Ignore false, misleading reports on US$/RTGS accounts — RBZ

16 Oct, 2020 - 00:10 0 Views
Ignore false, misleading reports on US$/RTGS accounts — RBZ Dr John Mangudya

The Chronicle

Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has advised members of the public to ignore false and misleading social media reports claiming that banks are opening new accounts referred to as “local USD/RTGS transactions”.

Apex Bank Governor, Dr John Mangudya, has described the reports as “false and misleading”, saying the country already has proper systems in place for both local and foreign payments in US dollars.

“The Reserve Bank of Zimbabwe has noted with concern reports circulating on social media platforms alleging that banks are opening new accounts for what is referred to as ‘local USD RTGS transactions’. The Bank wishes to advise the public that such reports are false and misleading,” said Dr Mangudya in a statement.

He explained that when the multicurrency system was put in place in 2009, there were problems of settling US dollar transactions within the local market until the RBZ put in place a system to settle such payments.

The system allows the movement of US dollars across banks for local transactions. But payments outside Zimbabwe are done through banks, the authorised dealers, and these banks have to follow the requirements of knowing their customer, do customer due diligence and comply with other procedures and processes.

“The bank and banks remain available to assist the public requiring processing of foreign payments and cash withdrawals through normal banking channels,” said the Governor.

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