Since October 2018, bank accounts in Zimbabwe have been divided into two types: Nostro Foreign Currency Accounts (FCAs) and Real Time Gross Settlement (RTGS) FCA accounts, as part of measures to preserve value for foreign currency and to boost market confidence. The Nostro FCAs are divided into seven categories which are outlined below.
NOSTRO FCA Types
| Account Designation | Source of Funds |
|---|---|
| Nostro FCA (Exports) | Export proceeds |
| Nostro FCA (Offshore Loans) | Offshore loan proceeds |
| Nostro FCA (Investments) | Offshore funds provided by a foreign Investor |
| Nostro FCA (Domestic) | Foreign currency cash deposits from local trade and foreign currency inflows into Trust Accounts |
| Non-Resident Nostro FCA | Funded from offshore sources by nonresidents |
| Individual Nostro FCA | Funded with diaspora remittances, donations and foreign currency cash deposits |
| Non-Governmental Organisation, Embassies & International Organisations Nostro FCA | Funded with funds sourced from offshore |
Also read How to open a Nostro Foreign Currency Account in Zimbabwe
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