Zimbabwe’s apex bank, the Reserve Bank of Zimbabwe (RBZ) announced a circular today that it intends to commence tests to have FCA accounts utilizing the RTGS system.
FCA Accounts where introduced last year at the beginning of October as an alternative for banking customers in Zimbabwe and the move was widely seen as an acceptance by government that Bond Note and RTGS balances where not equivalent to the US Dollar.
FCAs accounts were however not part of the RTGS or the ZIPIT platform.
The indicated changes will result in the introduction of the RTGS Bond and RTGS FCA, respectively
Here’s the full text of the RBZ statement:
CIRCULAR TO RTGS PARTICIPANTS — MULTICURRENCY UPGRADE — ADDITION OF USD ON THE RTGS PLATFORM
“We advise that the RTGS platform has been upgraded to include the United States Dollar (USD) to facilitate settlement of USD Nostro FCA transactions. The function is now available in the test environment for testing by participating institutions,” said RBZ Deputy Director for Financial Markets Division — National Payment Systems Joseph Mutepha.
“All participants are urged to send test messages end to end and ensure a full cycle of the transaction is completed. Results of the test should be logged immediately on the attached user acceptance testing form and submitted to the Reserve Bank on a daily basis until Friday,01 February 2019.
“It is expected that the settlement of USD transactions will commence soon thereafter in the live environment.
Please be advised accordingly.”