Gideon Gono, the governor of the Reserve Bank of Zimbabwe, on Thursday condemned a recently passed law which requires foreign companies to transfer 51% of their ownership to citizens of the country.

In comments confirmed by the central bank, Gono told the Financial Gazette, a Zimbabwean daily, that the law, which came into effect on 1 March, would be the "final nail" in the coffin of the southern African country's economy. "Banking is a unique field that requires unique structures," he said.