Business Reporter
The Reserve Bank of Zimbabwe (RBZ) has firmly denied claims published in The Herald newspaper that it plans to target businesses and individuals holding cash in deposit boxes, calling the report “misleading” and assuring the public of their right to securely store funds.
In a statement released yesterday, the central bank clarified its position following a 2 April article titled “RBZ to Swoop on Currency Hoarders”, which alleged impending raids on cash deposit facilities.
The RBZ emphasised that it “has no intention to swoop on businesses and individuals holding money in cash deposit boxes” and stressed its respect for property rights, labelling such facilities as “private property.”
Governor Dr. John Mushayavanhu reiterated that the bank’s February 2025 Monetary Policy Statement focused on curbing illegal financial activities, including the misuse of deposit boxes for illicit shadow banking, rather than penalising legitimate users.
“The Reserve Bank regards safe deposit boxes as private property. Our priority is to enhance financial security and intermediation through formal channels,” he stated.
To encourage savings, the RBZ highlighted recent measures such as raising interest rates on USD deposits to 2.5% for savings and 4% for time deposits, while offering higher returns of 5% and 7.5% respectively, for savings in Zimbabwe’s structured currency, ZiG.
These adjustments aim to incentivise depositors to utilise formal banking systems, which the bank says ensures both profitability and safety amid rising robbery incidents.
The central bank also confirmed on-going collaborations with the Bankers Association of Zimbabwe and payment providers to reduce transaction fees and strengthen financial intermediation.
“We are committed to making formal banking more attractive and accessible,” the statement reads.
The RBZ’s latest stance seeks to balance regulatory oversight with assurances of autonomy for cash holders.
“The Reserve Bank reaffirms its commitment to respect property rights. Funds in the banking system remain secure, and we have no appetite to target deposit boxes,” Dr. Mushayavanhu concluded.
The clarification comes amid public anxiety over perceived Government overreach into private financial holdings.
Economists have long urged Zimbabweans to embrace formal banking to stabilise the economy, which has grappled with hyperinflation and currency volatility.
