Separation of FCAS into nostro and RTGS FCA’s to boost government's revenue collection

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By Staff Reporter

The Confederation of Zimbabwe Retailers (CZR) says the separation of foreign currency accounts (FCAS) into nostro and RTGS FCA’s will boost government's revenue collection, but will however negatively impact on the pricing system of goods in shops.
In an interview with Star FM News, CZR president Mr Denford Mutashu said some suppliers have increased prices by 2 percent, in response to government's decision to charge two cents for each dollar transacted.
Presenting his monetary policy statement on Monday, RBZ governor Dr John Mangudya said the introduction of separate foreign currency accounts for nostro and RTGS funds was aimed at strengthening the multi-currency system, while Finance Minister Professor Mthuli Ncube announced that government had with immediate effect reviewed the amount charged for every money transfer transaction, from 5 cents per transaction to 2 cents for every dollar per transaction to widen the tax base.
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