Bulawayo24 News - Skyes! "it makes perfect sense"

7 illegal forex dealers await bail ruling

Seven suspected illegal foreign currency dealers accused of engaging in money laundering and running an underground forex trading operation are expected back in court today for their bail ruling.The accused - Brenda Chirinda, Chipo Josephi…

Published: 05 Sep 2025 at 07:32hrs | 365 | by Staff reporter

RBZ defends exchange rate system

Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr Innocent Matshe has dismissed claims that the central bank is manipulating the foreign exchange market, insisting that the willing-buyer willing-seller (WBWS) system operates in line with i…

Published: 04 Sep 2025 at 08:33hrs | 598 | by Staff reporter

Massive US$100,000 fines for Zimbabwe forex offenders

The Reserve Bank of Zimbabwe (RBZ) has introduced heavy fines and tougher enforcement measures against individuals, companies, and financial institutions caught breaking exchange control regulations.In a policy statement issued on 15 Augus…

Published: 16 Aug 2025 at 13:13hrs | | by Staff reporter

Zimbabwe's forex receipts jump 23%

Zimbabwe recorded a 23,1 percent surge in foreign currency receipts during the first half of 2025 compared to the same period last year, signalling growing confidence in the country's formal channels and resilience in its external sector.A…

Published: 15 Aug 2025 at 08:33hrs | 94 | by Staff reporter

Zimbabwe's forex receipts surge to US$7.3 billion

Zimbabwe recorded a significant boost in foreign currency receipts, raking in US$7.3 billion during the first half of 2025, according to the Reserve Bank of Zimbabweâ€™s (RBZ) latest Monetary Policy Statement (MPS).Presenting the Mid-Term …

Published: 09 Aug 2025 at 10:01hrs | 145 | by Staff reporter

Logistics firm in exchange control violation

Mapho Tradelink Procurement and Logistics Private Limited, a leading procurement and logistics company, has been taken to court for allegedly breaching the Exchange Control Act by making payments exceeding US$150,000 outside Zimbabwe witho…

Published: 08 Aug 2025 at 13:08hrs | | by Staff reporter

Director arrested over US$7.6m payments for LP gas imports

Grant Wellington Thulisa (Pvt) Ltd, represented by its director Grant Chitate, has been dragged before the courts on allegations of making unauthorised foreign payments totalling US$7.6 million for the importation of liquefied petroleum (L…

Published: 05 Aug 2025 at 17:44hrs | 1062 | by Staff reporter

Mines and RBZ in crunch talks over forex retention

The Chamber of Mines of Zimbabwe has initiated fresh negotiations with the Reserve Bank of Zimbabwe (RBZ) to review the current foreign currency retention framework, citing growing concerns over worsening access to forex and the threat it …

Published: 25 Jul 2025 at 14:11hrs | 75 | by Staff reporter

Mines and RBZ in crunch talks over forex retention

The Chamber of Mines of Zimbabwe has initiated fresh negotiations with the Reserve Bank of Zimbabwe (RBZ) to review the current foreign currency retention framework, citing growing concerns over worsening access to forex and the threat it …

Published: 25 Jul 2025 at 14:11hrs | 46 | by Staff reporter

'Surge in forex inflows a boon for ZiG stability'

Zimbabwe's foreign currency receipts surged by 22 percent to US$6 billion in the first five months of 2025, according to the Reserve Bank of Zimbabwe (RBZ), a development analysts say strengthens the central bank's capacity to defend the Z…

Published: 14 Jul 2025 at 07:52hrs | | by Staff reporter

Zimbabwe's foreign currency reserves surge

Zimbabwe's foreign currency reserves have maintained strong momentum, with the Reserve Bank of Zimbabwe (RBZ) reporting that, by the end of June 2025, the reserve holdings were more than three times higher than the stock of reserve money s…

Published: 10 Jul 2025 at 08:56hrs | 133 | by Staff reporter

Zimbabwe's RBZ scraps heavy-handed forex controls

The Reserve Bank of Zimbabwe (RBZ) has officially abandoned its stringent enforcement of exchange rate controls, marking a significant policy shift aimed at fostering market stability, restoring business confidence, and allowing the Zimbab…

