The Role of the Financial Sector in Zimbabwe, Central Banking and its Social and Economic Impacts’

individual institutions are more efficient and faster than those by Central bank because Central banks broaden their research to cover the whole economy. So financial institutions should convince and prove their formulas to the central bank for approval and not only wait for policies by the Central banks. Innovation is the only way in which the financial sector relies on to reduce transaction costs.

Pressure applied by international organizations such as the IMF and the World Bank and the introduction of new technologies have forced authorities to relax controls making the financial sector more competitive and efficient in many countries (e.g Ghana and Sri Lanka) whose