CHAPTER 22:15 RESERVEBANK OFZIMBABWE ACT

Acts 5/1999, 22/2001 (s. 4), 16/2004, 3/2009 (s. 45), 5/2009 (s. 17)

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title.
3. Application of Act to certain institutions.

PART II

RESERVE BANK OFZIMBABWE

4. Continuation of former Reserve Bank.
5. Head office of Bank.
6. Functions of Bank.
7. Powers of Bank.
8. Bank's relations with State.
9. Publication of Bank’s discount rates.
10. Business with banking institutions.
11. Lending to banking institutions.
12. Inter-bank clearing and payment arrangements.
13. Discount operations of Bank.

PART III

GOVERNOR ANDDEPUTY GOVERNORS

14. Governor and Deputy Governors.
15. Term of office of Governor and Deputy Governors.
16. Disqualifications for appointment as Governor or Deputy Governor.
17. Vacation of office by Governor or Deputy Governor.
18. Terms and conditions of office of Governor and Deputy Governors.
19. Functions of Governor.
20. Delegation of Governor’s functions.

PART IV

BOARD OF THERESERVE BANK

21. Board of the Bank.
22. Appointment and conditions of office of directors.
23. Disqualifications for appointment as director.
24. Vacation of office by director.
25. Disclosure of interests by members of Board.
26. Functions of Board.
27. Chairman and vice-chairman of Board.
28. Procedure at meetings of Board.
29. Committees of Board.
30. Validity of Board’s decisions and acts.

PART V

FINANCIALPROVISIONS

31. Capital of Bank.
32. Allocation of profits.
33. Reserve provisions.
34. Allocation of losses or gains due to exchange rate fluctuations and pursuit of monetary policies.
35. Financial statements.
36. Audit of Bank’s accounts.
37. Powers of auditors.
38. Investigation into Bank’s affairs.
39. Returns by Bank.

PART VI

BANKNOTES AND COINAGE

40. Issue of banknotes.
41. Legal tender of banknotes.
42. Offences relating to banknotes.

42A. Issue of Reserve Bank bearer cheques.

42B. Issue of Reserve Bank vouchers.

43. Issue of coins.
44. Legal tender of coins.

44A. Legal tender of foreign currencies.

PART VII

MONETARY POLICY

45. Bank’s responsibility for monetary policy.
46. Statements of monetary policy.

PART VIII

EXCHANGE RATE POLICY, INTERNATIONAL RESERVES AND EXCHANGE CONTROL

47. Exchange rate policy.
48. Clearing and payment agreements.
49. International reserve.
50. Reports by dealers in foreign exchange.

PART IX

ASSISTANCE TO FOREIGN REGULATORYAUTHORITIES

51. Request for information by foreign regulatory authority.
52. Contents of request.
53. Power to require information, documents or other assistance.
54. Exercise of powers by officers.
55. Penalty for failure to comply with requirement to answer questions, etc.
56. Restrictions on disclosure of information.
57. Exceptions to restrictions on disclosure.

PART X

GENERAL

58. Information to banking institutions.
59. Officers and other employees of Bank.
60. Preservation of secrecy.
61. Impersonation of member of Board or officer or employee of Bank.
62. Powers of Minister upon non-compliance by Bank with Act.
63. Restriction on names of companies.
65. Repeal of Cap 22:10 and savings.

AN ACT to confer and impose functions on the Reserve Bank of Zimbabwe and to provide for its management; to regulate the issue of banknotes and coins; to provide for matters connected with banking, currencies, monetary policy and coinage; to provide for the supervision of banking institutions; to authorise the provision of information to foreign regulatory authorities; to repeal the Reserve Bank of Zimbabwe Act [Chapter 22:10]; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 13th August, 1999.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Reserve Bank of Zimbabwe Act [Chapter 22:15].

         2    Interpretation

In this Act—

“Bank” means the Reserve Bank of Zimbabwe referred to in section four;

“banking business” means the business of accepting deposits of money withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or by any other means for the account and at the risk of the person accepting such deposits;

“banking institution” means a commercial bank, accepting house, discount house or finance house registered or required to be registered in terms of the Banking Act [Chapter 24:20];

“Board” means the Board of the Reserve Bank constituted in terms of section twenty-one;

“demand liabilities” means liabilities which, when they are created, are made payable within thirty days or are made subject to less than thirty days’ notice before payment;

“Deputy Governor” means a Deputy Governor of the Bank appointed in terms of section fourteen;