FCA cover will enhance confidence, bankers say

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THE Bankers Association of Zimbabwe (BAZ) has welcomed the Deposit Protection Corporation (DPC)’s bid to cover foreign currency denominated accounts (FCAs), saying this would boost confidence.

Following the separation of depositor accounts into ZWL and FCAs in 2019, there has not been any explicit protection of Nostro funds in the country.
The DPC this week, said it has been consulting with stakeholders including BAZ, the Reserve Bank of Zimbabwe (RBZ), and the Finance ministry to figure out the modalities of protecting deposits.