Search / Devalue
Maid cries foul after son's exam fees vanishes
The soft swish of a mop echoes through a spacious Waterfalls home in Harare, each stroke a part of Sharon Nyemba's daily rhythm. At 45, Nyemba is a domestic worker and single mother whose calloused ha...Published: 12 Apr 2025 at 15:39hrs | 1682 | by Staff reporter
US dollar suffocates the ZiG
A liquidity crunch in Zimbabwe is deepening the economy's embrace of the US dollar and undermining the bullion-backed currency introduced by the government almost a year ago.The ZiG, short for...Published: 06 Apr 2025 at 11:38hrs | 3598 | by Staff reporter
Zezuru imposition has done more harm than good
The imposition of Zezuru as the standard dialect has done more harm than good, writes Douglas Mutepaire, sharing his personal experiences of language discrimination. To build true national unity, he w...Published: 25 Mar 2025 at 14:05hrs | 1553 | by Douglas Mutepaire
Zimbabwe may scrap US$ for local transactions without notice
The government has warned that it may scrap the United States dollar for local transactions without notice in a bid to enforce acceptance of the Zimbabwe Gold (ZiG) currency.The ZiG was introd...Published: 22 Mar 2025 at 12:12hrs | 29707 | by Staff reporter
Police probe NSSA boss over RTG extortion plot
NSSA chairman, Emmanuel Fundira was on Wednesday questioned by the police in connection with an extortion case involving former Rainbow Tourism Group (RTG) senior employee Paula January.The de...Published: 18 Mar 2025 at 10:45hrs | 636 | by Nathan Guma
Corporate Raiding Plot Unraveling: Nssa and RTG Directors Meet to Tackle Manipulation of Share Prices and Takeover Attempt
NATIONAL Social Security Authority (Nssa) and Rainbow Tourism Group (RTG) directors and management executives are set to meet today to deal with the plot to take over the tourism and hospitality giant...Published: 25 Feb 2025 at 13:16hrs | 331 | by NewsHawks
Crisis meeting over RTG alleged takeover plot
Directors and senior executives from the National Social Security Authority (NSSA) and Rainbow Tourism Group (RTG) are set to meet today in an urgent bid to address a suspected plot to manipulate the ...Published: 24 Feb 2025 at 09:25hrs | 1665 | by Staff reporter
NSSA chairman embroiled in underhand Rainbow Tourism Group takeover bid
NATIONAL Social Security Authority (Nssa) chairman Emmanuel Fundira, who is former chairman of African Sun Limited, and an ex-Rainbow Tourism Group (RTG) senior executive Paula January are accused of ...Published: 18 Feb 2025 at 20:01hrs | 1524 | by NewsHawks
Zimbabwe inflation rises sharply in January
Zimbabwe's inflation rate rose sharply in January in both U.S. dollar and local currency terms, spurred by food and housing prices.In dollar terms inflation accelerated to 14.6% year on year a...Published: 28 Jan 2025 at 21:53hrs | 1338 | by Staff reporter
Biti criticizes Zimbabwe's economic policies
Former finance minister Tendai Biti has strongly criticized the economic policies under the current administration, describing them as "fictitious" and blaming them for Zimbabwe's ongoing de-industria...Published: 14 Dec 2024 at 12:34hrs | 513 | by Staff reporter
NatFoods bemoans limited ZWG acceptability
Zimbabwe's listed food manufacturer, National Foods (NatFoods), has expressed concern over the limited acceptability of the Zimbabwe Gold (ZWG) as a medium for sourcing raw materials, highlighting the...Published: 10 Dec 2024 at 07:09hrs | 726 | by Staff reporter
Top Bank executive slams RBZ tight policy measures
