Zim central bank to retrench 85%

source: News24
2010-08-29 20:20
Jan Raath

Harare – Zimbabwe’s bankrupt central bank is to retrench 85% of its bloated staff complement to help it move back into the black and function as a reliable national bank, according to Finance Minister Tendai Biti.

The lay-offs will mark the end of what analysts say was the use of the Reserve Bank of Zimbabwe (RBZ) to prop up President Robert Mugabe’s party after years of misrule exhausted the country’s finances and led to economic collapse in 2008.

“There are about 2 600 employees at the bank but the board will reduce the staff to around 400,” Biti was quoted as saying in the state-run Sunday Mail newspaper.

He said the slashing of staff was the result of new legislation to restrict the bank’s operations to managing monetary policy, monitoring the banking industry and to act as [continue reading]

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