RBZ completes validation of blocked funds

By Oliver Kazunga

The Reserve Bank of Zimbabwe (RBZ) has completed the validation process of foreign exchange applications submitted under the Blocked Funds Framework.

The completion of the exercise relates to a balance of 350 transactions with a value of US$457 million.

In a statement last Friday, Dr John Mangudya said following the completion of the validation process respective approved local currency transactions should be transfered by the end of the month.

“RBZ wishes to advise the public that the process of validation of foreign exchange applications submitted under the Blocked Funds Framework announced in the Monetary Policy Statement on 22 February 2019 has been completed. For all approved blocked funds transactions, the respective local currency should be transferred to the bank by 30 April 2020 through normal banking channels,” he said.

In order to ensure companies comply with the set deadline approved by respective regulatory authorities for the finalisation of their audited financial statements, and given the constrained working arrangements as a result of the Covid-19 pandemic, Dr Mangudya said all blocked funds appeals that meet the laid down criteria but are not received by April 30 will be considered null and void.

Applicants through their authorised dealers are therefore required to comply with the guidelines to facilitate closure of the processing of applications under the Blocked Funds Framework. The Chronicle