Biti has been at loggerheads with the governor of Zimbabwes central bank, Gideon Gono, over the latters controversial quasi-fiscal operations, which are blamed for the countrys economic turmoil.
Biti told reporters he would be making an announcement soon. He ruled out the possibility of the arrest of Gono, but said the bank governor had made illegal actions that had led to the distress of the countrys banking system.
This is not an attack on an individual, but we are proposing legislative changes on the operations of the RBZ and we will be making an announcement soon, Biti told reporters when he briefed them on the International Monetary Fund (IMF) technical assessment team, which arrived yesterday.
The RBZ has been operating outside the law. Our challenge is to make the central bank a credible institution consistent with best practices. Our banking sector is distressed and if we were to carry a distress test most would fail, he said.
He said the issue of how the central bank had been operating had been the major concern for previous IMF missions to Zimbabwe and had to be tackled to bring credibility back into the countrys banking system.
Biti said the reforms to be put in place at the RBZ hinged on the recommendations to be made by IMF team, which is led by Erik Oppers, the senior economist for the African Region.
The team will be in Zimbabwe until May 29.