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World Bank says Zimbabwe needs economic stability to advance debt talks
Zimbabwe needs an uninterrupted period of macroeconomic stability of at least 12 months to help advance debt talks with international creditors over $21 billion it owes, the World Bank said.Ha...Published: 21 hrs ago | 329 | by Staff reporter
Mnangagwa's govt blows unbudgeted US$16m
The government incurred significant unbudgeted expenditures earlier this year by providing twin-cab vehicles to chiefs, a move that has placed their parent ministry in a financial deficit, Finance Min...Published: 13 Sep 2024 at 08:12hrs | 1895 | by Staff reporter
Prices soar as new Zimbabwean currency struggles
The launch of Zimbabwe's new currency, the Zimbabwe Gold (ZWG), has been marked by significant challenges, including a sharp rise in basic commodity prices. Since its introduction on April 5 at an exc...Published: 11 Sep 2024 at 09:03hrs | 1021 | by Staff reporter
Chiwenga to headline governance conference
Vice-President Dr. Constantino Chiwenga is set to deliver the keynote address at the 2024 Chartered Governance and Accountancy Institute of Zimbabwe (CGAIZ) Annual Conference, taking place in Victoria...Published: 11 Sep 2024 at 08:42hrs | 164 | by Staff reporter
Shops dump ZiG official rate for two-tier pricing system
Just like other Zimbabwean currencies introduced since the year 2000, the Zimbabwe Gold (ZiG) currency is already showing signs of instability barely half a year after its introduction, with many shop...Published: 08 Sep 2024 at 13:51hrs | 9275 | by Staff reporter
Zimbabwe industries buckle under prohibitive power tariffs
Zimbabwe's industries have been severely affected by a sharp power tariff hike implemented in November, leading to a 15% rise in costs for mines and disrupting various sectors. The 44% tariff ...Published: 06 Sep 2024 at 14:45hrs | 113 | 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 | 6006 | 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 | 3915 | by Staff reporter
Zimbabweans use gold-backed ZiG to pay for 40% of transactions
Zimbabweans are using the nation's gold-backed currency for 40% of payments compared with 20% when it first started in April, Finance Permanent Secretary George Guvamatanga said.The ZiG - an a...Published: 22 Aug 2024 at 07:26hrs | 520 | by Staff reporter
Zimra mulls severe penalty on tax debts
The Zimbabwe Revenue Authority (Zimra) is considering imposing severe tax penalties to compel public and private entities to settle substantial outstanding tax debts. These debts primarily stem from c...Published: 14 Aug 2024 at 08:31hrs | 162 | by Staff reporter
ZiG uncertainties to frustrate GDP forecasts
Zimbabwe's economic growth prospects are facing serious challenges due to liquidity shortages and a severe drought, according to leading advisory firms and economists. In a recent mid-term bud...Published: 03 Aug 2024 at 12:57hrs | 192 | by Staff reporter
Zimbabwe shops continue to reject ZiG
The surge in black-market exchange rates, which peaked at US$1:25 ZiG, has led some businesses in Bulawayo to reject transactions in Zimbabwe Gold (ZiG), defying government directives. This defiance u...Published: 30 Jul 2024 at 07:39hrs | 1844 | by Staff reporter
ANC of Ramaphosa: Obliterating, political cleansing of left leaning socialists
South Africa is witnessing a significant shift in its political landscape after the African National Congress (ANC), under President Cyril Ramaphosa, lost its majority in Parliament. This development ...Published: 23 Jul 2024 at 07:18hrs | 229 | by Marshall Ndlela
Zimbabweans deported from South Africa
A joint operation by South African officials on July 19, 2024, resulted in the arrest of 208 undocumented immigrants in the Sekhukhune District of Limpopo Province. Among those detained, 176 were Zimb...Published: 22 Jul 2024 at 07:56hrs | 3004 | by Staff reporter
Zimbabwe misses mineral revenue target
Zimbabwe faces a challenging economic outlook for 2024, with economists warning of reduced foreign exchange reserves, diminished government revenue, and decreased economic activity due to lower global...Published: 19 Jul 2024 at 06:20hrs | 538 | by Staff reporter
Economic Empowerment Bill gets thumbs up
Stakeholders in Bulawayo, including small to medium enterprises (SMEs), have welcomed the Economic Empowerment Bill, which aims to replace the Indigenisation and Economic Empowerment Act with a new Ec...Published: 19 Jul 2024 at 06:16hrs | 161 | 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 | 853 | by Staff reporter
Gold output rebounds after Govt intervention
Gold deliveries by small-scale miners to Fidelity Gold Refinery have rebounded to January 2024 levels after the reversal of a 15 percent value-added tax (VAT) on gold deliveries. In the second quarter...Published: 07 Jul 2024 at 10:21hrs | | by Staff reporter