A prominent banking executive has criticized the Reserve Bank of Zimbabwe (RBZ) for focusing too heavily on exchange rate stability at the cost of economic growth, warning that the central bank's rece...Published: 10 Nov 2024 at 11:05hrs | 1829 | by Staff reporter
Zimbabwe's gold-backed ZiG extends rare advance against dollar
Zimbabwe's gold-backed currency, which has been battered on foreign exchange markets since its April debut, rose against the dollar for a second day on the back of tighter monetary policy.The ...Published: 06 Nov 2024 at 07:04hrs | 807 | by Staff reporter
Zimbabwe's tight monetary policy stance boosts ZiG
Zimbabwe's gold-backed currency posted its first gain in more than two weeks, suggesting that tighter monetary policy is working the central bank said.The ZiG, short for Zimbabwe Gold, strengt...Published: 05 Nov 2024 at 08:26hrs | 2516 | by Staff reporter
IMF cautions Zimbabwe
ZIMBABWE won't solve its economic challenges via the gold-backed ZiG currency that it launched in April and has since had to devalue, the International Monetary Fund said."There's a tendency t...Published: 27 Oct 2024 at 12:30hrs | 4017 | by Staff reporter
ZiG inflation rate now pegged at 37.2%
Zimbabwe's inflation rate for the Zimbabwe Gold (ZWG) currency surged to 37.2% in October, according to the latest data from the Zimbabwe National Statistics Agency (Zimstat). This sharp increase, ref...Published: 26 Oct 2024 at 12:48hrs | 300 | by Staff reporter
'ZiG must go'
The Zimbabwe Gold (ZiG) currency is facing mounting pressure from the business community, which is advocating for its removal due to increasing volatility, despite the Reserve Bank of Zimbabwe's (RBZ)...Published: 24 Oct 2024 at 08:02hrs | 2207 | by Staff reporter
Nkomo blasts Zanu-PF over policy confusion
Zapu leader Sibangilizwe Nkomo has blasted Zanu PF government over policy which he blamed for economic quagmire in the country.In...Published: 22 Oct 2024 at 07:21hrs | 572 | by Stephen Jakes
Potraz approves tariff increase for Zimbabwe telecoms sector
The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has approved a tariff adjustment for local telecommunications companies in response to the recent devaluation of the Zimbabw...Published: 21 Oct 2024 at 14:01hrs | 1754 | by Staff reporter
Zimbabwe is undermining the ZiG by overspending
Zimbabwe's new gold-backed currency is likely being undermined by the state tapping the central bank for funding and selling Treasury bills to pay for its overspending, Imara Asset Management said....Published: 18 Oct 2024 at 08:54hrs | 1267 | by Staff reporter
George Guvamatanga rules out Zimbabwe exchange-rate convergence
Zimbabwe won't allow the street rate of the ZiG to determine where its official rate should be as it isn't driven by market fundamentals, a senior Treasury official said.The ZiG is trading at ...Published: 18 Oct 2024 at 08:53hrs | 1706 | by Staff reporter
Zimbabwe's ICT Ministry faces severe financial crisis
The Information Communication Technology (ICT) ministry is grappling with a critical financial crisis due to a significant shortfall in its budget allocations, hindering its ability to effectively con...Published: 17 Oct 2024 at 09:01hrs | 175 | by Staff reporter
Mnangagwa's adviser says ZiG is 'doomed', warns RBZ Governor
Local economist and adviser to President Emmerson Mnangagwa, Eddie Cross, has issued a stark warning to Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu, cautioning that the country's new Zim...Published: 15 Oct 2024 at 18:10hrs | 5667 | by Staff reporter
Mnangagwa, central bank deliver damp squibs
