The Consumer Council of Zimbabwe (CCZ) has railed against high bank charges, the absence of interest on deposits and savings and accused banks of charging high interest on loans.
But the BAZ justified its position, arguing that the harsh operating economic environment was forcing banks to levy high charges to remain viable.
“The banking sector in the country faces high operating costs in the domestic environment, both fixed and viable costs,” BAZ said in a statement.
“This forces banks to price their products (and) services for cost recovery. Without measures to recover costs, the sector would be unviable and unstable, which would result in the closure of banks.”
The association said a robust monetary system was crucial in restoring public confidence in the banking sector.
“Though there is steady progress on restoration of public confidence in the banking system, the reality of the matter is restoring trust in the entire monetary system on which the banks are resting.”
Post published in: Business