Press Release

Bank Secretary, General Counsel & Corporate Affairs

The Bank Secretary, General Counsel and Corporate Affairs Division has three units namely the Bank secretariat, General Counsel and Communications & Corporate Affairs. The roles of the three units are stated below.

 
Bank Secretary’s Department

The Bank Secretary’s role includes-

  • Producing accurate, timely,  consistent  and reliable stakeholder reports
  • Providing advice on the laws and regulations governing the Bank business and the Bank’s procedures, as well as monitoring compliance on a regular basis and reporting to the Board;
  • Ensure adherence to sound corporate governance principles and practices aligned to international best practices.
  • Preparing agenda and requisite documents for the Board of Directors Meetings
  • Arranging Board of Directors’ Meetings and other corporate meetings such the annual strategy review workshops
  • Preparing minutes of the Board of Directors Meetings,
  • Monitoring implementation in accordance with resolutions of those meetings
  • Coordinating between the Board of Directors and executives.


 General Counsel

  • Ensures the existence of an enabling legal framework at all times
  • Provides legal advice to all Divisions of the Bank’ and its subsidiaries
  • Checks the credibility of security documents presented by stakeholders.

Communications & Corporate Affairs Department

  • Produces an ideal corporate image for the Bank, which nurtures public confidence and acceptance of Bank policies
  • Ensures that Bank events are held following requisite protocol.
  • Communications, Media and Public Relations  

Bank Supervision

The Role of the Division

One of the core functions of the Reserve Bank of Zimbabwe is to promote financial stability. The Bank Supervision Division contributes to this overarching mandate through its responsibility in (a) the registration of new banking institutions, (b) the conduct of off-site surveillance, and (c) the conduct of risk based on-site examinations.

The Reserve Bank of Zimbabwe Act [Chapter 22:15] empowers the Reserve Bank to supervise banking institutions and foster stability and proper functioning of the financial system. The Banking Act [Chapter 24:20] and Banking Regulations (Statutory Instrument 205 of 2000) provide for the registration, regulation, continuous monitoring and supervision of persons conducting banking business in Zimbabwe .

The Reserve Bank is also empowered to register and supervise money-lending institutions, micro-finance Institutions, building societies and the People's Own Savings Bank (POSB) following the invocation of Section 3(3) of the Banking Act [Chapter 24:20] in March 2005.


Objectives

The objectives of the Division are to:

  • Enhance and maintain the safety and soundness of the financial system through effective risk-based supervision;
  • Periodically review regulatory and supervisory regulations, policies and procedures in line with international best practice and the macroeconomic environment;
  • Promote public confidence in the financial system by ensuring a consistent, objective and transparent regulatory and supervision process;
  • Minimise moral hazard and supervisory forbearance through taking prompt supervisory action against weak and troubled financial institutions in order to protect the integrity of the financial system;
  • Promote sound corporate governance practices and adoption of adequate risk management systems;
  • Foster a culture of strict compliance with laws, rules regulations, policies, procedures, guidelines and international best practice; and
  • Building supervisory capacity through structured training and development programmes to enhance the skills base.

Exchange Control

The Exchange Control Division’s mission is primarily to implement and administer Exchange Control regulations under the powers conferred to the Reserve Bank of Zimbabwe by the President under Section 2 of Exchange Control Act. To this end, the overall objectives of Exchange Control Division include:- 

  • Implementing exchange control policies and overseeing the administration of Exchange Control regulations.
  • Licencing and ensuring compliance by Authorised Dealers, Money Transfer Agencies and Bureaux De Change with Exchange Control regulations.
  • Collecting foreign trade data, performing descriptive and prescriptive analytics, and communicating the resultant insights to stakeholders.
  • Fighting illicit financial flows and ensuring that the country receives value for its exports.
  • Prevent or redress any adverse balance of payments situation by channelling limited foreign exchange resources to the productive and critical sectors of the economy.

Rates_home

Inflation rates i
CPI 4.6 Jun, 2018
PPI 5.9 Jun, 2018
Interest rates i
Repo 6.50 2018-07-27
Prime 10.00 2018-07-27
R208 7.70 2018-07-26
R186 8.61 2018-07-26
Sabor 6.471 2018-07-26
Exchange rates i
R/$ 13.2126 2018-07-27
R/£ 17.3124 2018-07-27
R/€ 15.3649 2018-07-27
Nominal Effective i
Nominal effective exchange rate 62.75 201

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Overview

The Economic Research Division is charged with the responsibility of undertaking macroeconomic research, providing advice and formulating policies designed at ensuring price and financial stability in the economy and promoting general economic growth. To enable the effective and efficient discharge of this responsibility, the Division is sub-divided into the following three specialized areas, which are interdependent.

  • Domestic Statistics & Analysis;
  • International Economics; and
  • Policy Research, Modelling & Publications.

DOMESTIC STATISTICS DEPARTMENT

Domestic Statistics & Analysis Department is charged with the responsibility of compiling, collecting, analyzing and disseminating domestic statistics, covering key national macroeconomic indicators, including national accounts, inflation, monetary and financial statistics. The Department also undertakes research with specific emphasis on the real, monetary and financial sectors of the economy.

INTERNATIONAL ECONOMICS DEPARTMENT

The International Economics Department is responsible, among other tasks, for the compilation, analysis and forecasting of the country’s external sector statistics, notably, Balance of Payments and International Investment Position statistics. This includes data compilation and analysis on foreign reserves, merchandise trade, exchange rate dynamics, international commodity prices and external debt.

In addition, the Department monitors and analyses regional and international developments, identifying key risks and opportunities to the domestic economy. The Department also provides support to the Bank’s regional and international engagements and initiatives, as well as general policy advice on external sector issues.

POLICY RESEARCH, MODELLING AND PUBLICATIONS DEPARTMENT

The main functions of the Policy Research, Modelling and Publications Department include undertaking strong analytical and empirical research in macroeconomic issues, for use in policy-formulation and advice. The Department also oversees the regular production of the Bank's publications, which are the main avenues for the dissemination of economic information to various stakeholders. Further, the Department is responsible for developing and managing the macroeconomic forecasting models, with the aim of providing policy-makers in both private and public sectors with reliable projections.

Public Awareness

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