zim bearer cheques.jpgThe local banking public has called upon the country’s fiscal authorities to speed up the long-awaited demonetisation project by setting aside funds to pay Zimbabwe dollar depositors and holders of bearer cheques who lost their savings during the conversion to the multi-currency regime.

With a few days before the Minister of Finance presents the 2012 National Budget, the banking public has criticised the fiscal authorities for the slow pace of the demonetisation project, aimed at compensating the Zimbabwe dollar account holders.

Several people in the capital who spoke to the ZBC News said they are eagerly awaiting for the conclusion of the project which they say is critical in restoring depositors confidence in the banking industry and have since implored the Finance Minister to set aside funds for the programme.

Government recently raised the hope of the banking public when it assured the populace that it remains committed to the demonetisation project.

 

However, treasury is still to determine the exchange rate to use in settling payment of Zimbabwean dollar account holders.

A committee comprising officials from Government and the Bankers’ Association of Zimbabwe was set up recently, and is currently working on the requisite details and modalities to operationalise the process.

 

According to information from the committee, funds for the demonetisation programme should be provided for through the Budget and is estimated at US$6 million .