This paper provides a synopsis of the international and country experiences with financial liberalization/reform. The ultimate objective is to draw lessons from crosscountry experiences on the design and implementation of financial reforms. The development of Zimbabwes financial sector since the 1980s can be categorised into four distinct periods namely: (i) explicit financial repression period (1980 to 1990) (ii) reform period (1991 to 1999); (iii) period of reform reversals (2000 to 2008); and finally (iv) dollarization or multi-currency period (2009 to 2013). The explicit financial repression period (1980 to 1990) is characterised by a number of government controls on interest rates determination and credit rationing. Most of the controls were however removed during the reform period (1991 to 1999) when government adopted a financial reform policy agenda under the Economic Structural adjustment Program (ESAP) and the Zimbabwe Program for Economic and Social Transformation (ZIMPREST). The reform period saw a number of reforms taking place including interest rate decontrol, licensing of new banking institutions which saw the emergence of indigenous banks, establishment of bureau de change to facilitate buying and selling of foreign currencies and defragmentation of the functions of financial institutions.