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Government Rules Out Price Controls on Bank Charges

Prof. Mthuli Ncube
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HARARE – Finance Minister Mthuli Ncube announced that the government is not considering imposing price controls on bank charges, emphasizing a preference for market-driven solutions.

In an interview, Ncube stated that the government aims to avoid intervening in the banking sector through price regulation.

“We are not looking to police bank charges,” Ncube affirmed, highlighting the administration’s stance against direct price controls in the financial sector. The Minister underscored the importance of allowing market forces to dictate pricing, promoting efficiency and competitiveness within the banking industry.

Ncube’s comments come amid public concerns over rising bank charges and their impact on consumers. However, he expressed confidence that the market would self-regulate, ensuring fair pricing without the need for government intervention.

For more insights from Minister Ncube’s interview, watch the full discussion here.