RBZ speaks on USD allowances modalities

By ZBC Reporter

THE RESERVE Bank of Zimbabwe (RBZ) says banks and large scale businesses are working on modalities to ensure civil servants and pensioners easily transact and retain value from their foreign currency allowances announced by the government recently.

The announcement by the government to pay civil servants and pensioners a stimulus Covid-19 package of 75 and 30 United States dollars respectively for the next three months, has been described by RBZ Governor Dr. John Mangudya as a huge step to cushion workers.

“As RBZ we welcome the announcement by the government, it is a stimulus package which will remain in the economy, those businesses who accept the money can use it to expand their businesses, it will also go a long way in supporting our currency, jobs and give value to the civil servant.’’

The RBZ boss added that banks and large businesses are working around the clock to put in place modalities to ensure suitable point of sale and bank cards are in place for public servants to transact in foreign currency.

“We have engaged the banks to process master cards, visa cards, and point of sales machine for the foreign currency transactions. We have also spoken to big businesses and shops to install these facilities so that civil servants and pensioners can easily transact and retain value for their money.”

The financial sector has since responded to the government announcement to cushion the public service with foreign currency payments through opening automatic Nostro-accounts for the civil servants and pensioners.