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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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312 news items

BBC News

BBC News
Tue, 26 Aug 2014 03:52:34 -0700

Foreign investment in Zimbabwe more than halved in the first six months of the year, the country's central bank chief John Mangudya has said. "The country received a paltry $67m [£40m] compared to $165m during the same period in 2013," he said.

Ventures Africa

Ventures Africa
Wed, 27 Aug 2014 05:33:45 -0700

VENTURES AFRICA – With President Mugabe away in China in an effort to attract a rescue package, the Reserve Bank of Zimbabwe has put in place a spectrum of financial sector policies all in a bid to reduce the liquidity problems besetting the country at ...
 
AllAfrica.com
Sun, 21 Sep 2014 00:18:45 -0700

ONGOING public hearings by Parliament on whether tax-payers must take over the Reserve Bank of Zimbabwe's US$1,3 billion debt, could turn into a monumental farce after it emerged chair of the legislative committee leading the exercise, David Chapfika, ...

Nehanda Radio

Nehanda Radio
Tue, 16 Sep 2014 21:30:00 -0700

Public hearings on the Reserve Bank of Zimbabwe (Debt Assumption) Bill continue with most Zimbabweans saying they should not be forced to repay funds that benefited some individuals, who accessed various schemes when the RBZ engaged in ...

Reuters Africa

Reuters Africa
Fri, 05 Sep 2014 02:11:15 -0700

The Herald quoted John Mangudya, the Reserve Bank of Zimbabwe governor, as saying the country had failed to import U.S. coins in the past because freight charges were higher than their value. The bank will instead import coins with similar denomination ...
 
Zimbabwe Independent
Thu, 11 Sep 2014 20:00:00 -0700

Soon the banks caught on, insisting on stricter credit checks, but the damage had already been done. Many banks now stand burdened with non-performing loans, a problem which the Reserve Bank of Zimbabwe (RBZ) readily admitted in its latest Monetary ...

Nehanda Radio

Nehanda Radio
Fri, 29 Aug 2014 01:03:45 -0700

The measure comes as Zimbabwe is battling a liquidity crisis and small change challenges. Reserve Bank of Zimbabwe governor John Mangudya told the Daily News that they were expecting to introduce the special coins before the end of December 2014.

Ventures Africa

AllAfrica.com
Sun, 31 Aug 2014 10:26:15 -0700

The Reserve Bank of Zimbabwe will conduct a final survey on the implementation progress of a new set of banking regulations before institutions go live in 2015. Banks have to adopt Basel II, a set of banking regulations which administers finance and ...
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