Published: 27 November 2013

The transformation of the financial services sector is key to attracting investment in the country, a Government official said.

Finance and Economic Planning Minister Patrick Chinamasa said reforming the financial services sector was critical in building confidence, which is necessary to attract investment.

"We need to put right our financial services sector. We need to restore the role of the Reserve Bank of Zimbabwe as a banker to Government and as lender of last resort.

"We need to capacitate the RBZ to supervise the financial services sector adequately as well as establishing interbank lending. All that will cost money but if we demonstrate confidence I am sure that the money will come.

For instance the capitalization of RBZ requires a cool $200 million while re-establishing interbank lending will need $400 million.

"It is very important that we restructure the financial services sector. It is key for the investment we are talking about," he said.

Minister Chinamasa was speaking during the inaugural Zimbabwe Investment Authority awards ceremony that was held in Harare on Tuesday.

Meanwhile a number of companies in various sectors of the economy walked away with shield and certificates in various categories in recognition for investing in the country.
- bh24

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