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Herald Reporter

Those who had balances of US$1 000 and below in the POSB on 20 February 2019 can submit their claims from Monday next week for compensation of their losses when the exchange rate went from US$1:Z$1 to US$1:Z$2,50. 

The compensation scheme was announced in the 2021 Budget by Minister of Finance and Economic Development Mthuli Ncube and is administered by the Deposit Protection Corporation using the US$400 000 provided by Government through Kuvimba Mining House for distribution to vulnerable depositors, the corporation said in a statement yesterday. 

The POSB accountholders are the second phase, after the first phase for depositors of deposit taking microfinance institutions. In that phase, just closed, the Deposit Protection Corporation paid the 914 claimants a total of US$83 288. After the POSB window closes, the next phases will see account holders of commercial banks and building societies once more funds are made available. 

The corporation said the claim forms were available at all POSB branches or could be downloaded from the POSB website of the DPC website at www.dpcorp.co.zw . When filled out they must be submitted to the corporation. 

The compensation is 60 percent of what was in the account up to US$1 000. So a person who had US$1000 or more gets US$600, while someone with US$400 gets US$240, someone with US$100 gets US$60 and someone with just US$10 gets US$6. 

The compensation will be paid to successful claimants in US dollars through the POSB and there will be no transaction costs.