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RBZ dangles annual interests to savings account depositors

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The Reserve Bank of Zimbabwe said banks will from the 1st of July 2021 start offering interest rates on both savings accounts and fixed term deposits.

The bank’s latest directive, which it alleges is in accordance with Statutory Instrument 65A of 2020 on the payment of interest on savings accounts is aimed at persuading account holders to deposit their hard earned cash.

The Central Bank further added that there will be no charges for such account holders.

However, the move has already attracted sharp criticism from the general public.

The public has labeled the gesture as a trap to rip off unsuspecting depositors.

Commenting the move @Eng_Normie posted on twitter saying, “the system doesn’t even have confidence in own currency. Why set a mediocre rate on USD$ deposits compared to what’s offered on ZW$. No sensible person leaves their $ to attract such meager interest.”

@Gazilami said, “ This is a simple trap. The RBZ is trying to lure people to deposit money by offering them interest rates that are below the inflation rate. In fact, you will end up paying more in IMT tax than the interest you earn on USD!”

Crucial Kuwanga

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