The Attorney General has brought to my attention the judgement on the Exchange Control Directive No. R120/18 pertaining to the separation of RTGS FCA accounts and FCA Nostro accounts.

Government and the Reserve Bank of Zimbabwe do not agree with the conclusion in the judgement to the effect that the Exchange Control Directive is unconstitutional. They take the view that the court has failed to give a proper interpretation to the directive.

In the circumstances, Government and the Reserve Bank intend to file an appeal against the judgement. They are further fortified in this cause of action by the fact that the court did not impugn the provisions of the Finance (No.2) Act, 2019 and the amendments made to the Reserve Bank of Zimbabwe Act [Chapter 22:15] which were based on the Exchange Control Directive in question.

According, Government and the Reserve Bank of Zimbabwe wish to assure the nation that the monetary arrangements which were put in place as a result of the Exchange Control Directive in question will remain in place pending the outcome of the appeal to be noted in the next few days.