|Guvamatanga elected BAZ boss|
|Friday, 11 May 2012 00:00|
Mushayavanhu, who had served two terms.
“Mr Mushayavanhu, who has ably served BAZ for two terms, will continue to participate actively in the affairs of BAZ as past president,” said the association.
Mr Guvamatanga takes over the reins at a time when banks are recovering from a period characterised by low transaction volumes, low deposit base, limited interbank trading and limited lender of the last resort function.
BAZ is currently lobbying Government to capacitate the central bank to enable it to play its role as the lender of last resort.
The Ministry of Youth Development, Indigenisation and Empowerment is yet to come up with indigenisation thresholds for the financial sector. There has been some resistance from foreign-owned banks with Finance Minister Tendai Biti and Reserve Bank Governor Dr Gideon Gono saying the sector should be spared from indigenisation.
However, Minister Saviour Kasukuwere insists that all sectors of the economy should be indigenised notwithstanding concerns that banking was “fragile”.
Zimbabwe’s empowerment laws require all foreign-owned companies to sell 51 percent of their shareholding to locals.