hotels etc and get new 4×4’s to make everyone aware that they will receive $5. useless tstotsi

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      morepower 3 years ago

      Reliable and very credible sources within ZANU PF are advocating putting Pres Mugabe’s Face on the US Dollar in recognition of his sterling contribution to the Third Chimurenga. This is in light of the fact that through no fault of HIS EXCELLENCY, Zimbabwe does not have its own Currency.
      Lets all support this noble idea

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    ntaba 3 years ago

    Gono stripped the currency already – so why do we need to formalise the Zanu theft by printing press as though it needs a cleansing process? Prosecute Gono and all the Zanu thieves who profiteered from the mega inflation they deliberately created and then there will be some form of cleansing! Yes it will be a big job like it was prosecuting the Nazis after the war, but it is a job that needs to be done. Mugabe stole a farm and sent the Fifth Brigade into Matabeleland – so – prosecute them. Simple.
    This not about some Zanu ritual of cleansing some evil God that caused the Zimbabwe Dollar to be victimised! Zanu planned it. Zanu did it. There was a specific objective – financial gain for Zanu. The land invasions and the storming of Chief Justice Gubbay was all Zanu engineered – Zanu did it – not some foreign power or secret society!

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    People lost their hard earned money.some people bought land and houses when they knew zim dollar was going to go.some sold their houses and land and got zim dollar and it was worthless the next day.now they are getting compensation of 5 united states dollars.oh my god this is unfair.

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    Stupid silly thieves that has got no blood,how can these people compersat billions of dollers lost by zim individuals over Gono money burning with just a $5 dollrs,what a shame.

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    MikeH 3 years ago

    Does this mean my £120,000.00 (Pounds Sterling note) pension pot, which I left behind and which by 2005 was worth £0.07, will finally pay out $5.00. WOW !!! WHAT A JOKE !!!