Zimbabwe is pressing ahead with the adoption of Basel II with all banks expected to be fully compliant early next year. Local banks are expected to switch over to Basel II by the first quarter of next year as the Reserve Bank of Zimbabwe steps up measures to strengthen the banking sector. RBZ governor Dr John Mangudya in his maiden monetary policy statement last week said the central bank will seek to establish a level of compliance next year.
"The Reserve Bank will conduct a final survey on the implementation progress during the quarter ending 30 September 2014 before banks go live using the Basel II compliant statutory returns beginning the first quarter of 2015," he said.
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