The Reserve Bank of Zimbabwe has its origins in the Bank of Rhodesia and Nyasaland which was created in March 1956 as a central bank for the Federation of Rhodesia and Nyasaland. The Reserve Bank was the successor to the Central Currency Board, which had the sole right to issue currency.

Originally, the Bank was situated in Vincent (now Mapondera) Building in Harare from where the High Court of Zimbabwe currently operates, and later moved to Bank Chambers at 76 Samora Machel Avenue, in June 1957 as its new headquarters.

Following a rapid growth in its operations and staff complement, the Bank found it necessary to construct its current headquarters complex at 80 Samora Machel Avenue. The building, billed as the most technologically advanced in Zimbabwe was officially opened on May 31 1996.

The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides for the Board of Directors and the post of Governor who is responsible for the day-to-day administration and operations of the Bank. The Governor is assisted by two Deputy Governors.

The Governor and his two deputies are appointed by the State President for renewable five-year-terms. The board of directors is chaired by the Governor, and its membership includes a maximum of seven non-executive directors, appointed by the President and representing key sectors of the economy.