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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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Zimbabwe Independent
Thu, 30 Oct 2014 20:00:52 -0700

Smith revealed to creditors that FBZ had, in a letter dated October 3 2014, written to the Reserve Bank of Zimbabwe (RBZ) confirming its interest in discussions with Tetrad for the acquisition of an equity stake in the bank. He added FBZ has consented ...
 
The Herald
Wed, 29 Oct 2014 15:07:30 -0700

This comes about nine months after the Deposit Protection Board initially announced it was instituting liquidation procedures following cancellation of its licence by the Reserve Bank of Zimbabwe in December last year due to a weak capital position and ...
 
The Herald
Tue, 28 Oct 2014 15:07:30 -0700

The Reserve Bank of Zimbabwe will require Tier one banks to have minimum capital of $100 million by 2012. "The significant progress made in the deployment of point of sale infrastructure and the introduction of card products places the bank in a unique ...
 
Zimbabwe Independent
Thu, 09 Oct 2014 20:00:00 -0700

Reserve Bank of Zimbabwe (RBZ) head of supervision Norman Mataruka recently told delegates attending a World Bank meeting in the capital last week that the absence of a credit reference bureau and liquidity constraints had resulted in non-performing ...
 
The Herald
Wed, 29 Oct 2014 15:07:30 -0700

The successor SMP will also monitor progress towards restoring confidence and stability in Zimbabwe's financial sector. The biggest impediment to stabilising the country's financial sector remains the under-capitalisation of the Reserve Bank of ...
 
Chronicle
Tue, 21 Oct 2014 16:48:45 -0700

The Reserve Bank of Zimbabwe (RBZ) says the private sector has only utilised a marginal $7,9 million of the approved loans as of April this year with businesses citing subdued economic performance. Applications for offshore funding were obtained from ...

The Zimbabwean

The Zimbabwean
Fri, 31 Oct 2014 02:00:00 -0700

According to a report by the Reserve Bank of Zimbabwe, access to financing continues to be a significant impediment to the creation, survival and growth of small businesses. Impediment. The institution noted that although the role of small firms in ...
 
AllAfrica.com
Thu, 30 Oct 2014 15:07:30 -0700

Former Reserve Bank of Zimbabwe Governor Dr Gideon Gono, also had his combine harvester attached over an undisclosed amount of money, and Marondera businessman, politician and leader of the Johanne Masowe YeChishanu Apostolic sect, Cde ...
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