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OpenRBZ Has No Intention To Seize Funds From Cash Deposit Boxes - Mushayavanhu
The Reserve Bank of Zimbabwe (RBZ) has denied reports suggesting it plans to confiscate money stored in cash deposit boxes. These claims surfaced after Financial Intelligence Unit (FIU) director-general Oliver Chiperesa was quoted by The Herald, saying businesses and individuals hoarding money in deposit boxes—whether in banks, homes, or business premises—would be targeted in an upcoming Blitz.
Chiperesa had said that millions of dollars were sitting idle in these boxes, which he argued deprived the economy of vital cash for daily transactions.
However, in a statement released on Wednesday, April 2, RBZ Governor John Mushayavanhu clarified that the central bank respects property rights and has no plans to seize funds from individuals or businesses. He said:
In its February 2025 Monetary Policy Statement, the Reserve Bank cautioned against the abuse of cash deposit boxes and the proliferation of shadow banks contrary to the alleged swooping on businesses holding cash in cash deposit boxes as reported in the article. The Reserve Bank wants to assure the public that there is no intention to swoop on businesses and individuals holding money in cash deposit boxes. The Reserve Bank respects the public’s property rights.
The Reserve Bank continues to encourage individuals and businesses to use formal banking channels to improve financial intermediation through market incentives, ensuring money earns a return and guarantees the safety of funds.
The Reserve Bank has increased interest rates on savings and time deposits to a minimum of 2.5% and 4% for USD deposits and 5% and 7.5% for ZiG deposits, respectively, as part of efforts to encourage a saving culture. The Bank ensures that depositors’ funds are safe and secure in the banking sector.
The Reserve Bank reaffirms its commitment to respecting property rights and assures the public that their funds remain safe, with no intention to swoop on cash deposit boxes for those who choose to use them.
Chiperesa had said they were in the process of drafting regulations to ensure the upcoming blitz is conducted within the bounds of the law.
He asserted that while cash deposit boxes are typically used to store important documents, the current trend sees them being used to hold large sums of money outside the banking system. This, he emphasized, is illegal under the Anti-Money Laundering Act.
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