By Hopewell Chin’ono
After having spoken to Finance Ministry officials, we have established that the Nostro/FCA rule applies to exporters only and not to you and me.
We can still withdraw our US Dollars in cash if we have Nostro/FCA Accounts.
The RBZ must learn to communicate eloquently and it must always release a question and answer sheet for citizens after policy, also known as a FAQ sheet for “frequently asked questions.”
This is what I always refer to when I point out how incompetent our State institutions are.
There is a communications department at the RBZ and Ministry of Finance and a while Ministry of Information, what is their job if not to do this kind of work?
Secondly, if you receive money from abroad, you will also receive it in US Dollars and not in Zimbabwe Dollars.
What you won’t be able to do is transact with it in US Dollars.
I hope that someone won’t do the usual, suddenly changing policy in the middle of a sentence because trust and confidence is key!
The government did something good that they had been resisting all along, the rate has been finally floated.
There won’t be any manipulation, so we will see where it settles in the official market, if there is enough US Dollars doing the rounds, it will work!
These measures may work in theory if they are applied without interference, something that has been our undoing under this government.
Expect the price of fuel to now go up to match the rate unless the government continues with a heavy subsidy!