|Gono blasts Kasukuwere ultimatum|
|Saturday, 20 August 2011 02:00|
"The Reserve Bank, which is the legal authority to issue or take away banking licences to operators in the banking industry wishes to advise all stakeholders that it has neither given notice to nor does it have any immediate or foreseeable intention to withdraw operating licences from any registered financial institution under its supervision.
"I will not speak about other sectors of the economy facing similar difficulties as to do so would be a quasi-fiscal misfiring on the part of the governor and we all know how some stakeholders react to the governor's extra-territotial initiatives, however noble."
However, Dr Gono said there were better ways of achieving the same objectives under indigenisation through non-confrontational means and not in a manner that threatened custodians of people's hard earned savings.
On its part, the central bank would deal with non-compliant banks through consultations with beneficiary stakeholders "but not in a manner that smacks of irrational exuberance during these times of necessary soberness".
The central bank was currently seized with stabilising some indigenous-owned financial institutions that were not adequately capitalised.
In a supplement to the Monetary Policy Statement issued last month, Dr Gono warned that the financial sector needed to be treated with a great deal of circumspection given its sensitive nature.
The global financial crisis, which was also on the recent Sadc Summit's agenda, still engulfed the world of finance hence "any actions on our part which are viewed or misread as precipitous or calamitous to the point of causing regional or country financial sector instability, however justified, will not find favour with governors of central banks in the region, let alone Reserve Bank of Zimbabwe".