RBZ Speaks On Reports Of Raiding Foreign Currency Accounts Again

RBZ Speaks On Raiding Foreign Currency Accounts

RBZ Speaks On Raiding Foreign Currency Accounts


The Reserve Bank of Zimbabwe has furiously denied reports that it has raided Foreign Currency Accounts (FCA) again. This follows a social media post on Twitter by the online publication, The Sentinel which claimed that the monetary authorities may have raided FCA accounts.

In the post, The Sentinel tagged journalists and influential social media personalities to alert them of the alleged raid on FCA accounts. In the post, the sentinel said,

Seems RBZ has raided FCAs. NGOs trying to withdraw free funds being told RBZ is yet to approve their transactions

The allegation provoked mixed reactions on social media with some slamming the central bank for its alleged kleptocratic tendencies. However, some were more cautious and demanded proof before bashing the monetary authorities. Others also accused The Sentinel of deliberately spreading misinformation.

The Reserve Bank which was also tagged in the post responded quickly and issued a statement within hours furiously denouncing the allegations.

In response the central bank said,

The RBZ (the Bank) would like to urge members of the public to dismiss, with utmost contempt, the tweet alleging that the Bank has raided Foreign Currency Accounts (FCAs). The article further alleges that the Bank is withholding approval of withdrawal of free funds by NGOs.

No FCAs have been raided. Furthermore, holders of free funds will continue to have unfettered access to their funds in line with Statutory Instrument 85 of 2020.

Members of the public should, therefore, disregard the falsehoods being peddled through social media as such claims are meant to cause panic and despondency.



The Reserve Bank of Zimbabwe has been battling to rehabilitate its image as some people lost trust in it after the bank raided nostro accounts held by private businesses in 2008. The raids came under the tenure of former RBZ governor Gideon Gono who said that he needed to raise money to import critical commodities such as grain and fuel.

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