Bank charges: No reprieve in sight

bank charges, indicating they would soon take measures to rectify the anomaly.
But Treasury recently told Herald Business they were waiting for the RBZ to update them on their plans to deal with the high bank charges.
Minister Moyo said it was largely up to the RBZ to come up with the requisite measures.
“The issue of bank charges is basically a monetary one, and that is being dealt with by the RBZ Governor,” he said.
“We have given him the responsibility to consult with the relevant stakeholders as we would want to create a win-win situation. We are still waiting for him to come back to us on the issue.”
In July, RBZ Governor Dr Gideon Gono told an Affirmative Action Group stakeholders’ meeting that he would soon announce measures to reduce bank service charges “in two weeks’ time”.
So far, there has been no action on the issue.
Exorbitant bank charges currently levied by banks and negligible interest rates offered on deposits have conspired to dent depositors’ confidence.
The banks, through the Bankers’ Association of Zimbabwe, have maintained that the current interest rates and bank charges regime had been necessitated by the prevailing economic conditions, as banks are not generating adequate interest income to cover their costs.