DPC demonetises AfrAsia, Allied , Interfin Zim dollar accounts

THE Deposit Protection Corporation (DPC) has begun paying demonetisation proceeds to qualifying Zimbabwe dollar account holders for banks under liquidation.


The demonetisation process – an act of stripping a currency unit of its status as legal tender – began in June and $20 million was disbursed to banks and post offices countrywide, for depositors to take money as part of closing down the Zimbabwe dollar transactions.

DPC chief executive officer John Chikura said the Zimbabwe dollar account holders for AfrAsia, Allied Bank and Interfin Bank were, therefore, being advised to approach DPC with valid proof of identification.

“The Deposit Protection Corporation wishes to advise members of the public that in pursuance of the Government of Zimbabwe demonetisation exercise, it is paying demonetisation proceeds to qualifying Zimbabwe dollar account holders for banks under liquidation until April 30, 2016.

“DPC shall pay the equivalent US$ amount for each account balance as at December 31, 2008 converted by the UN exchange rate of $1 to Z$35 quadrillion,” Chikura said.

Chikura said DPC would pay any person who was a holder of a Zimbabwe dollar-denominated bank account for AfrAsia Bank, Allied Bank Limited and Interfin Bank Limited in liquidation as at December 2008.

DPC will pay $5 for every account that was held with a balance of zero up to Z$175 quadrillion.

For any Zimbabwe dollar balances above 175 quadrillion, the rate will be $1:Z$35 quadrillion.

Chikura said only holders of active deposit or savings accounts and not investment accounts holders were eligible for payment in terms of the demonetisation guidelines.

In an emailed response to NewsDay, Chikura said the DPC had paid $2,5 million to depositors of the five banks in liquidation for the year ending December 2015 to a total of 7 413 depositors, bringing the cumulative total number of depositors paid to date to 10 900.

“In order to instill discipline and confidence in the banking sector, DPC will among other issues continue advocating an enhancement of the problem bank resolution framework, pursuit of parties at fault, improved loan recoveries, higher coverage levels and capitalisation,” Chikura said.

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