Govt compensates depositors for loss of value due to rate movements

By ZBC Reporter

GOVERNMENT has started compensating small and vulnerable depositors for their loss of value due to exchange rate movements.

In a statement, the Deposit Protection Corporation revealed that the initiative applies to depositors who had balances of $US1 000 and below.      

According to the DPC, government has already availed an initial tranche of $400 000 to the institution for the exercise.               

The initiative is in line with exchange rate movements from US$1: RTGS1 to US$1: RTGS 2,5 as at 20 February 2019.                     

“A depositor who had US$1 000 in his/ her account will get US$600 while a depositor who had US$ 300 in his/ her account will get US$180 as compensation payable in cash or United States dollar nostro transfer,” reads the DPC statement.           

The DPC says all qualifying deposits are advised to urgently submit their claims to their deposit microfinance institutions.        

Some of the deposit taking microfinance institutions under the plan include African Century Limited, Get bucks Microfinance Bank, Empower Bank Limited and Zimbabwe Women’s Micro-Finance Bank, among others.                   

Claim forms can also be obtained from the DPC branches across the country or download them on claims@dpcorp.co.zw or via WhatsApp number +263716801310.