RBZ Recapitalised,Bank Account Opening Softened

Reserve Bank of Zimbabwe Governor, Dr John Mangudya has announced measures aimed at enhancing the competitiveness of the economy, boosting confidence and reducing cost of doing business.

Dr Mangudya announced the recapitalisation of the RBZ to the tune of US$100 million, to ensure the apex bank plays its role as the lender of last resort.

Dr Mangudya’s measures include the setting up of a gold mobilisation facility and plans to revive the Distressed Industries and Marginalised Fund (DIMAF).

He said financial institutions should revise bank charges as a way of reducing cost of doing business.

The central bank has also revised the requirements for the opening of bank accounts, with a view to promoting financial inclusion.

He said the RBZ will demonetise the Zimbabwe dollar accounts by June 2015, an exercise expected to cost US$20 million.

The RBZ Governor said all genuine or normal bank accounts other than loan accounts as at 31 December 2008 will be paid an equal flat amount of US$5 per account.