President Emmerson Mnangagwa's recent State of the Nation Address (Sona) has come under heavy criticism from leading economists, who say it lacked concrete solutions to arrest the nation's spiraling e...Published: 11 Oct 2024 at 18:33hrs | 1321 | by Staff reporter
Dollarisation the worst thing to do for Zimbabwe
The Zimbabwean government has remained resolute in its decision not to revert to full dollarisation, despite growing calls from businesses and citizens who prefer the United States dollar over the rap...Published: 10 Oct 2024 at 13:46hrs | 1675 | by Staff reporter
Zimbabwe hires Rothschild advisers over $21 Billion defaulted debt pile
Zimbabwe's government has hired financial and legal advisers to help it navigate potential talks with international creditors over the $21 billion it owes, according to people familiar with the matter...Published: 10 Oct 2024 at 12:22hrs | 545 | by Staff reporter
Zimbabwe says basic goods in limited supply after ZiG devaluation
Zimbabwe said the steep devaluation of its gold-backed currency last month has triggered shortages of bread, sugar and other staples in its formally regulated stores, suggesting the country's latest e...Published: 09 Oct 2024 at 16:38hrs | 3297 | by Staff reporter
7 countries at risk of bankruptcy
About seven developing countries are currently in danger of facing bankruptcy or in need of a bailout due to piling debt which is slowly gearing towards a default level.Countries can file for ...Published: 09 Oct 2024 at 07:16hrs | 656 | by Staff reporter
ZiG's false promise: Debunking the gold-backed myth
Some of us said it from day one, but we were accused of being 'prophets of doom'.When the Zimbabwe authorities declared war on illegal money changers, ostensibly, in order to 'defend' the stab...Published: 07 Oct 2024 at 16:36hrs | 1416 | by Tendai Ruben Mbofana
USD salary rise, bonus for Zimbabwe civil servants
The Treasury has earmarked substantial funds to increase the remuneration of government employees, with a particular focus on raising the US dollar salary component. This move aims to cushion workers ...Published: 06 Oct 2024 at 10:01hrs | 1642 | by Staff reporter
Mnangagwa govt warns errant businesses
Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, has issued a stern warning to unscrupulous business operators seeking to exploit the exchange rate for persona...Published: 05 Oct 2024 at 17:25hrs | 3440 | by Staff reporter
'ZiG defence plan doomed'
The introduction of Zimbabwe's gold-backed currency, Zimbabwe Gold (ZiG), has faced a series of severe setbacks, pushing the economy deeper into turmoil, according to a new report by the Confederation...Published: 05 Oct 2024 at 16:35hrs | 2670 | by Staff reporter
ZiG adjustment stabilises prices, claims Mthuli Ncube
The recent adjustment of the exchange rate between the Zimbabwe Gold (ZiG) currency and the United States dollar has successfully stabilised market prices, Finance, Economic Development and Investment...Published: 05 Oct 2024 at 11:29hrs | 168 | by Staff reporter
Mnangagwa's SONA lacks solutions
President Emmerson Mnangagwa's recent State of the Nation Address (Sona) has faced sharp criticism for failing to address Zimbabwe's pressing crises, leaving many feeling uninspired and disillusioned....Published: 04 Oct 2024 at 08:48hrs | 302 | by Staff reporter
CCC MPs demand Mnangagwa action as ZiG devalues
Opposition Members of Parliament (MPs) have expressed frustration over the continued devaluation of Zimbabwe's local currency, the Zimbabwe Gold (ZWG), urging the government to address the nation's lo...Published: 03 Oct 2024 at 16:25hrs | 957 | by Staff reporter
Mr. President, you'll never fix the economy when you behave like a witchdoctor!
