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Reserve Bank of Zimbabwe

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The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in Harare.

Reserve Bank of Zimbabwe
HeadquartersNew Reserve Bank Tower, Harare, Zimbabwe
Ownership100% state ownership[1]
governorJohn Mushayavanhu
Central bank ofZimbabwe
CurrencyZimbabwe Gold
ZWG (ISO 4217)
Reserves$100 million [2]
Bank rate57.5%
Websitewww.rbz.co.zw

History

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The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia and Nyasaland (1956-1963) which had been liquidated at the collapse of the Federation of Rhodesia and Nyasaland in 1963.[3] Prior to 1956, there was a Central African Currency Board from 1953, but which had been established as the Southern Rhodesia Currency Board in 1938 to provide Rhodesian currency, fully backed and bound to the British pound sterling at par face value. The local currency which Central African Currency Board was mandated to supply to Southern Rhodesia (colonial Zimbabwe), Northern Rhodesia (colonial Zambia) and Nyasaland (colonial Malawi) had been established through the Southern Rhodesia Coinage and Currency Act of 1932. The Reserve Bank of Rhodesia (which became the Reserve Bank of Zimbabwe at independence in 1980) 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.

Building location

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For over 4 decades the RBZ operated from the Reserve Bank Building along Samora Machel Avenue (formerly Jameson Avenue) adjacent to First Street. In the late 1980s a competition was conducted to design the new building and the winning design was by Clinton & Evans and Architects, the engineer was Marjem Chatterton; 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[citation needed] standing at a height of 394 feet (120 m) with 28 floors above ground.

Structure and governors

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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 Mushayavanhu.[4]

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.

Governors of the Reserve Bank of Rhodesia

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Governors of the Reserve Bank of Zimbabwe

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The Governor is appointed by the President of Zimbabwe for two renewable five-year-terms.

Key people

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  1. Dr. Jesimen T. Chipika, Deputy Governor
  2. Dr. Innocent Matshe, Deputy Governor  
  3. Ms. Tsitsi Hungwe, Director Finance
  4. Dr Nebson Mupunga, Director Economic Research & Policy
  5. Mr. Azvinandaa Saburi, Director Financial Markets
  6. Mr. Farai Masendu, Director Exchange Control
  7. Mrs. Virginia Sithole, Bank Secretary and Director, General Counsel  
  8. Mr. Philip T. Madamombe, Director Bank Supervision
  9. Mr. Cleopas Chiketa, Director Human Resources & Administration

Operations

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Headquarters of the Reserve Bank in Harare

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, as well as purchase and refine precious minerals like diamonds, gold and silver through its subsidiary Fidelity Printers and Refinery. The bank 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.[10]

Relevancy

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Due to the unstable economic conditions and failure to control inflation (2008), economists[who?] have suggested that the Reserve Bank be abolished. Some economists[who?] 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.[11]

See also

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References

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  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Zimbabwe gets new currency: ZiG, to restore stability". 6 April 2024.
  3. ^ a b "The Bankers' Almanac and Year Book". T. Skinner. April 28, 1966 – via Google Books.
  4. ^ "CBZ boss named new RBZ governor". Newzimbabwe.com. Archived from the original on 2016-09-19. Retrieved 2016-09-18.
  5. ^ a b c d e f g h Kararach, George; Otieno, Raphael O. (February 11, 2016). Economic Management in a Hyperinflationary Environment: The Political Economy of Zimbabwe, 1980-2008. Oxford University Press. ISBN 9780191064708 – via Google Books.
  6. ^ a b c Central Banking Directory. Central Banking Publications. April 28, 1993. ISBN 9780951790311 – via Google Books.
  7. ^ Langa, Veneranda (27 May 2019). "Kombo Moyana pens 'historic book'". Zimbabwe Situation. Archived from the original on 27 May 2019.
  8. ^ "Zimbabwe's central bank chief resigns". Central Banking. 2 June 2003.
  9. ^ "Mushayavanhu appointed new RBZ Governor – The Herald". www.herald.co.zw. Retrieved 2023-12-20.
  10. ^ "AFI members". AFI Global. 2011-10-10. Archived from the original on 2012-02-20. Retrieved 2012-02-23.
  11. ^ "New Report Recommends Zimbabwe Abolish Its Central Reserve Bank". VoaNews.com. 2008-06-27. Retrieved 2016-10-06.
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17°49′33″S 31°02′57″E / 17.8258°S 31.0491°E / -17.8258; 31.0491

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