{"id":53860,"date":"2022-01-30T19:23:59","date_gmt":"2022-01-30T17:23:59","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=53860"},"modified":"2022-01-30T18:10:10","modified_gmt":"2022-01-30T16:10:10","slug":"usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation","title":{"rendered":"USD Compensation For Depositors Who Lost Savings Due To De-dollarisation"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Government has availed, through Kuvimba Mining House, US$400 000 to the Deposit Protection Commission (DPC) to compensate small and vulnerable depositors whose bank deposits lost value when monetary authorities arbitrarily moved the exchange rate from US$1: $1 to US$1: $2.5 in February 2019.<\/p>\n

In November 2020, Finance Minister Mthuli Ncube announced that the Government will compensate small and vulnerable depositors who had balances of US$1 000 and below as of 20 February 2019.<\/p>\n

The initial tranche of US$400 000 has been allocated to eligible depositors who had funds in the Deposit Taking Microfinance Institutions (DTMFIs).<\/p>\n

The depositors will receive compensation to the full extent of their respective loss of value, and not the full amount they had deposited.<\/p>\n

For instance, a depositor who had US$1 000 in his or her account will get only US$600.<\/p>\n

In a statement, DPC chief executive officer Mr Vusi Vuma confirmed receipt of the US$400 000 and urged those eligible are to submit their claims to DTMFIs, with their window period to do so set to expire on 7 November 2022. He said:<\/p>\n

Government has now availed through Kuvimba Mining House the sum of US$400 000 to the Deposit Protection Corporation as an agent for distribution to vulnerable depositors.<\/p>\n

Given the available resources, several scenarios were iteratively evaluated to identify a method that offers the best compensation to depositors.<\/p>\n

The Deposit Protection Corporation wishes to advise the banking public that in the meantime, the initial tranche of US$400 000 will be allocated to eligible depositors who had balances of US$1 000 and below in the Deposit-Taking Microfinance Institutions, to pay for the loss of deposit value occasioned by exchange rate movement from USD1: 2,5, as at 20 February 2019.<\/p>\n

Accordingly, qualifying depositors are advised to submit their claims as of 20 February 2019 within a period of 12 months running from 8 November 2021 to 7 November 2022 to their respective registered Deposit-Taking Microfinance Institutions namely: African Century Limited; Getbucks Microfinance Bank; EmpowerBank Limited; Zimbabwe Women\u2019s Microfinance Bank; Success Microfinance Bank Limited; and Lion Microfinance Limited.<\/p>\n

The Deposit-Taking Microfinance Institutions will periodically submit the schedule of claims to the Deposit Protection Corporation for verification, validation, and subsequent remittance of the requisite payment to the Deposit-Taking Microfinance Institutions for onward settlement to eligible depositors in USD without incurring transaction costs.<\/p>\n

The Minister of Finance and Economic Development, Deposit Protection Corporation, the Reserve Bank of Zimbabwe, and the banking sector have reached an agreement in that regard.<\/p>\n

After compensating depositors of Deposit-Taking Microfinance Institutions, subsequent tranches for disbursement would be allocated to remaining deposit-taking institutions namely commercial banks, building societies, savings banks, and infrastructure banks, as and when additional funds are availed.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Government has availed, through Kuvimba Mining House, US$400 000 to the Deposit Protection Commission (DPC) to compensate small and vulnerable depositors whose bank deposits lost value when monetary authorities arbitrarily moved the exchange rate from US$1: $1 to US$1: $2.5 in February 2019. In November 2020, Finance Minister Mthuli Ncube announced […]<\/p>\n","protected":false},"author":84,"featured_media":53859,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,8376,8375,4887,8377,653,8374,19],"class_list":["post-53860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-de-dollarisation","tag-deposit-protection-corporation","tag-depositors","tag-dpc","tag-rbz","tag-savings","tag-zimbabwe"],"yoast_head":"\nUSD Compensation For Depositors Who Lost Savings Due To De-dollarisation - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Government has availed, through Kuvimba Mining House, US$400 000 to the Deposit Protection Commission (DPC) to compe ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD Compensation For Depositors Who Lost Savings Due To De-dollarisation\" \/>\n<meta property=\"og:description\" content=\"The Government has availed, through Kuvimba Mining House, US$400 000 to the Deposit Protection Commission (DPC) to compe ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-30T17:23:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/01\/img-61f6b84510d9b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"580\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"USD Compensation For Depositors Who Lost Savings Due To De-dollarisation\",\"datePublished\":\"2022-01-30T17:23:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation\"},\"wordCount\":443,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/01\/img-61f6b84510d9b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"De-Dollarisation\",\"Deposit Protection Corporation\",\"Depositors\",\"DPC\",\"RBZ\",\"Savings\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/usd-compensation-for-depositors-who-lost-savings-due-to-de-dollarisation\",\"name\":\"USD Compensation For Depositors Who Lost Savings Due To De-dollarisation - 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