Banks to review charges

Zimbabwe’s financial services sector is set to review bank charges and restore long term lending on the back of sustained reduction of inflationary pressures.

Submissions by the public to the banks show that there is an outcry over high bank charges and the absence of long term loans to sustain industry and commerce.

With little or no interest accruing from savings or deposits, the ability of the banks to serve the needs of the public is also under scrutiny.

Bankers Association of Zimbabwe President Mr Ralph Watungwa says the easing of inflationary pressures will allow banks to review charges.

“We shall review the charges as we note concern from the public and it is our desire to see that more can be done to unlock capital, boost savings while focusing on long term sustainable programmes,” said Mr Watungwa.

The high charges and limitations to the long term lending systems has also seen the market anxiously awaiting the 2021 monetary policy to set the tone for new operating guidelines in the banking system.

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