Zimbabwe Bank Makes Bold Changes to Help People Save Money.
Zimbabwe's central bank told banks yesterday to pay more interest on savings. The bank also said people will not need to pay bank fees for small payments. These changes come as part of new rules to make more people use Zimbabwe's money.
John Mushayavanhu, who runs the central bank, shared these plans in Harare. He said the bank's work has made prices and money more steady.
Banks must pay more to people who keep their money with them. For Zimbabwe Gold (ZiG) accounts, savers will receive 5 percent interest instead of 3.5 percent. People who put money away for set times will earn 7 percent, up from 5 percent.
The bank also raised interest for U.S. dollar savings. These accounts will pay 2.5 percent instead of 1 percent. Time deposits in dollars will earn 4 percent, higher than the old rate of 2.5 percent.
These changes fit with the bank's new five-year plan. The plan aims to keep prices steady and make the money system work better. Mushayavanhu thinks these steps will help the country's business grow by 6 percent next year.
The bank heard that people felt bank charges were high. To help, banks must not charge fees on accounts with less than 100 dollars. Store payments under 5 dollars will also be free.
Banks must give every business a payment machine that takes both ZiG and dollars. This rule applies to old and new business accounts. The bank wants to know about any unused machines.
Stores need bank accounts and payment machines to get business permits. This rule comes from working with local offices to make more people use banks.
The bank raised the yearly limit on bank cards to 1 million dollars from 500,000 dollars. It also made it easier for shops to buy goods by letting them use special bank help.
These changes show that Zimbabwe wants to use its own money more, following President Mnangagwa's plans. The bank dropped old rules about buying foreign money, making it easier for businesses to trade.
Mushayavanhu believes these changes will make Zimbabwe's money system better and help businesses grow. The bank wants to build trust and make the country's money work well for everyone.
Zimbabwe's central bank told banks yesterday to pay more interest on savings. The bank also said people will not need to pay bank fees for small payments. These changes come as part of new rules to make more people use Zimbabwe's money.
John Mushayavanhu, who runs the central bank, shared these plans in Harare. He said the bank's work has made prices and money more steady.
Banks must pay more to people who keep their money with them. For Zimbabwe Gold (ZiG) accounts, savers will receive 5 percent interest instead of 3.5 percent. People who put money away for set times will earn 7 percent, up from 5 percent.
The bank also raised interest for U.S. dollar savings. These accounts will pay 2.5 percent instead of 1 percent. Time deposits in dollars will earn 4 percent, higher than the old rate of 2.5 percent.
These changes fit with the bank's new five-year plan. The plan aims to keep prices steady and make the money system work better. Mushayavanhu thinks these steps will help the country's business grow by 6 percent next year.
The bank heard that people felt bank charges were high. To help, banks must not charge fees on accounts with less than 100 dollars. Store payments under 5 dollars will also be free.
Banks must give every business a payment machine that takes both ZiG and dollars. This rule applies to old and new business accounts. The bank wants to know about any unused machines.
Stores need bank accounts and payment machines to get business permits. This rule comes from working with local offices to make more people use banks.
The bank raised the yearly limit on bank cards to 1 million dollars from 500,000 dollars. It also made it easier for shops to buy goods by letting them use special bank help.
These changes show that Zimbabwe wants to use its own money more, following President Mnangagwa's plans. The bank dropped old rules about buying foreign money, making it easier for businesses to trade.
Mushayavanhu believes these changes will make Zimbabwe's money system better and help businesses grow. The bank wants to build trust and make the country's money work well for everyone.
