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Zimbabwe central bank rubbishes reports on cash deposit box seizures
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The Reserve Bank of Zimbabwe (RBZ) has dismissed claims that it is targeting businesses and individuals holding cash in deposit boxes, following an article published in The Herald on April 2, 2025. The central bank clarified that while it remains concerned about the abuse of cash deposit boxes and the rise of shadow banking, it has no intention of confiscating funds from businesses or individuals.
In a statement, the RBZ reiterated its commitment to respecting property rights, emphasizing that safe deposit boxes are private property. The central bank assured the public that businesses and individuals who store money in these boxes will not be affected by any form of government intervention.
The clarification comes after concerns were raised regarding measures outlined in the February 6, 2025, Monetary Policy Statement, which addressed the risks associated with unregulated cash storage and informal banking practices. The RBZ stated that it encourages the use of formal banking channels but does not intend to forcibly interfere with private holdings.
To promote savings and financial security, the RBZ has introduced higher interest rates on deposits. The new rates stand at a minimum of 2.5% for USD savings deposits and 4% for time deposits, while ZiG deposits attract 5% for savings and 7.5% for time deposits. These measures aim to incentivize a culture of saving and ensure depositors benefit from holding funds in regulated financial institutions.
The RBZ also reaffirmed that it is actively working with the Bankers Association of Zimbabwe and Payment Systems Providers to reduce bank charges and enhance financial intermediation. The central bank assured the public that depositors’ funds remain secure, with strict supervision and surveillance in place to uphold confidence in the banking sector.
Reaffirming its stance, the RBZ urged businesses and individuals to embrace formal banking as a safer alternative amid rising incidences of robberies. However, it made clear that there will be no forced seizure of funds from cash deposit boxes, putting to rest speculation raised by the recent media report.
In a statement, the RBZ reiterated its commitment to respecting property rights, emphasizing that safe deposit boxes are private property. The central bank assured the public that businesses and individuals who store money in these boxes will not be affected by any form of government intervention.
The clarification comes after concerns were raised regarding measures outlined in the February 6, 2025, Monetary Policy Statement, which addressed the risks associated with unregulated cash storage and informal banking practices. The RBZ stated that it encourages the use of formal banking channels but does not intend to forcibly interfere with private holdings.
The RBZ also reaffirmed that it is actively working with the Bankers Association of Zimbabwe and Payment Systems Providers to reduce bank charges and enhance financial intermediation. The central bank assured the public that depositors’ funds remain secure, with strict supervision and surveillance in place to uphold confidence in the banking sector.
Reaffirming its stance, the RBZ urged businesses and individuals to embrace formal banking as a safer alternative amid rising incidences of robberies. However, it made clear that there will be no forced seizure of funds from cash deposit boxes, putting to rest speculation raised by the recent media report.
Source - byo24news
