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

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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.

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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

> 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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