Zimbabwe's central bank made fresh rules to push bank savings and aid small money trades. The bank wants more people to use Zimbabwe Gold, known as ZiG, the nation's own money.
The bank's head, Dr John Mushayavanhu, shared these changes at a meeting with banks and news writers in Harare. He said the bank's firm money rules have made prices steady.
Banks must pay more to people who save money. ZiG savings will earn five percent interest, up from three-and-a-half percent. Time savings in ZiG will earn seven percent, up from five percent.
Interest on U.S. dollar savings went up to two-and-a-half percent from one percent. Time savings in dollars will earn four percent, raised from two-and-a-half percent.
These rules fit the bank's five-year plan from 2025 to 2029. The plan aims to keep prices steady and make money safe. Dr Mushayavanhu wants to build trust and help the nation grow.
The nation hopes to grow by six percent. This would mark big progress from last year's two percent growth, which fell due to dry weather.
The bank heard that bank fees were hard on people. It banned fees for accounts with less than 100 U.S. dollars or the same amount in ZiG. Small trades under five dollars will have no fees.
The bank asks payment companies to lower bank fees, which should help more people use ZiG. These changes will start by mid-2025.
Every business must have a payment machine that takes both ZiG and U.S. dollars. The bank wants to know about any unused machines.
Local offices must check if shops have bank accounts and payment machines before giving them trade permits.
Some phone money services charged more for ZiG trades than dollar trades. The bank stopped this practice to help ZiG grow stronger, as President Mnangagwa wants.
The bank raised the yearly limit on bank cards from 500,000 dollars to one million dollars. It also made a new plan to help shops buy more goods.
In January, the bank started helping businesses make things. This help comes from saved bank money, not new printed cash.
Business owners can use this help to buy foreign money if they show real bills for things they need to buy.
The bank ended rules about how much foreign money businesses could buy each week. Banks can sell foreign money at fair prices, with no five percent limit.
These changes aim to make Zimbabwe's money system work better and help businesses grow.
The bank's head, Dr John Mushayavanhu, shared these changes at a meeting with banks and news writers in Harare. He said the bank's firm money rules have made prices steady.
Banks must pay more to people who save money. ZiG savings will earn five percent interest, up from three-and-a-half percent. Time savings in ZiG will earn seven percent, up from five percent.
Interest on U.S. dollar savings went up to two-and-a-half percent from one percent. Time savings in dollars will earn four percent, raised from two-and-a-half percent.
These rules fit the bank's five-year plan from 2025 to 2029. The plan aims to keep prices steady and make money safe. Dr Mushayavanhu wants to build trust and help the nation grow.
The nation hopes to grow by six percent. This would mark big progress from last year's two percent growth, which fell due to dry weather.
The bank heard that bank fees were hard on people. It banned fees for accounts with less than 100 U.S. dollars or the same amount in ZiG. Small trades under five dollars will have no fees.
The bank asks payment companies to lower bank fees, which should help more people use ZiG. These changes will start by mid-2025.
Every business must have a payment machine that takes both ZiG and U.S. dollars. The bank wants to know about any unused machines.
Local offices must check if shops have bank accounts and payment machines before giving them trade permits.
Some phone money services charged more for ZiG trades than dollar trades. The bank stopped this practice to help ZiG grow stronger, as President Mnangagwa wants.
The bank raised the yearly limit on bank cards from 500,000 dollars to one million dollars. It also made a new plan to help shops buy more goods.
In January, the bank started helping businesses make things. This help comes from saved bank money, not new printed cash.
Business owners can use this help to buy foreign money if they show real bills for things they need to buy.
The bank ended rules about how much foreign money businesses could buy each week. Banks can sell foreign money at fair prices, with no five percent limit.
These changes aim to make Zimbabwe's money system work better and help businesses grow.
