The Reserve Bank of Zimbabwe (RBZ) hasn't been busy of late because it isn't doing much work in monetary policy because it says it's hands are tied as a result of the recent dollarisation of the Zimbabwe economy. But as bank regulators, the central bank has being woeful in its performance. Recent banking scandals caused mainly by poor corporate governance and unsound banking pratices has left the bank exposed as to how exactly does it conducts its bank monitoring operations. Of course Gono and co. are quite defensive of their positions. They try very hard to make us think they have the situation under control assuming that they are the only ones with the knowhow on how the central bank should operate.
The recent troubles at RMB, Genesis and Interfin paint a bad situation which was allowed to go unaddressed for too long by the RBZ. It's quite pitiful to say the least. Let's see how the situation unfolds.
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