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Reserve Bank of Zimbabwe Reinstates Licenses of Suspended Commercial Banks

  • Gibbs Dube

Sources said the Reserve Bank of Zimbabwe has returned some of the banks’ assets although indications are that a lot still needs to be done to share the assets equally among the commercial entities.

The Reserve Bank of Zimbabwe (RBZ) has reinstated licenses of three commercial banks that were shut down in 2004 and merged to form the Zimbabwe Allied Banking Corporation.

Reports said Barbican Bank, Trust Banking Corporation and Royal Bank were given their new licenses last Friday.

Sources said the RBZ has returned some of the banks’ assets although indications are that a lot still needs to be done to share the assets equally among the commercial entities.

Economist Prosper Chitambara of the Labour and Economic Development Research Institute of Zimbabwe told VOA Studio 7 reporter Gibbs Dube that the reinstatement of the licenses will boost investor confidence in Zimbabwe.

Meanwhile, the Affirmative Action Group (AAG) has struck a deal with the Zimbabwe Diamond Technology Center to cut and polish controversial diamonds mined in the Marange fields.

President of the AAG, Supa Mandiwanzira, said the diamond center is set to allocate 10 of its units to a consortium of indigenous businesses.

Mandiwanzira said the deal is a positive move designed to empower various local companies that have been left out of the lucrative diamond industry.

He said that even if indigenous firms have no knowledge of diamond mining processes, international companies will be invited to help in imparting diamond cutting and polishing skills to locals.

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