Chinamasa urges Zimbabweans to save money in banks

Finance Minister Patrick Chinamasa says Zimbabweans should develop a culture of saving money in the formal banking channels to improve the circulation of cash.

Chinamasa said while the government and the Reserve Bank of Zimbabwe (RBZ) are working on policies to improve cash circulation, failure by Zimbabweans to save funds within the local banking channels is hindering efforts to increase circulation of money.

"We are concerned over cash shortages and we hope it can be solved in the future. It is not our fault, instead we are calling on everyone to act and make their best decisions," he said.

Chinamasa added that regulatory authorities will continue to implement policies towards increasing depositor confidence in the banking system.

Zimbabwe has introduced a financial inclusion policy to ensure the participation of stakeholders in banking sector transactions.