Mnangagwa confirms structure to 'drip feed' ZWG into economy
Deputy Minister of Finance, Economic Development, and Investment Promotion, David Mnangagwa, acknowledged that the introduction of the Zimbabwe Gold (ZWG) currency in April has been characterized by a...Published: 01 Jul 2024 at 13:34hrs | 8 | by Staff reporter
Zimbabwe banks downplay ZWG shortages
Zimbabwe's banking sector has sought to downplay reports of severe liquidity shortages following the introduction of the new Zimbabwe Gold (ZWG) currency by the Reserve Bank of Zimbabwe (RBZ) on April...Published: 30 Jun 2024 at 18:32hrs | | by Staff reporter
ZiG performance pleases RBZ, private sector leaders
Private sector leaders and the Reserve Bank of Zimbabwe (RBZ) have praised the performance of Zimbabwe's structured currency, the Zimbabwe Gold (ZiG), citing its stability and positive impact on price...Published: 28 Jun 2024 at 07:39hrs | 2 | by Staff reporter
Zimbabwean currency poised to strengthen further
The Zimbabwean currency, Zimbabwe Gold (ZiG), is expected to strengthen against major currencies in the official market due to increased demand as companies prepare to meet their quarterly corporate i...Published: 16 Jun 2024 at 09:04hrs | 18 | by Staff reporter
Zimbabwe govt scraps VAT on gold deliveries
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has abolished the 15 percent Value Added Tax (VAT) on gold deliveries to Fidelity Gold Refiners, as stipulated ...Published: 14 Jun 2024 at 07:05hrs | 117 | by Staff reporter
From Ramaphoria to Ramageddon
Many political observers have reacted with both "shock and awe" to the astounding performance of the Umkhonto we Sizwe Party in one of South Africa's most contested elections.Indeed, to borrow...Published: 03 Jun 2024 at 15:01hrs | 2 | by Sipho Seepe
Zimbabwe demands major reductions on $19.2bn debt
Zimbabwe has asked its creditors for significant debt reductions on its $19.2 billion internal and external debt, Bloomberg reported on May 30, citing Finance Minister Mthuli Ncube."We will be...Published: 03 Jun 2024 at 09:07hrs | | by Staff reporter
Mnangagwa caught between words and wallet
In a scene reminiscent of a political satire, President Emmerson Mnangagwa found himself amidst a whirlwind of irony during a recent event at Nhakiwa Vocational Training Centre in Uzumba, where he lau...Published: 28 May 2024 at 09:53hrs | 7 | by Staff reporter
Zimbabwe authorities mix charm with force to shore up ZiG
THE introduction of the world's newest currency in April inspired a reggae artist to record a song praising the ZiG, or Zimbabwe Gold.The catchy tune, titled "Zig Mari," received generous play...Published: 27 May 2024 at 09:56hrs | 4 | by Associated Press
Reserve Bank of Zimbabwe appoints tainted Mpofu
TRUST, confidence and credibility of the Reserve Bank of Zimbabwe (RBZ) has been put at stake after the new central bank governor John Mushayavanhu appointed tainted banker Morris Bekezela Mpofu as hi...Published: 19 May 2024 at 11:54hrs | 11 | by Staff reporter
CIOs go after illegal money changers 'running down ZiG'
The ruling party Zanu-PF has issued a strong warning to black market traders, accusing them of undermining the newly introduced gold-backed currency, ZiG.Christopher Mutsvangwa, Zanu-PF's secr...Published: 16 Apr 2024 at 19:16hrs | 1 | by Staff reporter
El Niño drives Zimbabwean millers to seek Brazilian corn
Zimbabwe is considering importing corn from Brazil for the first time since 2014 as the El Niño weather pattern withers crops in the country and its neighbours.The dry spell triggered by the ...Published: 16 Apr 2024 at 07:47hrs | | by Staff reporter
US economist mocks Zimbabwe's new currency
United States economist Steve Hanke has derided Zimbabwe's latest currency introduction, the ZiG, asserting that the country's monetary policies resemble a merry-go-round. The ZiG, purportedly backed ...Published: 11 Apr 2024 at 08:50hrs | | by Staff reporter
'ZiG difficult to accept in US$-dominated market'
RESPECTED businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback.The Reserve B...Published: 11 Apr 2024 at 08:45hrs | | by Staff reporter
Mthuli Ncube summoned over ZiG
FINANCE minister Mthuli Ncube has been summoned to Parliament to explain how the Zimbabwe Gold (ZiG) currency introduced on Friday will work.Legislators also want Ncube to amend the Finance Ac...Published: 11 Apr 2024 at 08:45hrs | 1 | by Staff reporter
'Mushayavanhu must assert himself as independent'
Businessman and economist, Nigel Chanakira, says the new Reserve Bank of Zimbabwe governor John Mushayavanhu must assert himself as an independent central banker to stabilise the local currency....Published: 11 Apr 2024 at 08:43hrs | | by Staff reporter
