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Reserve Bank of Zimbabwe
Logo
Logo
Headquarters Reserve Bank of Zimbabwe Building, Harare, Zimbabwe
Central bank of Zimbabwe
Currency Zimbabwean Bond Coins
Website www.rbz.co.zw

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. For over 4 decades the RBZ operated from the Reserve Bank Building along Samora Machel Avenue adjacent to First street. In the late 80s a competition was conducted to design the new building and the winning design was by Clinton & Evans and Architects,they went on to design the Reserve Bank of Malawi Building as well. Construction of the new RBZ building began in 1993 and was fully completed in 1997 but was officially opened by President Robert Mugabe on May 31, 1996. The building is the tallest in Zimbabwe standing at a height of 394 feet with 28 floors above ground.

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, providing the government with daily banking services. It is also active in promoting financial inclusion policy and is 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]

List of Governors of the Reserve Bank of Zimbabwe[edit]

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.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

5485 news items

eNCA

eNCA
Thu, 04 Feb 2016 22:22:30 -0800

HARARE - The Reserve Bank of Zimbabwe (RBZ) has moved to stop the illegal transfer of money out of the cash-strapped country and has put in place new measures to monitor accounts of individuals and businesses. Presenting the Monetary Policy ...

Independent Online

Chronicle
Mon, 08 Feb 2016 14:07:30 -0800

THE Reserve Bank of Zimbabwe has engaged a private company to set up a Credit Reference Bureau (CRB) at a cost of about $1.8 million. The new entity is set to play a critical role in consolidating credit risk management in the banking sector and ...

The Herald

The Herald
Wed, 10 Feb 2016 13:56:15 -0800

THE Reserve Bank of Zimbabwe should adopt proactive and holistic measures to detect and stop illicit financial flows which cost Zimbabwe about $2 billion last year. Economic analysts said the central bank should strengthen internal early warning ...
 
AllAfrica.com
Thu, 28 Jan 2016 00:48:45 -0800

THE Reserve Bank of Zimbabwe has granted an operating licence to the National Social Security Authority (NSSA)'s building society, the Financial Gazette's Companies & Markets (C&M) has learnt. The Minister of Public Service, Labour and Social Service, ...

The Herald

The Herald
Wed, 10 Feb 2016 13:56:15 -0800

Last year, at an IMF dialogue with the Ministry of Finance and Reserve Bank of Zimbabwe, Minister of Foreign Affairs Simbarashe Mumbengegwi, towards the end of the discussions said that it was “odd” that nobody had raised the issue of sanctions up to ...

Chronicle

Chronicle
Wed, 10 Feb 2016 14:41:15 -0800

He said the second step entails moving the accounts of all statutory funds to the Reserve Bank of Zimbabwe. “We've now through the budget for 2016 ensured that the accounts are at the central bank. But we would also like to ensure that in due course we ...

NewsDay

NewsDay
Tue, 09 Feb 2016 19:33:45 -0800

THE Reserve Bank of Zimbabwe (RBZ) will issue out a framework for financial literacy by the second quarter of this year as it moves to increase financial inclusion. BY VICTORIA MTOMBA. In his monetary policy statement, RBZ governor John Mangudya said ...
 
AllAfrica.com
Sun, 07 Feb 2016 16:11:15 -0800

THE Reserve Bank of Zimbabwe has directed local banks to capacitate strategic divisions for Small to Medium Enterprises in a move aimed at boosting lending to the SME sector. Central bank governor Dr John Mangudya said banks should, by end of next ...
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