Nostro FCAs

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    Zimbabwean banks’ strange nostro FCAs

    WITH liberalisation of the exchange rate and wider redollarisation of the economy, a phenomenon of multiple price tiers has re-emerged reminiscent of the period from 2016 to 2019. Some banks are classifying FCA accounts according to source of foreign currency earned such that foreign currency earned from local dealings (between local companies and individuals) cannot be withdrawn but only wired…

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