Reserve Bank of Zimbabwe backs mandatory bank takeovers

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Gideon Gono, governor of the Reserve Bank of Zimbabwe, has said he is co-operating with the government to make banks operating in Zimbabwe to comply with the country's so-called 'Indigenisation Act', which forces foreign-owned companies to sell a 51% stake in the business to local people.

In the central bank's latest bi-annual monetary policy statement, published on January 31, Gono pushed banks to comply with the law. "All banks should observe the laws of the country including the indigenisatio

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