Reserve Bank Lays Off Three Quarters Of Workforce

According to The Herald, the $70 million exercise is being undertaken to comply with a recommendation over restructuring and refocusing the bank run by President Robert Mugabe,s loyal cadre Gideon Gono.
Gono told the Herald : “The sad thing though is that this realignment is resulting in the loss of jobs. What we have done is to realign the bank in line with the wishes of the legislature”.

He said the affected staff members will be given initial pay-offs of $5,000 each with the rest of their dues paid in instalments.Gono’s tenure at the helm of the Zimbabwean Reserve Bank has been a major sticking point for the coalition government of President Mugabe, Prime Minister Morgan Tsvangirai and new leader of MDC-N Welshman Ncube.
The retrenchments will leave the bank with 493 workers from a current complement of 1,948.