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Updated Tuesday, August 31, 2010 10:00 pm TWN, dpa

Zimbabwe Central Bank to lay off 85% of staff in recovery bid: minister

HARARE -- Zimbabwe's bankrupt central bank is to retrench 85 percent of its bloated staff complement to help it move back into the black and function as a reliable national bank, according to Finance Minister Tendai Biti.

The layoffs will mark the end of what analysts say was the use of the Reserve Bank of Zimbabwe (RBZ) to prop up President Robert Mugabe's party after years of misrule exhausted the country's finances and led to economic collapse in 2008.

“There are about 2,600 employees at the bank but the board will reduce the staff to around 400,” Biti was quoted as saying in the state-run Sunday Mail newspaper.

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