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Regulatory & Legal Matters

Establishment

The Reserve Bank of Zimbabwe (the Bank) is established by section 4 of the Reserve Bank of Zimbabwe Act, Chapter 22:15. It is a body corporate with separate existence from Government, although Government owns all the shares in the Bank.

Autonomy

The Bank has limited autonomy from Government. The Minister of Finance has wide powers to issue general directions of policy to both the Board of the Bank and the Governor. The Minister also determines the budget of the Bank. As a statutory body, it is subject to tender procurement procedures that apply to Government and all statutory bodies.

Functions

The Act specifies a number of functions which the Bank carries out. Chief among these is the maintenance of price stability, the formulation and execution of monetary policy and the fostering of a stable financial system. The formulation of exchange rate policy is the function of Government.

 

See also About the Bank/Functions of the RBZ

 

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