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Zimbabwe Enacts SI 65 of 2020 Which Directs Banks To Pay Interest On Savings Accounts And Fixed Deposits

3 years agoFri, 13 Mar 2020 15:08:27 GMT
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Zimbabwe Enacts SI 65 of 2020 Which Directs Banks To Pay Interest On Savings Accounts And Fixed Deposits

The government of Zimbabwe has enacted Statutory Instrument (SI) 65 A of 2020 which directs banks to pay interest on savings accounts and fixed deposits.

The directive was undertaken in a bid to promote financial intermediation and to stimulate production which according to a Treasury report remained stressed due to a number of issues including rate instability.

The gazetted SI directs banks to start paying interest on deposits and savings, with immediate effect. Banks have, in the past few years, not been paying interest on savings and deposits.

According to the new SI, banks are now supposed to pay an interest rate of not less than 90 percent on treasury bills and at least 75 percent for individual and corporates savings for a period of 30 days.

The SI also gives the Reserve Bank of Zimbabwe (RBZ) powers to determine the yields of treasury bills and interest on individuals as well as corporate balances.

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