IT is hereby notified that the Minister of Finance and Economic Development has, in terms of section 81 of the Banking Act [Chapter 24:20] and in consultation with the Reserve Bank of Zimbabwe as required by subsection (5) of that section, made the following regulations:—
1. These regulations may be cited as the Banking (Amendment) Regulations 2020 (No. 4).
2. Section 3 of the Banking Regulations, 2000, published in Statutory Instrument 205 of 2000 (hereinafter referred to as the principal regulations), is amended by the deletion of “two thousand dollars” and the substitution of “fi fty thousand dollars”.
3. Section 6(1) of the principal regulations is amended by the deletion of “one hundred thousand dollars” and the substitution of “two thousand dollars”.
4. Section 7(1b) of the principal regulations is deleted and substituted with the following—