Published: 03 Jul 2025 at 12:32hrs | 1696 | by Staff reporter

Mukuru named among top cross-border payment providers

Mukuru, a leading next-generation financial services platform, has once again secured its position among the world's most influential cross-border payment providers, earning a spot on the 2025 FXC Intelligence Cross-Border Payments 100 lis…

Published: 19 Jun 2025 at 11:25hrs | 255 | by Staff reporter

Zimbabwe govt squeezes miners for more forex

 Zimbabwe's mining industry is facing increased strain as government departments intensify demands for miners to pay taxes and fees in foreign currency-on top of the mandatory 30% surrender of export earnings-further squeezing the sec…

Published: 16 Jun 2025 at 14:48hrs | | by Staff reporter

Zimbabwe exporters sound alarm over tough new forex rules

Zimbabwean exporters are facing fresh turbulence following the government's move to tighten foreign currency controls - scrapping critical export incentives and enforcing tougher surrender requirements. The decision has triggered alarm acr…

Published: 05 Jun 2025 at 11:34hrs | | by Staff reporter

Refineries under threat as RBZ gulps more forex

Zimbabwe's biggest mining companies have sounded alarm bells over the potential suspension of crucial expansion projects - including refineries valued at over US$432 million - following the Reserve Bank of Zimbabwe's (RBZ) indication of ti…

Published: 30 May 2025 at 12:18hrs | 657 | by Staff reporter

Illegal forex trader shot and robbed in Bulawayo

Bulawayo has been hit by a rise in violent crime, with an illegal foreign currency dealer becoming the latest victim after being shot and robbed of thousands of US dollars by an armed assailant on Monday night.The victim, Mthokozisi Nkomo,…

Published: 26 Mar 2025 at 06:50hrs | 682 | by Staff reporter

Zimbabwe central bank goes after informal traders forex, exporters' proceeds

The Reserve Bank of Zimbabwe (RBZ) has announced a further reduction in export retention proceeds, cutting them by an additional 5%, as part of measures aimed at boosting foreign currency reserves and stabilizing the economy. The new direc…

Published: 07 Feb 2025 at 06:43hrs | 1186 | by Staff reporter

Zimbabwe foreign currency reserves rise to US$500m

Zimbabwe's foreign currency reserves backing its local currency, the Zimbabwe Gold (ZiG), have surged past US$500 million, tripling the total amount of ZiG in circulation. This development is expected to foster greater currency stability a…

Published: 10 Nov 2024 at 10:41hrs | 172 | by Staff reporter

Mnangagwa's govt to extend ZiG currency crackdown to shops

The government intends to expand its crackdown on street currency traders to include retailers, ensuring that goods and services are priced using only the official exchange rate of the new ZiG currency.Finance, Economic Development, and In…

Published: 18 May 2024 at 12:38hrs | | by Staff reporter

Telling my Access Finance story

FOLLOWING a recent public announcement by Access Finance Group, a local remittance and financial services company, that its chief executive Singathini Raymond Chigogwana is retiring and would be replaced by Salim Eceolaza, it became clear …

Published: 05 Oct 2023 at 15:07hrs | 39 | by Senziwani Sikhosana

Prices, currency manipulation is corruption, says Zacc

THE Zimbabwe Anti-Corruption Commission (Zacc) has described the country's rampant price hikes and alleged currency manipulation as corruption.Speaking during a National Anti-Corruption Strategy Steering Committee meeting for 2023, Zacc ch…

Published: 17 Jun 2023 at 08:10hrs | 1 | by Staff reporter

Zimbabwe price manipulators to be locked up

EVIL machinations from the country's detractors to reverse successes registered by the Second Republic through asymmetrical warfare in the form of currency manipulation and price distortions will come to naught with perpetrators being brou…

Published: 14 Jun 2023 at 06:32hrs | 4 | by Staff reporter

Ncube frets over runaway forex rate

FINANCE minister Mthuli Ncube this week threatened to hike Zimbabwe's policy rate beyond 200%, if companies continue to dabble into parallel market activities.The Treasury chief, who spoke during the Zimbabwe International Trade Fair (ZITF…

Published: 28 Apr 2023 at 07:04hrs | | by Staff reporter

Zesa mulls switch to forex-indexed power tariff

POWER utility Zesa Holdings Limited wants all of its clients, including industries, to pay their electricity bills in foreign currency to fulfil its power import commitments, Zimbabwe Independent can report.The State-run power firm has bee…

