Following government decision to provide for the establishment of Foreign Currency Accounts (FCA) for the benefit of corporates and individuals who have access to foreign currency, banks are under fire for failing to promote savings in foreign currency.

The pronouncement by the Ministry of Finance that FCAs will not be raided was expected to promote the culture of savings and the mopping up of floating foreign currency back to the formal system.

However, an economic analyst in Bulawayo Mr Morris Mpala said banks should encourage savings in foreign currency by first encouraging their customers to open the FCAs, reduce bank charges and put in place attractive interest rates.

“The introduction of FCAs is a good development but the banks must play ball by reducing bank charges and ensuring security as pronounced by government that it would not raid these accounts but also banks must put interest rates that attract the savings if foreign currency,” he said.

He noted with concern that banks have not promoted the FCAs while their clients have the capacity to mobilise foreign currency including putting a facility for the diaspora community to bank locally.