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Depositors whose United States dollar bank balances were wiped out in 2019 when the Zimbabwe dollar was reintroduced are set to be compensated says Government.
Finance ministry secretary, George Guvamatanga, said that depositors with values of less than US$1 000 were already being compensated.
“We have done a research and people generally don’t have confidence in our banking system because of such issues and you will find that no one will come and say let me compensate my depositors somehow. That’s why the government is stepping in.
“Depositors, whose balances were US$1 000 and below constitute the bulk of the beneficiaries. The main thing is to try and have market discipline again and the President has realised that the market has actually gone rogue again,”
According to the Reserve Bank of Zimbabwe, total banking sector deposits amounted to $10.32 billion as of December 31, 2018, up from $8.48 billion as of December 31, 2017.
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