RBZ Assures Public: No Plans to Seize Deposit Boxes or Business Safes
The Reserve Bank of Zimbabwe (RBZ) has dismissed claims that it plans to seize cash from businesses and individualsholding money in deposit boxes or safes, following reports in The Herald on April 2, 2025.
In a statement responding to the article, the RBZ clarified that its February 2025 Monetary Policy Statement was focused on addressing shadow banking activities and the abuse of cash deposit boxes, not on confiscating funds.
No Swoop on Cash Holders
The central bank reaffirmed that safe deposit boxes are private property, and there is no intention to raid or swoop on businesses and individuals who store money in them. Instead, it encouraged the use of formal banking channels to enhance financial security and reduce reliance on cash-based transactions.
Encouraging Formal Banking & Savings Culture
To incentivize bank deposits, the RBZ increased interest rates in its Monetary Policy Statement, setting minimum rates at:
- USD Deposits: 2.5% (savings) and 4% (time deposits)
- ZiG Deposits: 5% (savings) and 7.5% (time deposits)
This move aims to promote saving habits, ensuring depositors earn better returns while keeping funds secure within the banking system.
Commitment to Protect Depositors’ Funds
The RBZ assured the public that Zimbabwe’s financial sector remains stable, with vigilant supervision and regulatory oversight in place to protect depositors’ funds. The central bank is also working with the Bankers Association of Zimbabwe and Payment Systems Providers to reduce bank charges and improve financial accessibility.
No Threat to Property Rights
Reaffirming its respect for property rights, the RBZ assured the public that it has no plans to interfere with cash deposit boxes. Instead, the bank remains committed to strengthening the financial system while ensuring that businesses and individuals retain full control over their funds.
