THE Deposit Protection Corporation (DPC) says microfinance institutions are now taking compensation claims from small depositors who incurred losses due to a statutory exchange rate movement on February 20, 2019.
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On that date, the government denominated local balances and bond notes as RTGS$, establishing an exchange rate between US$ cash and all other monetary units, which was immediately set at US$1:2,5RTGS$, locking in a loss for depositors as authorities had previously sworn to a rate
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