RBZ, banks to pay interest on deposits, promote savings culture- Forex Auction Results as at 26 May 2021

The Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya says the central bank alongside other banks will soon begin paying interest on deposits, to promote the culture of banking.

He told the Parliamentary Portfolio Committee on Finance, Budget and Economic Development that the RBZ has already carried out consultations with the Bankers Association of Zimbabwe on the matter, adding that the central bank will soon make a public announcement on the development.

“We are working on incentives together with the Bankers Association of Zimbabwe to encourage people to make deposits.

“We shall soon be making the necessary announcement. We will be paying interest on those that deposit money in banks to encourage people,” said Dr Mangudya.

His sentiments also came at the time most Zimbabweans are shunning the banking system as in most cases deposits are depleted instead of having interest added.

On the other hand, Zimbabweans are shunning the banking system because of the fact that they will not be able to withdraw their cash when they need it. Withdrawal limits have been imposed, and in other cases

Meanwhile, below is the Foreign Exchange Auction Results as at 26 May 2021.

-Zwnews