Measures

• Strengthen multicurrency system – separate FCA accounts
• Ring fence foreign currency earners- Nostro FCA accounts and RTGS FCA accounts
• Immediate effect- new money coming in or that which was already being Ring fenced
• Expectation is not necessarily new accounts to be opened
• People must know they don’t have foreign currency
• Negotiated with Afrexim for a Nostro stabilization facility of $500m- to be in place by end of October
• Nostro foreign currency accounts pertains to free funds, exporters, portfolio investors etc
• Gold 30%, platinum and chrome 35%, tobacco 20% and others are 100%
• Banks to align systems by 15 October
• Banks pay interest on Nostro foreign currency accounts
• No more 14 day window period for use of foreign currency
• Rate parity is going to be maintained
• Facilities to support RTGS foreign currency accounts for critical commodities - adding up to almost $500m from various lenders
• External Debt Arrear clearance expected within 6 months
• Foreign currency payments – minimize externalisation
• Invoice name should match account details
• High value transactions to be done via LCs
• Export proceeds to be remitted on time
• Purchase of fuel to be done in foreign currency by all international truckers.
• Same applies to foreigners buying goods in Zimbabwe e.g. fuel and cooking oil
• Purchase of gold by jewelers from Fidelity now in foreign currency not RTGS
• Settlement of capital gains tax in foreign currency if selling property in foreign currency
• Disinvestments of investments outside Zimbabwe – the funds must be remitted back to Zimbabwe
• Introduction of Stat reserves to reduce liquidity – 5% on RTGS foreign currency account with effect from 1 November 2018 on a weekly compliance basis
• AFTRADE window remain open for those entities requiring interbank support
• Introduction of TB auction system wef 1 Nov. Currently the RBZ was not being the involved in the pricing discussions.
• Continuation of the savings bonds. End of August it was $1.5bn
• Construction facility fund to be introduced - All in interest rate of 10%
• Reminder of capitalisation levels which are due 2020