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Reserve Bank of Zimbabwe Amendment Act, 2009
Bank of Zimbabwe Act – Annotated
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by the Minister of Finance
To amend the
Reserve Bank of Zimbabwe Act [Chapter 22:15] and to provide for
matters connected therewith or incidental thereto.
by the President and the Parliament of Zimbabwe.
This Act may
be cited as the Reserve Bank of Zimbabwe Amendment Act, 2009.
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
(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”.
of section 7 of Cap. 22:15
Section 7 (“Powers
of Bank”) of the principal Act is amended in
the repeal of paragraph (c) and substitution of the following
grant loans and advancements in accordance with section 11;”;
the insertion of the following proviso to paragraph (h)
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.”;
the repeal of paragraph (j); and
(iv) by the insertion of the following proviso to paragraph
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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