When I was listening to President Emmerson Dambudzo Mnangagwa delivering his State of the Nation Address (SONA) yesterday, I hoped he would finally provide solutions to the country's economic crisis....Published: 03 Oct 2024 at 10:45hrs | 793 | by Tendai Ruben Mbofana
Mnangagwa frets over resurgent black market
In his State of the Nation Address (SONA) delivered during the official opening of the second session of the 10th Parliament in Mt Hampden, President Emmerson Mnangagwa expressed deep concern over the...Published: 03 Oct 2024 at 08:58hrs | 613 | by Staff reporter
MPs demand explanation from Mthuli Ncube
WEDZA North MP Itai Ndudzo has formally demanded that Finance Minister Mthuli Ncube provide a ministerial statement addressing the recent devaluation of Zimbabwe's new gold-backed currency, the Zimbab...Published: 02 Oct 2024 at 07:57hrs | 1244 | by Staff reporter
Mnangagwa's SONA headache
President Emmerson Mnangagwa is set to deliver his State of the Nation Address (SONA) today, facing mounting public discontent over a deepening currency crisis, soaring living costs, widespread hunger...Published: 02 Oct 2024 at 07:53hrs | 935 | by Staff reporter
Supermarkets, vendors reject ZiG
In a significant economic shift, supermarkets, vendors, commuter omnibus operators, and tuckshops across Zimbabwe have stopped accepting payments in the local ZiG currency. This decision follows Reser...Published: 01 Oct 2024 at 09:10hrs | 1299 | by Staff reporter
Zinasu protests ZiG devaluation
The Zimbabwe National Students Union (Zinasu) has voiced its concerns over the rapid devaluation of the local currency, warning that it will exacerbate the already difficult conditions faced by studen...Published: 01 Oct 2024 at 09:04hrs | 210 | by Staff reporter
Zimbabwe's government: The biggest threat to its own currency
The Reserve Bank of Zimbabwe's (RBZ) recent decision to devalue the Zimbabwean Gold (ZiG) by 50% has left the nation reeling. Overnight, the currency's value plummeted from 14 to 23.4 against ...Published: 29 Sep 2024 at 15:25hrs | 3367 | by Tendai Ruben Mbofana
Zimbabweans outraged after RBZ devalues ZiG
A storm of outrage has swept across Zimbabwe following the Reserve Bank of Zimbabwe's (RBZ) shocking decision to devalue the Zimbabwe Gold (ZiG) currency by 75%. The drastic measure has ignited a wave...Published: 28 Sep 2024 at 13:27hrs | 6781 | by Staff reporter
'Govt must adjust ZiG salaries following currency devaluation'
The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) has called on Finance Minister Mthuli Ncube and the government to take immediate action in adjusting salaries following the official devaluatio...Published: 27 Sep 2024 at 17:52hrs | 1880 | by Staff reporter
Zimbabwe urged to ditch 'command' exchange rate
The government of Zimbabwe is facing increasing pressure to abandon its "command" exchange rate for the Zimbabwe Gold (ZiG) currency, introduced in April, as businesses struggle to cope with currency ...Published: 25 Sep 2024 at 09:21hrs | 3978 | by Staff reporter
Mnangagwa's govt in a fix as ZiG is rejected
The Zimbabwean government's efforts to promote the use of the Zimbabwe Gold (ZWG) currency have hit a major hurdle, as wheat farmers have refused to accept payment in local currency for their deliveri...Published: 18 Sep 2024 at 08:30hrs | 5463 | by Staff reporter
Zanu-PF panics over ZiG collapse
ZANU-PF spokesperson Christopher Mutsvangwa has expressed alarm over the devaluation of the Zimbabwe Gold currency (ZWG) and is urging President Emmerson Mnangagwa to take decisive action. Mutsvangwa ...Published: 13 Sep 2024 at 08:12hrs | 3503 | by Staff reporter
Zimbabwe govt intervenes to end dual pricing
The government is closely monitoring businesses that are manipulating the exchange rate by using black market rates instead of the official ZiG currency rate. This practice undermines the ZiG, which i...Published: 05 Sep 2024 at 17:07hrs | 6040 | by Staff reporter
After ditching the dollar, Zimbabwe now rushing for it at a steeper cost
NEARLY five months after changing its currency to arrest inflation, Zimbabwe is back in familiar territory as the new local unit has started losing ground.The problem seems to be based on how ...Published: 26 Aug 2024 at 08:11hrs | 3927 | by Staff reporter
'ZiG scarcity a recipe for disaster'
Opposition party Labour Economists and Afrikan Democrats (LEAD) has raised concerns about the scarcity and lack of confidence surrounding Zimbabwe's newly introduced currency, the Zimbabwe Gold (ZiG)....Published: 17 Jul 2024 at 07:29hrs | 858 | by Staff reporter
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