{"id":8050,"date":"2012-02-17T02:07:43","date_gmt":"2012-02-17T00:07:43","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/zimbabwe-caps-local-banks-offshore-funds-due-to-dlr-crunch\/"},"modified":"2012-02-17T02:07:43","modified_gmt":"2012-02-17T00:07:43","slug":"zimbabwe-caps-local-banks-offshore-funds-due-to-dlr-crunch","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/zimbabwe-caps-local-banks-offshore-funds-due-to-dlr-crunch\/","title":{"rendered":"Zimbabwe caps local banks&#8217; offshore funds due to dlr crunch"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Banks may only keep up to 25 pct of balances offshore from<br \/>\nMarch 1<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* C.bank says about $450 mln held in offshore accounts<\/p>\n<p><span><\/span><\/p>\n<p>* Zimbabwe mulls $50 mln infrastructure bond, analysts<br \/>\ncautious<\/p>\n<p><span><\/span><\/p>\n<p>By Nelson Banya<\/p>\n<p><span><\/span><\/p>\n<p>HARARE, Feb 16 (Reuters) &#8211; Zimbabwe will limit the<br \/>\namount of cash local banks can hold in offshore accounts,<br \/>\nFinance Minister Tendai Biti said on Thursday, in its latest<br \/>\nmove to ease a dollar crunch in the wake of the collapse of its<br \/>\nown currency.<\/p>\n<p><span><\/span><\/p>\n<p>The southern African country has been battling a dollar<br \/>\nshortage since the start of 2012 due to a lack of dollar inflows<br \/>\non foreign investor concerns over government policies.<\/p>\n<p><span><\/span><\/p>\n<p>The country gave up using the Zimbabwe dollar in February<br \/>\n2009 after it was destroyed by hyperinflation that peaked at 500<br \/>\nbillion percent. It switched to using foreign currencies<br \/>\ninstead, mostly the U.S. dollar.<\/p>\n<p><span><\/span><\/p>\n<p>Biti said on Thursday that banks will have to repatriate<br \/>\nfrom March the bulk of funds they hold in so-called Nostro<br \/>\nAccounts, or offshore accounts used for international payments<br \/>\nand forex trades.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;With effect from March 1, 2012, banks will, therefore, be<br \/>\nrequired to maintain in their Nostro Accounts a maximum of 25<br \/>\npercent of their balances off-shore,&#8221; Biti said in a statement,<br \/>\nadding that the ratio of offshore balances would be raised to 30<br \/>\npercent from June 1.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Banks may only keep up to 25 pct of balances offshore from March 1 * C.bank says about $450 mln held in offshore accounts * Zimbabwe mulls $50 mln infrastructure bond, analysts cautious By Nelson Banya HARARE, Feb 16 (Reuters) &#8211; Zimbabwe will limit the amount of cash local banks can hold in offshore [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8050","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8050"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8050\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}