HARARE – High bank charges and unpredictable government policies have driven many Zimbabweans to store cash in safe deposit boxes rather than traditional bank accounts.
The Reserve Bank of Zimbabwe (RBZ), however, has denied reports that it plans a crackdown on these cash holdings. This follows a Herald report, citing RBZ’s Financial Intelligence Unit, which suggested a “blitz” on funds kept outside the banking system.
In a statement issued on April 2, RBZ Governor Dr. John Mushayavanhu dismissed claims of a crackdown, reiterating the central bank’s respect for property rights and clarifying its stance on cash deposit boxes.
“The Reserve Bank has taken note of the article published in The Herald on April 2, 2025. The article referred to the measures announced in the Monetary Policy Statement of February 6, 2025, and recent interviews on the same,” the statement reads.
“In its Monetary Policy Statement, the Reserve Bank cautioned against the abuse of cash deposit boxes and the proliferation of shadow banks, contrary to the alleged swooping on businesses holding cash in deposit boxes as reported in the said article. The Reserve Bank would like to assure the public that there is no intention to swoop on businesses and individuals holding money in cash deposit boxes in banks and business premises.”
Dr. Mushayavanhu emphasized that while the RBZ encourages individuals and businesses to use formal banking channels, safe deposit boxes remain private property.
The central bank has recently introduced incentives to encourage saving, including increasing interest rates on deposits to a minimum of 2.5% and 4% for USD savings, and 5% and 7.5% for Zimbabwe Gold (ZiG) deposits. It is also working with the Bankers Association of Zimbabwe and payment service providers to reduce banking costs and promote financial inclusion.
“The Reserve Bank continues to ensure that depositors’ funds are safe and secure through proactive and vigilant supervision of the financial sector. Importantly, the Reserve Bank is also working with the Bankers Association of Zimbabwe and Payment Systems Providers to come up with mechanisms to minimize bank charges and support increased financial intermediation in the formal banking sector,” the statement continued.
Despite these assurances, public trust in Zimbabwe’s banking system remains fragile, with many opting to hold cash privately amid fears of policy unpredictability.
