News:Reserve Bank to fine banks for high charges

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<vote /> The Reserve Bank of Zimbabwe has penalised some financial and micro-finance institutions for continuing to charge interest rates and transaction charges above the stipulated rates.

Early this month, the RBZ, after consultations with the Bankers Association of Zimbabwe, reduced electronic banking charges while financial institutions were also urged to lower their interest rates by 15 percent. However despite the call by the RBZ to reduce rates, some banks and financial institutions have continued to charge above the gazetted rates.

To ensure compliance, the RBZ is penalising any bank found not complying including reimbursing clients their money according to the Director of Bank Supervision and Registrar of Banks Mr Norman Mataruka.

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