The Reserve Bank of Zimbabwe (RBZ) deadline for banks to submit compliance reports to stipulated bank reduction charges closes today with all financial institutions expected to forward their plans.

The central bank reviewed cash withdrawal charges downwards  with effect from 12 December 2016 to a maximum of one percent and 1,25 percent for automated teller machines (ATMs)  and over the counter withdrawal charges respectively.

Monetary authorities have therefore directed all the financial institutions to submit their detailed reports on efforts to slash the rates by 28 February 2017, a move an economist, Mr Ignatious Matungamire said is important in increasing depositor confidence.

“It is critical that more focus is being put on such aspects to unlock value,”

While the central bank has reaffirmed its position to continue monitoring bank charges, an economic commentator, Mr Wellington Koke said reduction in bank charges will provide opportunities for economic growth.

“This is an important step towards tapping the unbanked communities in the economy, something that is critical for economic boom,” he said.

The follow up system on reduction in bank charges is being made when financial institutions are expected to slash lending rates with effect from next month to a maximum of 12 percent per year.