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NetOne launches local forex remittance platform
State owned mobile network operator NetOne has launched a money transfer service, OneMoney Remit, which will enable locals to send foreign currency across the country.OneMoney Remit was launch...Published: 30 mins ago | 10 | by Staff reporter
Zimra warns traders over US$ transactions
THE Zimbabwe Revenue Authority (Zimra) has warned traders and businesses against fabricating financial information on transactions done in foreign currency. Zimra implored those in violation o...Published: 24 Nov 2021 at 09:01hrs | 1920 | by Staff Reporter
US$28m in taxpayers' funds misappropriated in corrupt deal
THE Parliamentary Portfolio Committee on Lands has recommended that the police and Zimbabwe Anti-Corruption Commission investigate the Grain Millers' Association of Zimbabwe (GMAZ) and its president T...Published: 22 Nov 2021 at 06:16hrs | 888 | by Staff reporter
BNC heads for VFEX
BINDURA Nickel Corporation (BNC) is set to delist from the Zimbabwe Stock Exchange (ZSE) next month and switch to the forex-indexed Victoria Falls Stock Exchange (VFEX) under a strategy spelt out by c...Published: 22 Nov 2021 at 06:10hrs | 82 | by Staff reporter
IMF closes door on Zimbabwe
The International Monetary Fund (IMF) on Tuesday said it was precluded from providing financial support to Zimbabwe due to its "unsustainable debt and external arrears," and any lending arrangement wo...Published: 17 Nov 2021 at 07:46hrs | 3415 | by Staff reporter
Zimdollar breaches $100 mark against US$
THE Zimbabwe dollar further crashed against the United States dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction, with data from the central bank forex auction conducted yes...Published: 17 Nov 2021 at 05:37hrs | 1804 | by Staff reporter
RBZ starts clearing auction forex backlog
The Reserve Bank of Zimbabwe (RBZ) yesterday says it has started the process to clear nearly US$200 million of the foreign currency backlog on the auction market after receiving the requisite funds fr...Published: 17 Nov 2021 at 05:07hrs | 178 | by Staff reporter
NRZ to cut on hired wagons, locomotives
THE National Railways of Zimbabwe (NRZ) is working on a framework to reduce wagons and locomotives hired from third parties as part of a broader scope to save the organisation millions of dollars in f...Published: 15 Nov 2021 at 05:21hrs | 199 | by Staff reporter
Zimbabwe to import 400MW to bridge power deficit
STATE power utility, Zesa Holdings, intends to import up to 400 megawatts from Mozambique and Zambia as part of measures to end a debilitating power crisis, a senior executive said.This comes ...Published: 15 Nov 2021 at 05:20hrs | 232 | by Staff reporter
Air Force boss' daughter thrown out of school over US$ fees
Air Force of Zimbabwe Air Vice-Marshal Michael Moyo has taken Dominican Convent School to court for withdrawing an offer letter for his daughter after he refused to pay school fees in United States do...Published: 11 Nov 2021 at 06:22hrs | 1462 | by Staff reporter
Zimbabwe's banks overwhelmed
ZIMBABWE'S banking system has been overwhelmed by rocketing demand for United States dollars on the foreign currency auction system, the central bank said on Tuesday, as it moved to adjust bidding lea...Published: 10 Nov 2021 at 05:34hrs | 1394 | by Staff reporter
Mnangagwa's govt to pay war veterans US Dollar bonuses
DEFENCE and War Veterans Affairs Minister, Oppah Muchinguri-Kashiri has revealed liberation war veterans are set to receive end-of-year bonuses denominated in United States Dollars, a privilege not ex...Published: 10 Nov 2021 at 05:33hrs | 3395 | by Staff reporter
RBZ amends forex auction rules
The Reserve Bank of Zimbabwe (RBZ), yesterday amended Foreign Currency Auction bidding rules, bringing a new provision that bidders should submit their bids through banks four working days before the ...Published: 10 Nov 2021 at 05:30hrs | 344 | by Staff reporter
Zimta demands forex bonuses for teachers
THE Zimbabwe Teachers' Association (Zimta) has demanded that teachers' bonuses be paid in foreign currency to cushion them against inflation.Bonuses for teachers are due this month.Tea...Published: 09 Nov 2021 at 05:35hrs | 433 | by Staff reporter
Zimbabwe government urged to abandon auction system
In a video making rounds on social media, the Zimbabwe government has been urged to abandon its auction system if it entertains hopes of fully reviving the economy. In the video, an investor s...Published: 08 Nov 2021 at 10:04hrs | 4016 | by Nicholas Ncube
'Zimbabwe will be a net power exporter'
ZIMBABWE has commenced several programmes to improve power generation and plug a crippling electricity deficit.The projects are at various stages of completion.Our business reporter, F...Published: 07 Nov 2021 at 07:53hrs | 367 | by Staff reporter
Electricity imports cost Zimbabwe US$200 million
