No More Bank Charges for Accounts Under US$100: RBZ Directive

Charity Chikara

06.04.24

Zimbabwe’s Reserve Bank (RBZ) has announced a new directive that prohibits banks from imposing maintenance or service charges on individual bank accounts holding less than US$100 or its equivalent in the newly introduced ZiG currency.

This policy shift is expected to benefit a large portion of the population, particularly those who struggle to maintain higher balances.

The RBZ also unveiled Zimbabwe’s innovative gold-backed currency, the ZiG. The legal framework for ZiG states that the Reserve Bank shall issue ZiG notes and coins backed by a composite basket of foreign currency reserves and precious metals, predominantly gold.

The value of one ZiG will be equivalent to the value of one milligram of gold and will be adjusted based on inflation and the price of gold.

The introduction of ZiG is seen as a strategic move to stabilize the nation’s economy and restore confidence in its currency.