Demonetisation: DPC settles closed banks Zim dollar accounts

The Deposit Protection Corporation (DPC) will fully pay out beneficiaries of closed banks their Zimbabwean dollar balances, the central bank has said.

BY TARISAI MANDIZHA

Last year, the Reserve Bank of Zimbabwe (RBZ) decommissioned the Zimbabwean dollar from the official system, in a move meant to boost confidence in the multi-
currency system. RBZ disbursed $20 million to banks and post offices countrywide, for depositors to take money as part of closing down the Zimbabwe Dollar transactions.

In his monetary policy statement delivered last week, RBZ governor John Mangudya said the purpose of demonetisation of the local unit was to promote consumer and business confidence by providing credibility to the multi-currency system and legally retiring the Zimbabwe Dollar.

John Mangudya

John Mangudya

“The Bank is currently working with the Deposit Protection Corporation (DPC) to ensure that account holders whose balances were held with closed banks are paid. DPC is expected to fully pay out these beneficiaries by the end of April 2016,” Mangudya said.

Last month, DPC began paying demonetisation proceeds to qualifying Zimbabwe dollar account holders for banks under liquidation.

It said account holders for AfrAsia, Allied and Interfin Bank had to approach its offices 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,” it said.

2 Responses to Demonetisation: DPC settles closed banks Zim dollar accounts

  1. GIFT February 9, 2016 at 9:19 am #

    What about Insurance companies and Pension companies. Many people were robbed of their hard money by these companies in the name of converting from Zim dollar to US dollar.Will NEVER NEVER trust insurance companies. Was robbed my pension money which I worked for over 15 years by Old Mutual. Am a very bitter person. Dont even want to hear the name Old Mutual.

  2. Tinotenda February 10, 2016 at 5:13 am #

    After 30 years of saving my pension in POSB the lump sum reflected in my account could not buy a loaf of bread. So it is all over, not just Old Mutual. What a mess!

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