By Own Correspondent| Finance minister Professor Mthuli Ncube has advised Nostro account holders facing challenges to access their forex to change their banks.

He said this while responding to a question from Pumula legislator Sichelesile Mahlangu who sought clarity on why  deposits of United States Dollar in Nostro accounts are being given various conditions upon withdrawal.  

Queried Mahlangu: “Is it Government to put such conditions and if so, can you outline what are the conditions as approved by Government?  As of now, the conditions vary from bank to bank.”

 Ncube however responded:

“Let me begin by saying that I am going to give a State of the Economy Report later and then I will address a broad range of issues. The Government does not vary policy from bank to bank, absolutely.  

The first condition is that for you to withdraw your money is that there must be money in the account in the first place.  

Perhaps what the Member is being confronted with is just a different bank practice.  Maybe that is what is going on.  I do not know who they bank with.  

If it is not a good bank, they should move to the next bank so that they are treated accordingly, but we do not have a variation of policy on this issue.  As long as there is a deposit in your nostro account, you should be able to withdraw your monies upon demand, unless your specific bank has specific regulations to which you have consented to, as a customer.  

Otherwise, you should not be staying with that bank, you should move on to the next bank.”