History of The Reserve Bank
The Reserve Bank of Zimbabwe has its origins in the Bank of Rhodesia
and Nyasaland which was created in March 1956 as a central bank for the
Federation of Rhodesia and Nyasaland. The Reserve Bank was the successor
to the Central Currency Board, which had the sole right to issue currency.
Originally, the Bank was situated in Vincent (now Mapondera) Building
in Harare from where the High Court of Zimbabwe currently operates, and
later moved to Bank Chambers at 76 Samora Machel Avenue, in June 1957
as its new headquarters.
Following a rapid growth in its operations and staff complement, the
Bank found it necessary to construct its current headquarters complex
at 80 Samora Machel Avenue. The building, billed as the most technologically
advanced in Zimbabwe, was officially opened by His Excellency, the President
of the Republic of Zimbabwe, Robert Gabriel Mugabe, on May 31 1996.
The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe
Act, Chapter 22: 15 of 1964. The Act provides for the Board of Directors
and the post of Governor who is responsible for the day-to-day administration
and operations of the Bank. The Governor is assisted by two Deputy Governors.
The Governor and his two deputies are appointed by the State President
for renewable five-year-terms. The board of directors is chaired by the
Governor, and its membership includes a maximum
of seven non-executive directors, appointed by the President and
representing key sectors of the economy.