“The significance of what the Reserve Bank of Zimbabwe has undertaken goes far beyond Sustainability Certification. It represents a fundamental rethinking of what central banking must mean in an economy seeking lasting stability, investment and prosperity.
Monetary and financial stability cannot be sustained in isolation from the economy that ultimately supports it. When businesses struggle to grow, productive capacity remains constrained, investment is insufficient and the financial system is unable to channel capital effectively into the real economy, the consequences eventually find their way back into the financial and monetary system.
This is why the leadership being demonstrated by the Reserve Bank of Zimbabwe matters. The Bank has recognised that safeguarding monetary and financial stability today requires addressing the conditions through which the financial system contributes to a stronger, more resilient and competitive economy.
Through the Central Bank-Led Sustainability Initiative, RBZ is taking responsibility not only for its own institutional transformation, but for helping strengthen the capacity of the financial sector it supervises to mobilise and deploy capital more effectively towards investment, enterprise and national economic development.
That is a demanding responsibility. It requires moving beyond conventional approaches and confronting structural challenges that cannot be solved by monetary policy or regulation alone.
Under the leadership of Governor Dr John Mushayavanhu and Deputy Governor Dr Jesimen Chipika, the Reserve Bank of Zimbabwe has demonstrated the commitment and courage to take on that responsibility. Zimbabwe now has the opportunity to demonstrate something of significance far beyond its borders: what a central bank can do when it seeks not only to manage the consequences of economic weakness, but to help strengthen the financial and economic foundations from which lasting stability and prosperity can emerge.
I congratulate Governor Dr John Mushayavanhu, Deputy Governor Dr Jesimen Chipika, the Board, management and the entire team at the Reserve Bank of Zimbabwe for the leadership, commitment and determination that have brought the Bank to this important milestone.”
– Arshad Rab
Chairman, International Council of Sustainability Standards for Value-Driven Financial Institutions and CEO, European Organisation for Sustainable Development (EOSD)