17 April 2014
   
New Zimbabwe Header
MDC-T youths to stage nationwide demos
Govt mulls driving age change: Mpofu
Major policy overhaul on cards: Chinamasa
Rape accused MDC-T MP refused bail
Zimbabweans scared of whites: Charumbira
South Sudanese flood into Ethiopia
Harare reinstates top earning official
Shamed Mushowe blasts ‘lying firms’
MORE NEWS
Government to amend investment laws
Scotland faces Zim's currency moment
MORE BUSINESS
Walker brothers to finish 'Fast and Furious 7'
Thandie Newton reveals racist abuse
MORE SHOWBIZ
Dynamos face tough Easter challenge
Uhuru Cup prize money increased
MORE SPORTS
UK visas, nationality and settlement
Move over SA, here comes new powerhouse
MORE OPINION
 
Time to reflect on the gains of independence
Zim@34: Mugabe no longer fit to officiate
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gave no details of timeframes or what the RBZ's punitive measures would be, but appeared to suggest licences could be withdrawn.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