Zimbabwe banks ordered to ring-fence foreign currency accounts
Move appears to be a step towards de-dollarisation
The Reserve Bank of Zimbabwe has ordered banks to ring-fence nostro foreign currency accounts in what appears to be a step towards de-dollarising the country.
“This is essential in order to preserve value for money for the banking public and investors during the transition to a more market-based foreign currency allocation system,” the central bank said in its most recent monetary policy statement.
Such a system would be implemented once “the economic fundamentals are appropriate to do so”, it
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