Introduction
The deposit failures that beset the Zimbabwean financial institutions in recently rear end be attributed to a number of causes ranging from weak risk focal point policies to poor corporate goernance practices among other things. Since the dark days of 2003 -2005, the Zimbabwe financial sector has been a tar chance of hope failures generally due to gross mismanagement of imprecate assets by bank executives among other causes. Reports submitted to the Reserve Bank of Zimbabwe by the appointed curators by and by investigations shows that most Zimbabwean autochthonous banks have not, at least for the past eventful decade, in most circumstances spy prudent risk management principles at all.
Since independence to a greater extent than seven banks have either been placed under curatorship or riddance. Ever since Dr. Gideon Gono arrived at no. 45 Samora Machel taking over from Dr. Leornard Tsumba, a number of banks has either been placed under curatorship, liquidation or of late voluntarily surrendered operating licences. While Dr.
Gonos tenure has been characterised by an unprecedented volatile political and sparing atmosphere with the country experiencing a hyperinflation of over a gazillion Zw$ to the US$, it is important to note that it is during this period that most indigenous banks were either placed under curatorship or liquidated.
Recently Interfin banking pile was placed under the curatorship of Mr. Peter Bailey of KPMG, while Genesis bank and Royal bank have surrendered their operating licences respectively for flunk to meet the minimum capital requirements. This comes at a prison term when the central bank Governor has invariably reassured the humankind that the financial sector is safe and sound.
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