Zimbabwe’s Central Bank to Shed 1,600 Jobs, Herald Reports

The Reserve Bank of Zimbabwe plans to fire at least 1,600 workers, about 74 percent of its workforce, the state-controlled Herald reported, citing central bank Governor Gideon Gono.

Gono was outlining the changes to a parliamentary committee hearing in the capital, Harare, the newspaper said today.

The central bank has debts of $1.2 billion debt and has streamlined its operations after the government adopted the use of foreign currencies to replace the local unit destroyed by inflation that reached 500 billion percent in 2008, according to the International Monetary Fund.

To contact the reporter on this story: Brian Latham in Durban, South Africa at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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