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RBZ Act to be amended

Godfrey Marawanyika

THE Reserve Bank of Zimbabwe (RBZ) seeks to amend the law governing its operations to conform to international standards, a deputy governor of the central bank announced yesterday.

Deputy governor for licensing and supervision Charity Dhliwayo said the proposed amendments would soon be forwarded to parliament.

“As your central bank, we will remain committed to continue ensuring that private sector initiatives are backed by an enabling regulatory framework,” she said.

“In this regard, amendments to the Banking Act will, in the very near future, be presented to parliament, and these will seek to further improve the operating landscape in the financial sector.”

Dhliwayo made the remarks at the official signing of the merger between CFX and Century Holdings yesterday.

She said in drafting the amendments, they would ensure that the banking legislation conforms to international best practices.

She said the views of banks and other stakeholders would be sought and incorporated in the proposed amendments.

She said financial institutions had started to conform to the new capital requirements in which banks should pay $10 billion, finance houses $7,5 billion whilst building societies and discount houses pay $5 billion.

“A number of institutions are already in conformity with the new minimum capital requirements, while those that have not yet done so are working towards that goal through various initiatives, including mergers”

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