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The banking system in Zaire has been largely confined to the urban areas. The system of Zaire Banks comprises a central bank, called the Bank of Zaire or Banque du Zaïre and 17 commercial banks including the development or investment institutions.
The functions of the central bank of Zaire are establishing monetary policy, issuing currency and acting as cash resort for the national government. The Bank of Zaire also enjoys the power to control all financial institutions in Zaire and supervise Zaire's gold and foreign monetary reserves. The Bank of Zaire faced some difficulties in the early 1990s because of Zaire's drop in economy. Eventually it revived when the nation's economy thrived to its earlier position. Mobutu's government had lived so long mainly by printing new money abroad to pay for its loyal armies.
Among the 17 commercial banks, only People's Bank, was publicly owned. Rest of the 16 commercial banks were subsidiaries of the Western banks. The Zairian Commercial Bank is the largest bank associated with a Belgian industrial empire. The 3 most vital investment organizations are the Development Finance Company, National Savings and Real Estate Fund. Sofide is a joint stock company in Zaire financed by the government. Some more popular commercial banks of Zaire include Union Banks of Zaire, the Bank of Kinshasa, Barclays Bank, the Bank of Paris and the Low Countries, Citibank and Grindlays International Bank of Zaire.
Zaire Banks cater to all the financial requirements of the government as well as its citizens. These banks try to give the best possible interest rate to their customers.
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