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Zimbabwe's banking sector sees surge in US dollar deposits
Zimbabwe's banking sector has experienced a remarkable increase in confidence, with foreign currency deposits rising by 13% to US$2.64 billion in October 2024, compared to the same period in 2023. Thi...Published: 14 Dec 2024 at 12:35hrs | 2126 | by Staff reporter
Time Bank offers war vets US$3,5bn
TIME Bank has offered a US$3.5 billion compensation package to Zimbabwe's liberation war veterans as part of its broader US$38 billion loan proposal to the government. This development follows signifi...Published: 14 Dec 2024 at 12:33hrs | 388 | by Staff reporter
Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 296 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's errant bankers must be punished
Vocal Harare political activist and business advocate, Engineer Jacob Mutisi, has called for stringent accountability for bankers and financial institutions involved in the mismanagement and fraudulen...Published: 05 Dec 2024 at 09:19hrs | 1400 | by Staff reporter
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 606 | by Eng. Jacob Kudzayi Mutisi
CABS bank manager accused of stealing depositors' funds
A manager at the CABS Highlands branch, Raymond Chikonyora, faced court last week on serious charges related to the unauthorized withdrawal of funds from clients' accounts. The allegations have raised...Published: 03 Nov 2024 at 10:17hrs | 5344 | by Staff reporter
Zimbabwe's Mutapa Fund clinches US$350m power deal
The Mutapa Investment Fund (MIF) has approved a significant joint venture valued at US$350 million between Indian firm Jindal Africa Investments and Zesa to refurbish six units at Hwange Thermal Power...Published: 29 Sep 2024 at 14:25hrs | 3245 | by Staff reporter
Local Bank proposes US$35bn loan to Zimbabwe Government
Time Bank of Zimbabwe has proposed a US$35 billion syndicated loan to the government to address compensation obligations for various groups, including previous farm owners and foreign lenders, as part...Published: 27 Aug 2024 at 12:42hrs | 3109 | by Staff reporter
Ex-Zipra fighter receives mysterious US$400 windfall
A former Zimbabwe People's Revolutionary Army (Zipra) liberation war veteran, Godfrey Mlalazi, who recently raised concerns about a prominent insurance company offering him a meager ZiG200 and US$50 a...Published: 20 May 2024 at 07:53hrs | 1 | by Staff reporter
Zimbabweans told to approach banks for ZiG, USD
The Reserve Bank of Zimbabwe has enough reserves to satisfy the foreign currency requirements of all legitimate businesses and no company needs to go to the black market to pay for imports, RBZ Govern...Published: 12 Apr 2024 at 09:47hrs | | by Staff reporter
RBZ scraps bank charges for low-cost accounts
IN a move meant to encourage a culture of banking, the Reserve Bank of Zimbabwe (RBZ) has announced the scrapping of bank charges for low-cost accounts.Presenting his first Monetary Policy Sta...Published: 07 Apr 2024 at 10:06hrs | | by Staff reporter
A Tale of Corporate Fraud, the contrasting Cases of South Africa and Zimbabwe
Corporate fraud has plagued both South Africa and Zimbabwe, with high-profile cases shedding light on the flaws in their respective financial systems. Thi...Published: 23 Mar 2024 at 07:10hrs | 9 | by Jacob Kudzayi Mutisi
Mnangagwa govt is getting crazier
IF you are a Zimbabwean citizen or resident and still want to live on, you need super strong shock absorbers because the Mnangagwa administration is capable of crazy things that can easily kill you....Published: 11 Feb 2024 at 21:07hrs | | by Staff reporter
RBZ withdraws Avis Bank's licence for failing to start operations
The Reserve Bank of Zimbabwe (RBZ) has cancelled Avis Bank Limited licence after the financial institution failed to commence operations as per registration requirements.According to Legal Ide...Published: 25 Nov 2023 at 07:50hrs | 7 | by Staff reporter
Stanbic Zimbabwe rolls out cash deposit machines
Stanbic Bank Zimbabwe is introducing cash deposit machines in US dollars throughout the country as part of its ongoing digital transformation efforts as a leading financial institution.These m...Published: 01 Nov 2023 at 17:49hrs | 12 | by Staff reporter
Banks failing Zimbabweans
National police spokesperson Assistant Commissioner Paul Nyathi has accused Zimbabwean banks of failing the nation by not attracting depositors who are now opting to keep their money at home and busin...Published: 30 Oct 2023 at 17:41hrs | | by Staff reporte
NSSA is a vehicle for enriching the powerful whilst exploiting the poor!
