Govt Speaks On Pensioners’ Nostro Disbursements
10 September 2020

By A Correspondent- The Deputy Finance minister, Clemence Chiduwa while responding to a question in parliament on why some banks have not allowed pensioners to access or convert their local nostro to RTGS over their phones said all banks should be able to disburse the US$30 pension using the Auction Rate.

The deputy minister said it was not government policy for banks to pay pensioners rates which are lower than that of the auction rate.

He said:

“In terms of the policy as of now, all banks should have their systems to be able to disburse the pension which is the US$30 per month.  If we have got any specific banks that are using a rate which is different from the auction rate then that one is outside Government policy.

What we are looking at is a situation where the banks should follow the auction rate that will be existing for that week and this is what Government policy is.”