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Reserve Bank of Zimbabwe
Logo
Logo
Headquarters Harare, Zimbabwe
Central bank of Zimbabwe
Currency ZW$
ZWD (ISO 4217)
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 Bulding along Samora Machel Aveneu 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]

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.

1799 news items

 
AllAfrica.com
Sat, 25 Jul 2015 20:00:00 -0700

The Deposit Protection Corporation (DPC) recently appointed DBO Zimbabwe Chartered Accountants to oversee the day-to-day running of the affairs of the troubled bank. Early this month, the Reserve Bank of Zimbabwe (RBZ) appointed DPC as provisional ...

NewsDay

The Africa Report
Wed, 29 Jul 2015 02:00:00 -0700

The country's central bank, the Reserve Bank of Zimbabwe (RBZ) says a total of $6,1 billion was transacted between 2009 and 2014. Econet's mobile money service, EcoCash, leads the way in the mobile money business riding on its first-move advantage.

VOA Zimbabwe

VOA Zimbabwe
Wed, 29 Jul 2015 09:07:30 -0700

Meanwhile, in another development, Finance Minister Patrick Chinamasa today officially introduced the newly-appointed board members of the Reserve Bank of Zimbabwe. Chinamasa said the appointment of the board more than a year after the expiry of the ...
 
AllAfrica.com
Tue, 28 Jul 2015 14:45:00 -0700

Reserve Bank of Zimbabwe Governor Dr John Mangudya is also expected to speak at the industry's annual premier event. Industry has said Zimbabwe should address the cost structure and reform labour laws among other critical issues to ensure businesses ...

NewsDay

AllAfrica.com
Mon, 27 Jul 2015 14:45:00 -0700

Reserve Bank of Zimbabwe director for bank supervision Mr Norman Mataruka told the Oxylink mobile money and digital payments conference it was impossible such a huge amount of money could be changing hands in the informal sector. "If $7,5 billion was ...
 
AllAfrica.com
Wed, 29 Jul 2015 02:33:45 -0700

He said the agreement tied his ministry, NetOne and the Reserve Bank of Zimbabwe. Mr Charamba said there was a delay by the board of NetOne to familiarise itself and appreciate the financial arrangement. NetOne, he said, had since made a resolution ...

The Zimbabwe Daily

ZimEye - Zimbabwe News
Tue, 14 Jul 2015 09:07:30 -0700

The Reserve Bank of Zimbabwe in January cancelled the bank's operating licence as it was no longer in a safe a sound condition. According to the bank liquidator's interim report, the financial institution collapsed due to, among other factors, negative ...
 
AllAfrica.com
Sun, 26 Jul 2015 14:45:00 -0700

President Mugabe with effect from last Friday, appointed a new board for the Reserve Bank of Zimbabwe, according to a note published in the latest Government Gazette. Economist Mrs Rita Likukuma has been appointed deputy chairperson alongside eight ...
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