Reserve Bank of Zimbabwe (RBZ) Governor John Panonetsa Mangudya said they are working with the Bankers Association of Zimbabwe (BAZ) to come up with measures that will encourage people to deposit their money in banks.
Mangudya told the Parliament’s portfolio committee on Finance, Budget and Economic Development that an announcement on the incentives will be made soon.
The committee, chaired by Buhera Central MP Mathew Nyashanu (ZANU PF), wanted to know what the RBZ was doing to compel businesses to deposit their earnings in banks. Said Mangudya:
We are working on incentives together with the Bankers Association of Zimbabwe to encourage people to make deposits.
We shall soon be making the necessary announcement. We will be paying interest on those that deposit money in banks to encourage people.
Mangudya said the RBZ assessment was that most people used alternative methods rather than banking their money in order to preserve the value of their money.