adminGovernment okays new RBZ bank rules
Fanuel Kangondo and Martin Kadzere
GOVERNMENT has endorsed minimum capital thresholds for banks announced by the Reserve Bank last week, but says the policy should neither suffocate nor criminalise indigenous banks.
It urged banks to comply with the stipulated deadlines.
At a meeting with bankers in Harare yesterday, Acting Finance Minister Gorden Moyo said the new policy should be implemented in a manner that does not suffocate indigenous banks.
Also present at the meeting was Mines and Mining Development Minister Obert Mpofu; the majority shareholder in ZABG Bank and Environment and Hospitality Industry Minister Walter Mzembi.
“When it came to our attention, we had a number of questions,” said Minister Moyo.
“We invited the governor (Dr Gideon Gono) to give us his perspective. After the (Cabinet) meeting, I am here to restate the Government position.
“We appreciate the policy, but as a matter of principle, the policy should not criminalise bankers. Instead, it should consolidate them. The purpose should not be to eliminate any banks, but they should grow.
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