Construction of the new RBZ building began in 1993 and was fully completed in 1997, but was officially opened by President Robert Mugabe on May 31, 1996.

The building is the tallest in Zimbabwe[citation needed] standing at a height of 394 feet (120 m) with 28 floors above ground.

The board's membership includes the three deputies and a maximum of seven other non-executive directors, intended to represent key sectors of the economy.

However, since a range of foreign currencies is currently in use for domestic transactions, the bank's ability to control money supply is limited.

Legislation in 2008 was debated in the lower house of the Zimbabwean parliament with a view to limiting the so-called quasi-fiscal activities of the Reserve Bank.