1 November 2014
   
New Zimbabwe Header
Ncube: Tsvangirai a 'good Mugabe student'
Gumbo warns of ‘Tsholotsho Two’ plot
Ncube, Biti groups edge towards merger
Tsvangirai: My last congress in opposition
UK: Circumcision infection killed boy, 10
MSF ends Tsholotsho HIV/AIDS programme
Pictures: President Sata’s UK memorial
Protests force Burkina Faso leader out
MORE NEWS
Mimosa Platinum in $40m expansion
Z$10 trillion bill auctions for US$156
MORE BUSINESS
Top radio DJ escapes jail over maintenance
BBC refuses to apologise to Argentina
MORE SHOWBIZ
Mapeza says not happy with Marere
Mathe blames defence for thrashing
MORE SPORTS
Inside Mugabe’s sealed succession envelope
Participation and reality based Economics
MORE OPINION
 
Dr Chireka: On the junior doctors' strike
Open letter to Grace Mugabe
MORE COLUMNISTS
 
 
Gono warns banks over indigenisation
17/05/2011 00:00:00
by Cris Chinaka I Reuters
 
Warning ... Gideon Gono
 
RELATED STORIES
RBZ, banks reach rates, charges deal
RBZ closes two troubled banks
Bank deposits up 21 percent
Indigenous banks: patriotism versus safety
Trust Bank must pay Shah US$1.5mln
Biti accuses banks of 'stealing'
Trust Bank to re-open branches
CABS resumes mortgage lending

THE central bank has said it plans to take punitive measures against foreign-owned banks that resist demands to transfer majority shareholding to local blacks under a controversial empowerment policy.

Zimbabwe is pushing plans to force all foreign companies to cede controlling stakes to locals; a policy officials insist is aimed at economically empowering the country’s historically maginalised black majority.

In an interview with the official Sunday Mail newspaper, Reserve Bank of Zimbabwe (RBZ) Governor Gideon Gono said the government was in consultation on how to handle the empowerment programme for the financial sector.

Gono did not say whether foreign banks had submitted plans to comply with empowerment laws but urged them to do so.

He gave no details of timeframes or what the RBZ's punitive measures would be, but appeared to suggest licences could be withdrawn.

"In my next monetary statement (expected in July), I will announce punitive measures we will be taking as a central bank against those banks showing signs of reluctance to comply.

"We cannot be having licences held by institutions that choose to be selective when it comes to which laws of the country to comply with and which ones not to."

Gono said Zimbabwe's banking sector was generally in a healthy state but could be threatened by a loss of staff at the central bank, where hundreds have applied to leave because of depleted resources, low wages and poor working conditions.

Foreign-owned banks in Zimbabwe include Barclays Bank, Standard Chartered Bank and Stanbic Zimbabwe -- a subsidiary of South Africa's Standard Bank.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker