Banks fingered in US dollar scams

Market indiscipline in the local financial services sector necessitated the separation of Foreign Currency Accounts (FCAs) and Real Time Gross Settlement (RTGS) accounts, Finance and Economic Development Permanent Secretary George Guvamatanga has said.
Appearing before the Parliamentary Portfolio Committee on Finance and Economic Development, Guvamatanga said the separation of FCAs and RTGS accounts had become necessary as some banks had begun cheating their clientele of part of their United States dollar savings.
“The separation of FCA accounts and RTGS accounts was necessary as the singular system was now disadvantaging those with access to free funds, such as non-governmental organisations, exporters and those who receive money from the Diaspora,” Guvamatanga said.