HARARE — Zimbabwe’s banking sector deposits have risen from about US$2 billion in 2017 to US$7 billion in 2026, according to figures presented by Cabinet on Tuesday.

The announcement came as government approved the Financial Sector Development Strategy for 2026–2030, aimed at strengthening the banking, insurance, pensions and capital markets sectors.

Cabinet said the banking sector remained adequately capitalised, with low non-performing loans, despite persistent financial and currency challenges.

The five-year strategy will focus on financial stability, financial inclusion, improved infrastructure, financial literacy and innovation.

It also seeks to mobilise long-term savings and channel investment into productive sectors to support economic growth and job creation.

However, government did not provide a breakdown of deposits by currency or explain how much of the increase resulted from new savings as opposed to changes in valuation and deposit composition.

The strategy is part of broader efforts to strengthen the financial sector and support Zimbabwe’s economic development goals towards 2030.