DPC to pay liquidated banks Z$ account holders

Oliver Kazunga Senior Business Reporter
THE Deposit Protection Corporation (DPC) says it will be paying demonetisation proceeds for liquidated banks to qualifying Zimbabwe dollar account holders up to the end of April.

Demonetisation entails stripping a currency unit of its status as legal tender.

The local currency was demonetised last year as the government sought to create confidence in the financial services sector by assuring the nation that the return of the Zimbabwe dollar was not imminent.

“DPC wishes to advise members of the public that in pursuance of the government’s demonetisation exercise, it’s paying demonetisation proceeds to qualifying Zimbabwe dollar account holders for banks under liquidation until the 30th of April 2016.

“DPC shall pay the equivalent US dollar amount for each account balance as at December 31, 2008 converted by the United Nations exchange rate of US$1 to Z$35 quadrillion,” said the corporation.

AfrAsia Kingdom, Allied Bank and Interfin Bank were placed under liquidation last year.

The country adopted a multicurrency system in February 2009 to bring stability to the country’s economy by taming hyperinflation.

“Accordingly, DPC shall pay any person who was a holder of a Zimbabwe dollar denominated bank account for AfrAsia Bank, Allied Bank, and Interfin Bank it said any person who was a holder of Zimbabwe dollar denominated bank account for AfrAsia Bank Zimbabwe, Allied Bank and Interfin Bank as at December 31, 2008 in the following manner: US$5 for every account that was held with a balance of zero up to Z$175 quadrillion, and for any Zimbabwe dollar balances above Z$175 quadrillion at the rate of US$1 to Z$$35 quadrillion.

“DPC encourages account holders of the liquidated banks to approach its offices for payment with a valid proof of identification (national identity card/valid driver’s licence/ valid passport.)

“Claim forms are available on electronic mail upon request and can also be downloaded from our website www.dpcorp.co.zw,” said DPC.

In terms of the demonetisation guidelines, only holders of active deposit or savings accounts as at December 31, 2008 are eligible for payment while holders of investment accounts are not eligible for payment.

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