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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 John Panonetsa Mangudya.[1]

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. [2]

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.[3]

See also[edit]

External links[edit]

References[edit]

  1. ^ http://www.newzimbabwe.com/business-15010-CBZ+boss+named+new+RBZ+governor/business.aspx
  2. ^ "AFI members". AFI Global. 2011-10-10. Retrieved 2012-02-23. 
  3. ^ 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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4318 news items

Independent Online

Independent Online
Sun, 21 Dec 2014 00:48:45 -0800

“Through the introduction of change in small denominations we are expecting to see self-price corrections,” Reserve Bank of Zimbabwe governor John Mangudya said. The Zimbabwean-bonded coins were introduced on Thursday and come in 1c, 5c, 10c and ...

Eyewitness News

Eyewitness News
Mon, 15 Dec 2014 10:31:51 -0800

ZIMBABWE – The Reserve Bank of Zimbabwe has moved to reassure citizens worried that new coins about to be released are a step towards bringing back the local unit. The authorities will release the so-called 'bond coins' on Thursday to ease shortages of ...

ZimEye - Zimbabwe News

Eyewitness News
Fri, 05 Dec 2014 07:13:57 -0800

Reserve bank of Zimbabwe chief, John Mangudya says the new coins will help stabilise prices and build confidence in the economy. Zimbabwe has used foreign currency mainly us dollars and rands since 2009, and there's a perennial change problem.
 
Zimbabwe Independent
Sat, 20 Dec 2014 05:52:30 -0800

"FBZ has written to the Reserve Bank of Zimbabwe (RBZ) to apprise them of this position." FBZ had commissioned the revision and updating of a previous due diligence report, a process which has since been completed by Deloitte Zambia as well as writing ...
 
Zimbabwe Independent
Fri, 19 Dec 2014 05:52:30 -0800

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Fri, 19 Dec 2014 16:56:15 -0800

Parliament has passed the 2015 policy-driven National Budget following a week-long debate in both the National Assembly and Senate. The Lower House debated the Bill since Tuesday before passing it on Thursday, while the Upper House went through the ...
 
The Herald
Thu, 18 Dec 2014 18:37:30 -0800

The Reserve Bank of Zimbabwe said bond coins in circulation will not exceed $50 million for the next three years until economic fundamentals improve. The RBZ this year arranged a $50 million bond facility that was aimed at addressing coins shortage in ...
 
The Herald
Thu, 18 Dec 2014 16:45:00 -0800

Economists have hailed the Reserve Bank of Zimbabwe for introducing bond coins, which were received with mixed feelings when they started circulating yesterday, saying the move will go a long way in easing transactions and restoring good pricing models.
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