Harare- FINANCE Minister Mtuli Ncube has made an attempt to restore confidence in the Zimbabwe Dollar (ZWL) through the Deposit Protection Corporation (DPC), Express Mail Zim can report.
In a statement issued by DPC this week , all individuals whose funds lost value from 1:1 rate will be compensated in Ncubes’ bid to deal with ZWL legacy issues.
Read the statement:
” The Deposit Protection Fund (DPC) is compensating depositors of Deposit-Taking Microfinance Institutions for losses incurred due to the exchange rate movement from USD1=RTGS$1 to USD1=RTG$2.50 as at February 20 2019.
“Members are advised to visit the following Banks for USD cash payouts.”
The listed banks include Getbucks, Empowerbank, Success Microfinance bank and Lion Finance Zimbabwe.
Spirited efforts to restore confidence in local currency have hit a snag as inflation continues to skyrocket.
Earlier Monday ,CCC vice president and former finance minister Tendai Biti made a prediction that the rate can be pegged at USD1:ZWL 1000 by year-end.
