RBZ Clarifies Position on Cash Deposit Boxes, Raises Interest Rates

3 April 2025

Nomathemba Mathe

The Reserve Bank of Zimbabwe (RBZ) has clarified its stance following a report in The Herald alleging that the central bank would take action against businesses hoarding cash in deposit boxes.

In a statement, the RBZ referenced its 6 February Monetary Policy Statement, which stressed the need for proper banking practices while cautioning against the misuse of deposit boxes and shadow banking. However, the bank reaffirmed that it has no intention of targeting businesses or individuals using deposit boxes lawfully.

To encourage formal banking, the RBZ has raised interest rates to 2.5% for USD savings and 4% for ZiG savings, while time deposits will now earn 5% and 7.5%, respectively. The move aims to promote saving and enhance fund security amid rising robbery cases.