I already knew that Zimbabwe was hell and a living nightmare for the vast majority of the ordinary citizenry.I was also fully aware that the powerful were the only ones getting richer and rich...Published: 15 Oct 2023 at 09:49hrs | | by Tendai Ruben Mbofana
Zimbabwe gold-backed tokens enter market
Zimbabwe Gold (ZiG), the digital tokens backed by gold, has gained approval as a legitimate means of payment for domestic transactions, effective immediately. Transactions involving ZiG will be proces...Published: 06 Oct 2023 at 06:32hrs | 1 | by Staff reporter
Mthuli Ncube's moment of truth
Finance minister Mthuli Ncube's candidacy in Cowdray Park constituency in Bulawayo has revived debate on reports of systematic underdevelopment of the city and the whole Matebeleland region since 1980...Published: 20 Aug 2023 at 09:30hrs | 10 | by Staff reporter
CDC seeks owners of unclaimed ZSE shares
Chengetedzai Depository Company (CDC) says it is seeking to identify the owners of millions of dollars worth of unclaimed shares held in its Central Securities Depository (CSD).CDC is a digita...Published: 26 Jul 2023 at 06:36hrs | | by Staff reporter
'If Zimdollar is abandoned markets and financial institutions will recover'
As the Zimbabwean dollar continues to battle for its survival under severe pressure from the United States dollar despite its recent recovery rally, John Legat, Imara Asset Management (Zimbabw...Published: 21 Jul 2023 at 07:56hrs | | by Staff reporter
Why Mnangagwa failed to improve Zim's economic prospects
IT is now more than five years since President Emmerson Mnangagwa assumed power with a mandate from his backers to improve the country's economic fortunes, the nemesis of his predecessor, Robert Gabri...Published: 29 Jun 2023 at 06:29hrs | 12 | by Martin Majaji
RBZ in bid to calm run on banks over currency fears
The Reserve Bank of Zimbabwe on Friday sought to calm a run on banks, insisting that depositors' funds were safe.Thousands of panicky Zimbabweans lined up in bank queues to withdraw their Unit...Published: 10 Jun 2023 at 17:53hrs | 1 | by Staff reporter
'Gold tokens will unlikely save Zimdollar'
THE recently-announced gold-backed digital tokens will neither strengthen the local currency nor reduce chronic inflation because of waning market confidence and trust in government, an economic watch...Published: 08 May 2023 at 06:12hrs | 1 | by Staff reporter
Zimbabwe gold digital tokens to hit market on Monday
THE Reserve Bank of Zimbabwe (RBZ)'s will release its gold-backed digital tokens into the market on Monday to serve as both an instrument for store of value and transacting.The bank has since ...Published: 05 May 2023 at 20:22hrs | | by Staff reportr
Zimbabwe on charm offensive UK investment drive
Zimbabwe's Finance Minister Mthuli Ncube is on a charm offensive in the United Kingdom as his country wades out of international isolation to attract investors and kickstart the ailing economy....Published: 23 Apr 2023 at 08:01hrs | 6 | by Staff reporter
Reserve Bank of Zimbabwe slashes policy rate
THE Reserve Bank of Zimbabwe (RBZ) yesterday slashed its policy rate further to 140%. The policy rate had been pegged at 150% at the beginning of the year, from 200% before.Analysts said the m...Published: 31 Mar 2023 at 17:55hrs | | by Staff reporter
Mangudya warns against forex loans
In a situation where there is little foreign currency in the market despite the banking sector having US$2,5 billion in nostro deposits, Reserve Bank of Zimbabwe governor John Mangudya has warned agai...Published: 12 Mar 2023 at 06:37hrs | 5 | by Staff Reporter
Judge dismisses depositor's US$179,000 debt claim from CABS
A local pensioner, Duncan Hugh Cocksedge, is counting his losses after his US$179,000 bank balance which was being held in a CABS account was wiped out after being wholly converted to local currency t...Published: 28 Feb 2023 at 19:53hrs | | by Staff reporter
Analysis of the 2023 national budget
The Zimbabwean government presented a ZW$4.5 trillion budget (21% of 2021 GDP) for the 2023 fiscal year. The government expects to collect revenues totaling ZW$3.9 billion (18% of GDP), thus resulting...Published: 16 Dec 2022 at 00:15hrs | 11 | by Victor Bhoroma
Tough foreign exchange regime suffocating economy
Zimbabwe's broad money supply has grown from just under ZW$364,60 billion as of September 2021 to more than ZW$1,920 trillion as of September 2022. This represents growth of over 426% over a period of...Published: 16 Dec 2022 at 00:02hrs | | by Victor Bhoroma
Zimbabwe police move to raid Tetrad Bank directors
THE Criminal Investigation Department (CID) Asset Forfeiture Unit has obtained a warrant of search and seizure against Tetrad Investment Bank (TIB) management and directors in a case of fraud and mone...Published: 09 Dec 2022 at 17:53hrs | 4 | by Staff reporter
'VFEX growth exceeds expectation'
FINANCE and Economic Development Minister, Professor Mthuli Ncube, has lauded the rapid growth of the Victoria Falls Stock Exchange (VFEX), which witnessed the listing of the fifth counter, Nedbank Gr...Published: 28 Nov 2022 at 04:55hrs | 1 | by Staff reporter