Zimdollar remains legal tender until month-end
The Zimbabwe dollar remains legal tender for all domestic transactions until April 30, when the Zimbabwe Gold (ZiG) notes and coins will come into circulation, the Reserve Bank of Zimbabwe (RBZ) has s...Published: 10 Apr 2024 at 06:02hrs | 1 | by Staff reporter
'ZiG difficult to accept in US$-dominated market'
Businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback.The Reserve Bank of Zim...Published: 10 Apr 2024 at 06:02hrs | 1 | by Staff reporter
Zimbabwe's new ZiG spins markets into trading disruptions and uncertainty
Zimbabwe's newly introduced ZiG currency is causing market disruptions and transaction bottlenecks despite central bank assurances that it is backed by gold and foreign currency reserves, amid sceptic...Published: 09 Apr 2024 at 06:24hrs | | by Staff reporter
Govt blitz as traders dump Zimdollar
THE Consumer Protection Commission together with the police and the Financial Intelligence Unit has launched a blitz on businesses refusing to accept the Zimdollar following the launch of a new curren...Published: 09 Apr 2024 at 06:22hrs | | by Staff reporter
Zimbabweans urged to have confidence in new currency
Measures announced by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu in his maiden monetary policy statement on Friday should go a long way in containing prices and reducing inflation, a...Published: 08 Apr 2024 at 10:43hrs | | by Staff reporter
Zimbabwe's new currency chaos
ZIMBABWEAN consumers were yesterday left stranded after businesses suspended trading using the Zimbabwe dollar following the introduction of a new currency on Friday.Reserve Bank of Zimbabwe (...Published: 07 Apr 2024 at 10:35hrs | | by Staff reporter
Zimbabwe currency crisis: Time to face the truth
THERE is, of course, no such thing as "a shortage of foreign currency".In open and disciplined markets, all that such a claim reflects is an over-valued local currency, whose managers resist t...Published: 07 Apr 2024 at 10:26hrs | 1 | by Obert Nyandoro
New Zimbabwe central bank boss talks tough
RESERVE Bank of Zimbabwe (RBZ) governor John Mushayavanhu on Friday declared that he will protect the central bank from external forces to maintain its independence.But analysts were quick to ...Published: 07 Apr 2024 at 10:23hrs | | by Staff reporter
Private sector against third party insurance takeover
THE government's decision to take over the running of third-party insurance will crowd out the private sector and result in bureaucratic inefficiencies around claims processing, which will destroy eco...Published: 07 Apr 2024 at 10:21hrs | 1 | by Staff reporter
AfDB helps Zimbabwe mobilises revenue
THE African Development Bank (AfDB) is working with Treasury and the central bank to produce debt and investment gold models for Zimbabwe to allow the country to come up with best policies to mobilise...Published: 07 Apr 2024 at 10:20hrs | | by Staff reporter
Zimbabwe's new currency greeted with pessimism
The new currency introduced by the Reserve Bank of Zimbabwe (RBZ) on Friday has been branded old wine in new bottles by economists and financial experts who doubt that it will stand the test of time....Published: 07 Apr 2024 at 10:18hrs | 1 | by Mthandazo Nyoni
Zimbabwe's new currency notes out this week
ZIMBABWEANS were transacting exclusively in United States dollars yesterday as the country began transitioning to the new currency — Zimbabwe Gold (ZiG) — following unveiling of the new gold-backe...Published: 07 Apr 2024 at 10:06hrs | 1 | by Staff reporter
Anti-Zimbabwe economist says ZiG is old wine in new bottles
Prominent Zimbabwean economist and financial analyst Professor Gift Mugano says the new local currency launched today - unimaginatively named Zimbabwe Gold (ZiG) amid noisy claims by government offici...Published: 06 Apr 2024 at 13:20hrs | | by Staff reporter
'New ZiG currency is a short term gimmick,' says some economist
An economic expert has criticized the recently launched Zimbabwe Gold (ZiG) currency, asserting that it lacks substance to effectively revitalize the economy, warning that the nation has once again re...Published: 06 Apr 2024 at 08:13hrs | 1 | by Staff reporter
RBZ adopts market-based exchange rate
THE Reserve Bank of Zimbabwe (RBZ) has adopted a market-determined system for setting exchange rates, with the auction system being replaced by a refined interbank foreign exchange market which connec...Published: 06 Apr 2024 at 08:06hrs | | by Staff reporter
Zimbabwe central bank summons Bank CEOs
The Reserve Bank of Zimbabwe (RBZ) has summoned chief executives of key financial institutions, specifically banks, for a meeting tomorrow morning ahead of the much-anticipated launch of a new currenc...Published: 04 Apr 2024 at 10:29hrs | 1 | by Staff reporter
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