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*Banks Were Stealing Clients' Forex That's Why Govt Ordered Separation Of Accounts- Finance Secretary* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?jm Finance and Economic Development Secretary George Guvamatanga said Government ordered the separation of Foreign Currency Accounts (FCAs) and real time gross settlement (RTGS) accounts because some banks had begun cheating their clients of part of their United States dollar savings. Guvamatanga said this when he appeared before the Parliamentary Portfolio Committee on Finance and Economic Development. He said some banks would only allow their clients to access part of their funds. Said Guvamatanga: ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > So to protect those with access to such funds, it was very important to separate so that there is no confusion and I know — I come from the banking sector that in the past if you received money from the diaspora or from whatever source some banks would tell you that you can now access 70 percent of your money because the Reserve Bank said we should take the other 30 percent, which was not true. So there was an element of market indiscipline that was now starting to creep in and discouraging those with access to US dollars from bringing it into the formal system and we were trying to address that matter by saying let’s separate the accounts under the multi-currency system, which is still Government policy as we speak. *Also Read:* *Banks Given Two Weeks To Separate Nostro Foreign Currency Accounts And RTGS Deposits* More: Chronicle _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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