Caledonia acquires Bulawayo Mining Company claims
Caledonia Mining, a Jersey-based mining junior whose shares are listed on the Victoria Falls Stock Exchange (VFEX), has acquired Motapa Mining gold claims near the Bilboes Holdings gold mine ass...Published: 03 Nov 2022 at 05:04hrs | 2 | by Staff reporter
Nedbank Zimbabwe heads for VFEX
FINANCIAL services outfit, Nedbank Zimbabwe said on Friday it planned to list on the Victoria Falls Stock Exchange (VFEX) on November 18, becoming the first lender to trade its stock at the waterfall ...Published: 24 Oct 2022 at 06:09hrs | 1 | by Staff reporter
Shareholders fight directors over Tetrad Bank control and assets
TETRAD Investment Bank (TIB) shareholders are locked in a heated row with its directors for the control of the defunct financial institution's US$13 million assets. TIB has properties and othe...Published: 12 Oct 2022 at 18:49hrs | 2 | by Agencies
Mnangagwa says Zimbabweans must stop parroting foreign narratives
ZIMBABWEANS should believe in themselves despite the continued imposition of sanctions on the country and be inspired by the national interest to work harder to develop their own country rather than "...Published: 14 Aug 2022 at 07:21hrs | | by Staff reporter
Sanctions make Russian debt default a non-event
Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed.Russia has the money and is willing to pay, but s...Published: 26 Jun 2022 at 09:26hrs | | by BBC
Ex-DPC boss charged for 'looting' spree
FORMER Deposit Protection Corporation (DPC) chief executive officer Vusulizwe Vuma has been charged with criminal abuse of office after the Zimbabwe Anti-Corruption Commission (Zacc) exposed how he al...Published: 12 Jun 2022 at 09:17hrs | 8 | by Staff reporter
US$20m externalised in Zimbabwe diamond sales
MORE than US$20 million was illegally moved out of the country's borders in murky deals involving blacklisted diamond dealer Jamal Ahmed in an opaque sale of one million carats of diamonds from the Mi...Published: 03 Jun 2022 at 19:14hrs | | by Staff reporter
IMF warns against Zimbabwe war veterans compensation
THE International Monetary Fund (IMF) has warned that the government's decision to compensate war veterans could have a major strain on the country's debt overhang.This comes after the governm...Published: 27 May 2022 at 20:17hrs | | by Staff reporter
Mnangagwa guns for economic hitmen
PRESIDENT Emmerson Mnangagwa's administration has launched a massive clampdown on some big corporates suspected of conniving with local banks to borrow billions of Zimbabwean dollars which they used t...Published: 13 May 2022 at 19:14hrs | | by Staff reporter
Govt cracks down on speculators
GOVERNMENT is clamping down on big corporates, which borrowed billions of Zimbabwe dollars and used the money for speculative activities while taking advantage of exchange rate movements to push up pr...Published: 13 May 2022 at 19:02hrs | 1 | by Staff reporter
Bank lending freeze targets big corporates enjoying 'arbitrage profits'
HARARE - The Zimbabwe government is clamping down on big corporates which borrowed billions in Zimbabwean dollars and allegedly used the money for speculative activities.Authorities say the co...Published: 13 May 2022 at 14:50hrs | 5 | by Staff Reporter
Money transfer agents warn of massive transaction fee hike
PRESIDENT Emmerson Mnangagwa's recent imposition of a mandatory 4% Intermediate Monetary Transfer Tax (IMTT) on domestic foreign currency transfers has the potential to double transaction fees being p...Published: 12 May 2022 at 06:29hrs | 1 | by Staff reporter
Govt moves to compensate depositors
MILLIONS of taxpayers' money will be channelled into reimbursing depositors whose United States dollar bank balances were wiped out in 2019 when the Zimbabwe dollar was reintroduced.Finance mi...Published: 10 May 2022 at 07:46hrs | | by Staff reporter
RBZ initiates think tank to assess banking products
THE Reserve Bank of Zimbabwe (RBZ) has created a think tank to examine new banking products and innovations prior to their launch, to assess their viability.The revelation came a day after the...Published: 25 Apr 2022 at 09:01hrs | 2 | by Staff reporter
RBZ rubishes CZI claims
THE Reserve Bank of Zimbabwe (RBZ) has dismissed calls by the Confederation of Zimbabwe Industries (CZI) for the suspension of the official foreign exchange auction system and scoffed at claims that t...Published: 25 Apr 2022 at 08:48hrs | | by Staff reporter
Towards a market driven foreign exchange market
The Monetary Policy Committee (MPC) of the central bank made a press statement on the 1st of April to address the depreciation of the local currency and manage the rate of inflation in the economy. Th...Published: 12 Apr 2022 at 16:46hrs | 7 | by Victor Bhoroma
Companies must use banking services, period
EXPERTS say although banks do many things, their primary role is to take in funds—called deposits—from those with money, pool them, and lend them to those who need funds.In essence, banks ...Published: 03 Apr 2022 at 08:23hrs | | by Staff reporter
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