By 
The Reserve Bank of Zimbabwe (RBZ) has announced plans to target businesses and individuals hoarding foreign currency in cash deposit boxes, both within banks and at private premises. This move comes as part of an intensified effort to address growing liquidity shortages affecting the economy.
According to Oliver Chiperesa, the Director-General of the Financial Intelligence Unit (FIU), the RBZ has identified a concerning trend where significant amounts of foreign currency are being stored rather than being circulated within the economy. The issue was highlighted by RBZ Governor John Mushayavanhu during his presentation of the 2025 Monetary Policy Statement, where he pointed out that many manufacturers and informal retailers have been stockpiling foreign currency in cash deposit boxes, depriving the economy of much-needed liquidity.
Chiperesa emphasized that such practices violate the Anti-Money Laundering Act, which mandates businesses to deposit their earnings in formal banking institutions. While cash deposit boxes are generally used to store important documents, the current trend of using them for large sums of money is illegal and goes against the country’s financial regulations. The RBZ is working on finalizing the necessary regulations to ensure the planned raids are carried out within the legal framework.
This operation aims to encourage the use of formal banking channels, promoting transparency and adherence to laws designed to prevent money laundering and the financing of terrorism. Chiperesa further explained that the ultimate goal of these actions is to foster a financial environment where all transactions are properly recorded, supporting the country’s efforts to maintain its status after being removed from the Financial Action Task Force (FATF) grey list. This is seen as essential for fostering economic growth and attracting much-needed Foreign Direct Investment (FDI).
With the regulatory framework still under development, the RBZ is preparing for a coordinated campaign against foreign currency hoarding, reinforcing the importance of compliance in maintaining a stable and transparent financial system.
Comments