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Reserve Bank of Zimbabwe Amendment Act, 2009
November 18, 2009

Reserve Bank of Zimbabwe Act – Annotated

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Presented by the Minister of Finance

Bill

To amend the Reserve Bank of Zimbabwe Act [Chapter 22:15] and to provide for matters connected therewith or incidental thereto.

Enacted by the President and the Parliament of Zimbabwe.

1 Short title

This Act may be cited as the Reserve Bank of Zimbabwe Amendment Act, 2009.

2 Amendment of section 6 of Cap. 22:15

Section 6 (“Functions of Bank”) of the Reserve Bank of Zimbabwe Act [Chapter 22:15] (hereinafter called “the principal Act”) is amended in subsection (1)

(a) by the repeal of paragraph (d);
(b) in paragraph (h) by the insertion, after “appropriate” of “and subject to any written directions given to it by the Minister”;
(c) in paragraph (k) by the deletion of “to undertake” and the substitution of “subject to any written directions given to it by the Minister, to undertake”.

3 Amendment of section 7 of Cap. 22:15

Section 7 (“Powers of Bank”) of the principal Act is amended in

(a) subsection (1)

(i) by the repeal of paragraph (c) and substitution of the following

“(c) grant loans and advancements in accordance with section 11;”;

(ii) by the insertion of the following proviso to paragraph (h)

“Provided that the Bank shall buy, sell or deal in precious metals only to the extent strictly necessary for fulfilling its international obligations in terms of this Act or any other enactment.”; and

(iii) by the repeal of paragraph (j); and
(iv) by the insertion of the following proviso to paragraph (n)

“Provided that

(i) the Bank shall only borrow foreign currency on behalf of the State and not on its own behalf;
(ii) if such borrowing affects the reserve requirements of section 49(2)(a), section 49(3)(a) shall apply to the suspension of the reserve requirements.”;

(b) by the repeal of subsections (2), (3), (4) and (5).

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