Published: 12 Feb 2023 at 07:26hrs | 1 | by Staff reporter

Zimbabwe miners in urgent plea for forex

THE Chamber of Mines of Zimbabwe says it is engaging authorities to come up with mechanisms that can accommodate the foreign currency requirements for the sector as shortages are weighing down the sector's potential driven by ongoing expan…

Published: 24 Nov 2022 at 04:59hrs | 185 | by Staff reporter

Harare pegs 2023 rates in forex

Harare City Council yesterday announced its 2023 budget that has rates indexed in US dollars with a high-density suburban holder set to fork out a minimum of US$23,15 in rates and fees a month, although the law insists that the payments ca…

Published: 10 Nov 2022 at 04:54hrs | 7 | by Staff reporter

Zimdollar to further strengthen?

The Zimbabwe dollar is likely to strengthen as extra strands in the policies to decrease the amount of local currency in bank accounts, while increasing the amount of foreign currency in official markets comes with the decision by Governme…

Published: 20 Sep 2022 at 06:02hrs | 4 | by Staff reporter

Forex auction market a perfect looting front for the connected

BUSINESSES finally had enough and told the Reserve Bank governor John Mangudya that the Zimbabwe dollar was done as a sustainable currency. They do not want it.Last Wednesday, at a review of the 2022 monetary policy statement hosted by the…

Published: 14 Feb 2022 at 05:29hrs | 2 | by Staff reporter

Mapeza resists major changes

NORMAN Mapeza has resisted the temptation of making wholesale changes by backing the Warriors, who have been fighting, in the 2022 World Cup qualifying trenches.The interim coach named a 24-member provisional team, for next month's back-to…

Published: 30 Sep 2021 at 07:14hrs | 3 | by Staff reporter

Naming, shaming, SI 127 key for market discipline

NAMING, shaming and imposing heavy penalties against entities caught abusing funds obtained from the auction will reinforce the platform's role as the preferred mechanism of distributing the scarce forex, analysts say. The Reserve Bank of …

Published: 13 Jul 2021 at 08:53hrs | 181 | by Staff Reporter

Conversations must go beyond the forex auction and focus on production

Driving through Zimbabwe's once vibrant industrial hubs in Belmont (Bulawayo), Paulington (Mutare), Southerton, Graniteside, Working, Msasa (all in Harare), and elsewhere, one gets the sense that the country is burdened by white elephants.…

Published: 28 Jan 2021 at 22:06hrs | 13 | by Andrew Lampard

RBZ orders Zimbabwe banks to give forex

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has ordered banks to settle transactions outside the public glare as he cracks the whip on the sector amid revelations some banks were refusing clients to withdraw cash from their forei…

Published: 03 Dec 2020 at 07:06hrs | 7 | by Staff reporter

We can not all go to OK

Prophets of doom taking their first bite of the proverbial humble pie, may be also taking a face cloth to remove egg from their murky faces, york, white and its all. Who ever thought the forex auction exchange rate would hold onto US$ tail…

Published: 11 Sep 2020 at 07:08hrs | 3 | by Thomas Tondo Murisa

Mangudya stabilizes market and prices through Foreign exchange auction

The main objective of introducing the Foreign exchange auction is price stability and exchange rate price discovery. Prices have been stable for the past eight weeks or so, and hence optimism. That bids to the auction represents the desire…

Published: 26 Aug 2020 at 13:30hrs | 10 | by Tinashe Eric Muzamhindo

The funeral that is refusing to go

I am not a financial fundi neither am I an accounting apprentice, far from it but there is quiet mourning on the forex black market with rates looking the other way. Well, funerals and parties are not for ever but this one is taking long. …

Published: 03 Jul 2019 at 19:30hrs | 5 | by Thomas Murisa

Zimbabwe's perpetual struggle with forex black market

AS Zimbabwe continues battling a boisterous foreign currency black market, there are strong signs that a parallel goods markets will soon emerge.Notwithstanding the distinguishable history of the destabilising effects of black markets, the…

