Reserve Bank of Zimbabwe

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.

Functions of the Reserve Bank:
The Bank is responsible for the formulation and implementation of monetary policy, directed at ensuring low and stable inflation levels. A further core function of the Bank is to maintain a stable banking system through its supervisory and lender of last resort functions. Other secondary roles of the Bank include the management of the country’s gold and foreign exchange assets. The bank is the sole issuer of currency and acts as banker and advisor to Government.

1. Monetary policy formulation and implementation
2. Issuer of bank notes and coins
3. Custodian of gold and other foreign assets
4. Banker and advisor to government
5. Bankers’ bank and lender of last resort

Board of Directors:

Dr. J. P. Mangudya
Governor and Chairman of the
Board of Directors (Executive)

Mrs. R. Likukuma
Deputy Chairperson (Non-Executive

Dr. K. Mlambo
Deputy Governor (Executive)

Dr. C. L. Dhliwayo
Deputy Governor (Executive)

Mrs V. Mudimu
Board Member (Non-Executive)

Mr. A. Maboyi
Board Member (Non-Executive)

Mr. C. Maradza
Board Member (Non-Executive)

Mr. M. Z. Nyabadza
Board Member (Non-Executive)

Mrs. P. Chapendama
Board Member (Non-Executive)

Mr. L. Murahwa
Board Member (Non-Executive)

Mr. J. S. Mutizwa
Board Member (Non-Executive)

Mr. O. J. S. Mukumba
Board Member (Non-Executive)

Mr. A. J. Manase
Bank Secretary (Executive)

Mr. Z. R. Churu
Board Member (Non-Executive)

Executive Management:

Dr. J. P. Mangudya
Governor

Dr. K. Mlambo
Deputy Governor

Dr. C. L. Dhliwayo
Deputy Governor

Mr. M. B. Mpofu
Director, Exchange Control

Mr. N.Mataruka
Director, Bank Supervision

Mr. S.Nyarota
Director, Economic Research

Mr. E. S. Rwatirera
Director, Human Resources & Support Services

Mr. M. Chiremba
Director, Bank Use Promotion & Financial Intelligence

Mr. A. Saburi
Director, Financial Markets

Mr. A. J. Manase
Bank Secretary & Director, Legal Services & Corporate Affairs

Ms. T. Hungwe
Director, Finance & Procurement