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Logo of Reserve Bank of Zimbabwe

The Reserve Bank of Zimbabwe is the central bank of Zimbabwe.

History[edit]

The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board.

The Reserve Bank has continued to function, and has grown in operations and staff, through a variety of changes in sovereignty and governmental structure in Rhodesia and Zimbabwe. The building in which it currently operates was officially opened by President Robert Mugabe on May 31, 1996.

Structure[edit]

The Reserve Bank of Zimbabwe Act provides for a Board of Directors and a Governor. The Governor, assisted by three deputy governors, is responsible for the day-to-day administration and operations of the bank. The current Governor is Gideon Gono.

The Governor and his three deputies are appointed by the president for five-year terms that may be renewed. The Governor also serves as chairman of the board. The board's membership includes the three deputies and a maximum of seven other non-executive directors, intended to represent key sectors of the economy.

Operations[edit]

The Reserve Bank's most important role is to create and enact monetary policies. According to the bank's website, as the only producer of Zimbabwe's bank notes and coins, it regulates the amount of money in circulation. However since a range of foreign currencies is currently in use for domestic transactions, the bank's ability to control money supply is limited. The Reserve Bank also looks after the country's gold and other assets, and serves as an advisor to the government and provides the government with daily banking services.

It is also active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion. [1]

Relevancy[edit]

Due to the unstable economic conditions and failure to control inflation (2008), economists have suggested that the Reserve Bank be abolished. Some economists have suggested that the Reserve Bank of Zimbabwe be reformed. Legislation in 2008 was debated in the lower house of the Zimbabwean parliament with a view to limiting the so-called quasi-fiscal activities of the Reserve Bank.[2]

See also[edit]

External links[edit]

References[edit]

  1. ^ "AFI members". AFI Global. 2011-10-10. Retrieved 2012-02-23. 
  2. ^ http://www.voanews.com/english/archive/2008-06/2008-06-27-voa2.cfm




Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Reserve_Bank_of_Zimbabwe — Please support Wikipedia.
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Tue, 22 Apr 2014 04:03:45 -0700

The main component in the successful reintroduction of the domestic currency in Zimbabwe is going to be a solid commitment by the Reserve Bank of Zimbabwe and the government in taking the crucial and necessary steps required to ensure that the new ...

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Mon, 24 Mar 2014 09:08:06 -0700

The Zimbabwe government has appointed John Mangudya, chief executive of Harare-based commercial bank CBZ, to head the Reserve Bank of Zimbabwe (RBZ) – replacing Gideon Gono, who stepped down in December last year. According to local press ...
 
AllAfrica.com
Sun, 13 Apr 2014 03:18:45 -0700

THE Reserve Bank of Zimbabwe (RBZ) has granted Metbank Limited a mortgage licence, the bank's board chairman Wilson Manase has confirmed. The approval was granted earlier this year and the mortgage business will operate as a division of the bank, ...
 
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Mon, 21 Apr 2014 22:48:45 -0700

However, Government is making efforts to recapitalise the Reserve Bank of Zimbabwe and restore its functions. Dr Homberg said Government should consider establishing an investment guarantee fund which will be used to offer sovereign guarantee to ...

New Zimbabwe.com

New Zimbabwe.com
Tue, 22 Apr 2014 13:03:45 -0700

... in the form of the microfinance. Overall, he added, liquidity is expected to grow to remain constrained although the financial sector is expected to benefit from the restoration of the interbank market and the recapitalisation of the Reserve Bank ...
 
AllAfrica.com
Thu, 17 Apr 2014 02:00:00 -0700

The act was crafted to "confer and impose functions on the Reserve Bank of Zimbabwe and to provide for its management; to regulate the issue of banknotes and coins; to provide for matters connected with banking, currencies, monetary policy and coinage; ...
 
AllAfrica.com
Sat, 29 Mar 2014 00:15:58 -0700

The appointment by President Mugabe of economist and outgoing CBZ chief executive officer Dr John Mangudya as the new Governor of the Reserve Bank of Zimbabwe has been gazetted.Dr Mangudya was appointed for a period of five years and his term ...
 
The Zimbabwe Standard
Tue, 22 Apr 2014 03:13:36 -0700

“We had US$2 million garnished by the Reserve Bank of Zimbabwe and never accessed its financing facilities given to companies.” As a result, Mitchell & Mitchell was overburdened in servicing the overdraft and it collapsed. Kondozi has left Moyo with ...
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