Published: 31 May 2019 at 08:06hrs | | by P Masamha

Mystery of Zimbabwe's forex market

"Zimbabwe's tobacco sales have reached a record high of 237,1 million kg with a week to go before the selling season ends, official data showed" - Reuters (July 23 2018)."Gold deliveries to Fidelity Printers and Refiners (FPR) for 2018 hit…

Published: 03 May 2019 at 20:48hrs | 15 | by Chigogwana, Sikhosana and Mashozhera

RBZ ordered to name, shame forex dealers

Government has tasked the central bank to reveal individuals and companies that were allocated foreign currency at par with the country's surrogate currency from October last year to February this year amid indications that beneficiaries e…

Published: 02 May 2019 at 07:34hrs | 4 | by Staff reporter

Zimbabwe will have a regulated, transparent foreign currency market

As we work to put Zimbabwe's economy back on its feet, recovery is the word. The Zimbabwean financial situation, its industry, its businesses, have all been in a state of stagnation for far too long. Recent moves have been jolting to some,…

Published: 28 Feb 2019 at 06:14hrs | 1 | by Prof Mthuli Ncube

Unpacking floating of exchange rate by Zimbabwe

The Governor of the Reserve Bank of Zimbabwe (RBZ) Dr Mangudya in his monetary policy statement liberalised the exchange rate that is, departing from the 1:1 position of the bond notes or real time gross settlement (RTGS) with the United S…

Published: 22 Feb 2019 at 10:28hrs | | by Dr Mugano

Zimbabwe black market forex rate should drop to 60%

THE eagerly anticipated Monetary Policy Statement (MPS) for 2019 was finally delivered by the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday this week, the same day the budget statement of South Africa (SA) was being pr…

Published: 22 Feb 2019 at 09:09hrs | | by Brett Chulu

Zimbabwe facing foreign currency shortages, not fuel, says Mnangagwa

News Editor Gift Phiri sits down for a wide-ranging interview with President Emmerson Mnangagwa's spokesperson George Charamba about the stuttering economy and what government is doing to address the worsening crisis.Find below excerpts of…

Published: 13 Jan 2019 at 22:28hrs | 9 | by Staff reporter

Delta debacle: Dialogue key

The debacle between Government and Delta Corporation over the latter's announcement that it intended to price its products in foreign currency, brings to the fore the dire need for a social contract between authorities and the private sect…

Published: 06 Jan 2019 at 09:43hrs | | by Africa Moyo

Fuel supply situation to normalise soon, says Gumbo

Government has assured the public that fuel supplies will soon normalise as queues significantly shortened or were totally absent at service stations across the country in recent days. Most service stations around Bulawayo yesterday had fu…

Published: 03 Jan 2019 at 08:04hrs | | by STaff Reporter

Exchange control is the central problem facing Zimbabwe at present

BY introducing exchange control via the Reserve Bank, the State has done the following:     Created a system to â€˜sweepâ€™ some US$3 billion in direct foreign earnings into the nostro accounts of the bank. This amounts…

Published: 19 Dec 2018 at 06:41hrs | | by Eddie Cross

Daylight robbery of pricing at 4:1, but giving change at 1:1

As economic recovery measures are implemented, let's discuss this wrong mentality - yes, wrong - that nothing works until everything works because in real life there are no quick and easy fixes.For one, we should also be wary of armchair a…

Published: 07 Dec 2018 at 06:30hrs | 2 | by Conway Tutani

Duty in foreign currency

With effect from 23 November 2018 duty on importation of selected items including Surtax, Presumptive Tax and Value Added Tax payable on importation duty on importation will be paid in foreign currency. This is in terms of Statutory Instru…

Published: 29 Nov 2018 at 11:33hrs | | by Zimra

Banks must stop disbursing forex

If there is no leakage of forex from official institutions then the obvious source of forex on the black market are people in the diaspora who send home US dollars through Mukuru, Western Union, Money Gram, and by means of public transport…

Published: 06 Nov 2018 at 05:27hrs | | by Goto

'Masiyiwa joins bootlicking squad'

It really hurts when noble business owners like Masiyiwa is yet to be enlightened on the Zimbabwe's situation. He has joined boot licking squad that see no evil at the expense of his all-time supportive clients. I have very few questions t…

Published: 01 Nov 2018 at 08:45hrs | | by Nkomah Isaac

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