Domestic USD NOSTRO cards: Seems like govt employees were short-changed… again

USD Domestic NOSTRO cards, is this another attempt at the 1:1 ratio? Considering that holders of these cards wont be able to withraw cash.

The government last month promised to give civil servants an allowance of US$75.00 a month after they protested against the working conditions as well as the poor wages they were being given.

The government also said that this foreign currency that Civil Servants would be getting wouldn’t be in cash but will be a deposit into bank accounts which they can then use in shops and outlets.

There is an image circulating of a ZB Bank “USD Domestic Nostro”. A picture is said to tell a thousand words and this one is certainly no exception:

What was speculated seems to be true, there is no USD at the end of this, the money will appear as USD in the “FCA account” but the money will be exchanged at the prevailing forex auction rate into local currency.

Civil Servants are in most cases at the front lines of the coronavirus pandemic. Their services are critical and keep the country running. This falls far short of what they need to survive.

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