THE Reserve Bank of Zimbabwe (RBZ) is operating without a board of directors, casting doubt on the legality of major policy pronouncements the bank has made, including the monetary policy and the issuance of bond coins.
According to section 21 of the Reserve Bank of Zimbabwe Act, the functions of the RBZ board are to determine the monetary policy of the country, "approve the annual reports and financial statements of the bank, prepare the budget of the bank, the setting of limits on open market operations by the bank" and determining interest rates for discounts and loans, among other responsibilities.
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