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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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BDlive
Thu, 03 Jul 2014 01:45:35 -0700

HARARE — The Reserve Bank of Zimbabwe (RBZ) will assume the lender of last resort function this month, a role it last played during the country's hyper inflationary period in 2008 and when the Zimbabwean dollar was still in use. The move is expected ...
 
Bulawayo24
Sat, 12 Jul 2014 17:00:00 -0700

THE Reserve Bank of Zimbabwe has announced a restructuring programme that will see the streamlining of operations and a change in the organogram under a new strategy termed "Back to Basics" meant to improve efficiency and ensure the central bank ...

Bulawayo24

AllAfrica.com
Wed, 02 Jul 2014 15:07:30 -0700

EARLY this week, Reserve Bank of Zimbabwe Governor Dr John Mangudya brought a message of hope to Zimbabwe. He said the liquidity situation is not tight as only five banks are in trouble. In the same week, the central bank released the first quarter ...

New Zimbabwe.com

Zimbabwe Independent
Thu, 31 Jul 2014 23:56:15 -0700

SUCCESSION manoeuvres in Zanu PF are intensifying ahead of the party's congress in December as Justice minister Emmerson Mnangagwa moves to secure an alliance with former Reserve Bank of Zimbabwe governor Gideon Gono. Staff Writer.
 
NewsDay
Thu, 31 Jul 2014 20:01:10 -0700

MUTARE — The government is finalising modalities to engage the Industrial Development Corporation (IDC) and the Reserve Bank of Zimbabwe (RBZ) to avail a funding and implementation scheme that would capitalise strategic but ailing local firms, ...

Businessweek

The Herald
Tue, 29 Jul 2014 23:45:00 -0700

Government has issued about $30 million worth of Treasury Bills of between two to five years to local banks to offset outstanding amounts owing to tobacco farmers under the Reserve Bank of Zimbabwe Tobacco Retention Scheme. The TBs were issued to ...
 
Nehanda Radio
Thu, 31 Jul 2014 22:37:30 -0700

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Sun, 20 Jul 2014 01:15:00 -0700

The Reserve Bank of Zimbabwe (RBZ) has requested technical assistance from the International Monetary Fund (IMF) to curb the rising non-performing loans (NPLs) that are threatening the survival of the banking sector. BY OUR STAFF. RBZ Statistics ...
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