FINANCIAL institutions are winding up demonetising the Zimbabwe dollar amounts on active accounts before the close of the exercise in two weeks.
BY NQOBILE BHEBHE
The Reserve Bank of Zimbabwe began the demonetisation process in June to retire the Zimbabwean dollar and buttress the multi-currency regime.
The decommissioning exercise of the local unit will end on September 30 and $20 million was set aside for the exercise.
Under the demonetisation process, bank account holders with balances of up to Z$175 quadrillion would be paid a flat $5 a development that generated little interest from several account holders when the process started.
Barclays Zimbabwe has urged its customers to claim their funds.
“Barclays is calling upon any remaining customers who held Zimbabwe Dollar denominated accounts as at December 31, 2008 to check their accounts and confirm that they have been credited with the USD compensation as per Reserve Bank of Zimbabwe (RBZ) guidelines.
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“The demonetisation exercise, as announced by the RBZ, closes on September 30 2015 and Barclays will not be able to make further accommodations after this date,” the bank said in a statement.
Zimbabwe discarded the use of its currency in 2009 adopting the use of multi-foreign currency system.
Many people lost their money when the country adopted the multi-currency regime in 2009.
