DEPOSITORS who lost Zimbabwe dollars in several banks that closed before 2009 are set to get their compensation from the Deposit Corporation (DPC).
In a statement, DPC said it will release the money at the rate of one United States dollar to Z$35 quadrillion dollars, which was the exchange rate that the United Nations was using at December 31 2008.
It said beneficiaries of the programme will receive their funds until the end of April.
“The Deposit Protection Corporation wishes to advise members of the public that in pursuance of the Government of Zimbabwe’s demonetisation exercise, it is paying demonetization proceeds to qualifying Zimbabwe dollar account holders for banks under liquidation until 30th April 2016,” it said.
Zimbabwe dollar denominated accounts in AfrAsia Bank Zimbabwe Limited, which is under liquidation, Allied Bank Limited, also under liquidation and Interfin Banking Corporation Limited will receive US$5 for accounts holding up to Z$175 quadrillion, the statement said.
The payouts come as government has appointed a commission to come up with a system of paying pensioners who lost their savings when the local currency was demonetised in at the beginning of 2009, as authorities move to put to an end the crisis that emerged following the end of the local unit.
The commission is yet to complete its investigations, but results of the programme will be highly awaited by millions who lost life savings after the economic crisis which started in 2000 and ended with hyperinflation in 2008, when the International Monetary Fund estimated that inflation was at 500 billion percent.
The Reserve Bank of Zimbabwe is also working on plans to compensate all account holders but it has not given a timeframe.
But the move taken by the DPC gives hope to millions of people, many of them now unemployed after the economic crisis returned from 2012, leading to the closure of companies and triggering job losses.
Follow us on Twitter on @FingazLive and on Facebook – The Financial Gazette