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Gono urges banks to comply
16 Jun 2013 at 23:21hrs | Views
The Reserve Bank of Zimbabwe says it will continue to monitor banking institutions in an effort to address regulatory issues.
In a statement, central bank governor Dr Gideon Gono urged banks to comply with all banking laws and directives issued.
"Banking institutions are urged to ensure that their operations are conducted in accordance with sound administrative and accounting practices and procedures, adhering to proper risk management policies," Dr Gono said.
The governor was addressing the issue of the extension of Interfin Bank Limited's curatorship which he said was done to take into account developments in the macro-economy that were hampering the bank's capitalisation and subsequent reopening.
The central bank last Wednesday extended bank's curatorship from June 9 to December 31, 2014 while the appointment of the curator, Mr Peter Bailey, was also extended for the same period.
"We reiterate our advice that the stability of any banking sector is a function of the co-operative efforts and goodwill of all stakeholders," he said.
The governor also announced that the capitalisation deadlines would be adjusted in the forthcoming Mid-Term Monetary Policy Statement to take into account the macro issues beleaguering the economy.
In a statement, central bank governor Dr Gideon Gono urged banks to comply with all banking laws and directives issued.
"Banking institutions are urged to ensure that their operations are conducted in accordance with sound administrative and accounting practices and procedures, adhering to proper risk management policies," Dr Gono said.
The governor was addressing the issue of the extension of Interfin Bank Limited's curatorship which he said was done to take into account developments in the macro-economy that were hampering the bank's capitalisation and subsequent reopening.
The central bank last Wednesday extended bank's curatorship from June 9 to December 31, 2014 while the appointment of the curator, Mr Peter Bailey, was also extended for the same period.
"We reiterate our advice that the stability of any banking sector is a function of the co-operative efforts and goodwill of all stakeholders," he said.
The governor also announced that the capitalisation deadlines would be adjusted in the forthcoming Mid-Term Monetary Policy Statement to take into account the macro issues beleaguering the economy.
Source - Herald
