Major shake-up looms at RBZ


Shakeman Mugari

A TOP management restructuring is looming at the Reserve Bank of Zimbabwe currently facing nightmares over cash shortages.



rial, Helvetica, sans-serif”>Highly-placed sources said a number of top officials were poised to be elevated while others had indicated their intention to leave the central bank.


“There is going to be a reshuffle in the next few weeks in preparation for the appointment of a substantive governor,” a source said yesterday.

The move comes at a time when the RBZ is battling with a cash crisis that is threatening to sink the ailing economy.


The restructuring has been on the cards since RBZ governor Leonard Tsumba’s early departure from the central bank last month.


It is reliably understood that the shake-up also comes with the full blessing of President Robert Mugabe.


Addressing a recent rally Mugabe said he was going to see to it that there were far-reaching personnel reforms at the central bank to suit government needs.


“The RBZ has people who do not respect the law,” Mugabe said after hearing bitter complaints from a group of chiefs. “We want to put our own people, who respect our law and regulations.”


Sources at the central bank said the Minister of Finance and Economic Development Herbert Murerwa and senior management at the central bank would soon meet to iron out simmering problems at the RBZ.


“The meeting is definitely taking place and will certainly be chaired by the Minister of Finance and Economic Development,” the source said. “There is no doubt that the meeting will take place soon.”


The meeting dates are yet to be announced.


The acting governor, Charles Chikaura had not at the time of going to print responded to questions sent to him on Wednesday this week. Yesterday he was said to be in constant closed-door meetings.


Chikaura is one of the favourites to land the governor’s post.


However a senior official in the legal affairs department dismissed the speculation.


“There is nothing like that. There is no meeting taking place and no restructuring has been planned,” said an official in the legal section.


As the search for the substantive governor enters the final stage, investigations have revealed that a number of top bankers in Zimbabwe have turned down the offer from government to take over the hot seat after Tsumba’s exit.


Some said the package was “peanuts” while others alleged that there was too much government intervention at the RBZ.


It is also reliably understood that the restructuring could also be across the board.


Murerwa could not be reached for comment yesterday.