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RBZ Raises Interest Rates On Savings Accounts, Scraps Small Transaction Fees

1 month agoFri, 07 Feb 2025 07:49:31 GMT
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RBZ Raises Interest Rates On Savings Accounts, Scraps Small Transaction Fees

The Reserve Bank of Zimbabwe has instructed banks to raise interest rates on savings and time deposits to promote a banking and savings culture in the economy and to remove transaction fees for amounts of US$5 or less (or the equivalent in Zimbabwe Gold, ZiG).

In his 2025 Monetary Policy Statement, RBZ Governor John Mushayavanhu announced these changes as part of a series of new policies.

The interest on ZiG savings accounts has increased from 3.5% to 5%, and from 5% to 7% for time deposits.

For USD savings accounts, the interest rate has gone up from 1% to 2.5%, and from 2.5% to 4% for time deposits. Said Mushayavanhu:

The Reserve Bank encourages banks to offer depositors more than the stipulated minimum deposit rates, to promote a banking and savings culture in the economy

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Depositors should take advantage of these interest rates to place their savings in these interest-bearing savings and time deposit accounts as opposed to noninterest-bearing current accounts.

The Reserve Bank has engaged the Bankers Association of Zimbabwe (BAZ) to ensure that the banking system encourages their depositors to make use of these interest-bearing deposit accounts through awareness campaign programmes and promotions

The central bank also instructed banks to remove all fees for transactions worth US$5 or less (or the equivalent in ZiG). Said Mushayavanhu:

Domestic stakeholders consulted by the Reserve Bank bemoaned the current high levels of bank charges obtaining in the banking sector.

The Reserve Bank will continue to ensure that banks strictly adhere to a policy compelling them to exempt from bank charges, all accounts that maintain a balance below US$100 or its equivalent in ZiG.

In addition, Point of Sale (POS) transactions for amounts less than US$5 or its equivalent in ZiG are also exempted from transaction charges, for both banking institutions and Payment System Providers (PSPs).

The Reserve Bank is also working with BAZ and PSPs to come up with mechanisms to minimise bank charges and encourage use of e-cash to promote ZiG. These mechanisms will be finalised and communicated before the end of the first half of 2025.

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20 Comments

Chinos · 1 month ago
kutogara neUS rako mumba kurinani pane kuisa marasha kuHwange mbavha dzeZanu dzimofuma dzakadziya ikaenda yose nezvimbwasungata izvi
Anonymous · 1 month ago
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Mp · 1 month ago
my last bank was in year 2000 now l use pillow bank
Gobho · 1 month ago
Waimbotiiko Mapfumo nesong yake entitled: "Nyika yamaichemera hona avaa ma......................."
and ecocrash ? · 1 month ago
what about ecocrash ? remove transaction fees for amounts of US$5 or less
1
D.O.G.E Demon 😈 · 1 month ago
increasing interest rates will simply make borrowing expensive and thus exacerbate Zimbabwe's long term debt cycle
Anonymous · 1 month ago
We are running with15% inflation p.a. in US$ terms, these new savings rates will attract zero forex.
laugh emoji1
chigananda refu · 1 month ago
munhu akakwana njere can they take their USD to banks?? honestly that's bullsheet
chavhunduka · 1 month ago
ztv is just screen nothing on itor any empty screen
laugh emoji1
Sir African · 1 month ago
It's still a risk business to leave your money overnight in the bank as the government and RBZ have a huge appetite of statutory instruments that can can be used to change things over night In 2018 while in the bank a lady behind me told her friend that she wanted to deposit her US dollars in a nostro account but I warned her against it.The next day government announced the USD and the Bond Note rate was 1 is to 11.She save money otherwise she would have lost her hard hard cash.
2
Nero · 1 month ago
Tru Dat, these thugs want to loot your hard earned money. You can never trust zanu thugs
1
do4 · 1 month ago
they want to fish out all usd from the citizens, since time immemorial there has never been anything which these people do sincerely......pamberi apo muchanyudzwa muchifunhidzira kuti mukuwana interest.take note.
1
Account Holder · 1 month ago
hatisi mari mu bank ,chakatanga ndochakachenjedza
floor glaze · 1 month ago
wakanyanya🤣🤣🤣🤣🤣🤣
do4 · 1 month ago
ichiriko here ztv???kkkkkk
mculi nthube · 1 month ago
Ngatiisei Mari mumaBank, tiwane maInterests zvekuti ichazonzi 1:1 pamberi apo ratova drama
Sir African · 1 month ago
@mculi.You do it yourself.Isu vamwe hatina mari dzinorara mubank.Chivhayo anochengeta ma millions ake kumba wani .You think he is a full?
Patz · 1 month ago
This is now News. Kwete kungoswerera ED 2030, Auxulia, Ziyambi, Zig. ZTV is no longer watchable
1
Nero · 1 month ago
Saka hausikuona Ed pane zvirikutaurwa here🤣

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