The media was awash with news today that the Reserve Bank of Zimbabwe will have to lay off 1 600 employees. “We are looking at retrenching 74 percent of the central bank’s staff,” central bank governor Gideon Gono said. “I would like to say it is not one of the easiest tasks as it is going to be one of the largest retrenchments in the history of the country by a single institution.” Staff levels at the Reserve Bank of Zimbabwe are reported to have grown more than 10-fold between 2003 and 2008 as it spearheaded a drive to pull the economy out of a severe crisis.
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