ZIMBABWE will spend about US$200 million for power imports this year to bridge a gap stemming out of depleted internal production, a government official has said.Gloria Magombo, the permanent ...Published: 07 Nov 2021 at 07:52hrs | 144 | by Staff reporter
No to extortion on maternal health services in council clinics
THE Combined Harare Residents Association (CHRA) calls upon the Harare City Council to act decisively and stop harbouring and nurturing extortionist practices by health personnel in council clinics ag...Published: 05 Nov 2021 at 06:47hrs | 96 | by ZUJ
Zimbabwe forex inflows to hit record high
ZIMBABWE'S foreign currency earnings are poised to hit record high since 2010, spurred by mineral exports and diaspora remittances, the Reserve Bank of Zimbabwe (RBZ)said.As of October 2021, t...Published: 05 Nov 2021 at 06:37hrs | 144 | by Staff reporter
Banks lobby for tax regime revamp
ZIMBABWE'S banking sector says government must extend tax payment periods to twice a year to give industries breathing space after being affected by pandemic-related headwinds.Under current po...Published: 01 Nov 2021 at 07:27hrs | 393 | by Staff reporter
Inflation charge unsettles monetary authorities
THE Reserve Bank of Zimbabwe (RBZ)'s monetary policy committee (MPC) effected sweeping policy changes to stabilise volatile markets on Friday, as it disclosed that it had been unsettled by development...Published: 31 Oct 2021 at 07:01hrs | 176 | by Staff reporter
RBZ dishes out US$6 million to 130 000 citizens
THE Reserve Bank of Zimbabwe (RBZ) has disbursed more than US$6 million to close to 130 000 people following Government's decision last month to promote financial inclusion and access to forex for sma...Published: 29 Oct 2021 at 08:11hrs | 3525 | by Staff Reporter
'Abandon the Zimdollar'
PRESSURE is mounting on Finance minister Mthuli Ncube to dollarise the economy after members of the public told Parliamentarians that it was the only way to tackle price and exchange rate instability ...Published: 26 Oct 2021 at 06:36hrs | 656 | by Staff reporter
Of sanctions and misgovernance
Am writing this piece after 1 year since I wrote on sanctions and with this small piece I think I will manage to clarify the position on sanctions, however, democracy dictates that one is free to agre...Published: 25 Oct 2021 at 20:48hrs | 591 | by Kumbirai Stein Chivhuna
Mthuli Ncube told to dollarise
PRESSURE is mounting on Finance minister Mthuli Ncube to dollarise the economy after members of the public told Parliamentarians that it was the only way to tackle price and exchange rate instability ...Published: 25 Oct 2021 at 06:25hrs | 2952 | by Staff reporter
RBZ shuts down forex platform to stem currency decline
ZIMBABWEAN authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.The central bank ordered marketwat...Published: 21 Oct 2021 at 06:22hrs | 4172 | by Staff reporter
'NRZ has been on perennial decline mode'
THE National Railways of Zimbabwe (NRZ) says COVID–19-induced hard lockdowns and competition from the road transportation system will see total freight volumes dropping to 2,1 million tonnes this ye...Published: 21 Oct 2021 at 06:21hrs | 309 | by Staff reporter
Mliswa calls for local currency
Outspoken Norton Legislator Temba Mliswa has urged the government to promote local currency in a bid to stabilize the economy."Governme...Published: 19 Oct 2021 at 17:14hrs | 3204 | by Simbarashe Sithole
CZI pushes for tax reviews
THE Confederation of Zimbabwe Industries (CZI) says government must review policy free thresholds upwards and increase civil service salaries in the upcoming 2022 national budget to boost consumer spe...Published: 17 Oct 2021 at 09:09hrs | 478 | by Staff reporter
Zimbabwean bankers sweat over forex crackdown
Zimbabwean bankers are fretting over compliance with government directives to root out "illegal foreign currency dealings, with the country's biggest bank, CBZ, cautioning its employees against facili...Published: 17 Oct 2021 at 09:05hrs | 1017 | by Staff reporter
Special courts for black market forex dealers
PROSECUTOR-General, Mr Kumbirai Hodzi has said the State has gathered more evidence against economic saboteurs driving the spike in the exchange rate on the parallel market, in a development that will...Published: 17 Oct 2021 at 09:00hrs | 189 | by Staff reporter
Evidence piles against forex saboteurs
PROSECUTOR-General, Mr Kumbirai Hodzi said the State has gathered more evidence against economic saboteurs driving the spike in the exchange rate on the parallel market, in a development that will lea...Published: 17 Oct 2021 at 08:54hrs | 234 | by Staff reporter
Chiwenga invites private sector to partner Govt
GOVERNMENT is forging ahead with infrastructural development as it is the bedrock for sustainable economic recovery and growth, Vice President Dr Constantino Chiwenga, who is also Health and Child Car...Published: 16 Oct 2021 at 06:27hrs | 749 | by Staff reporter
US$2bn allocated at forex auctions
More than US$2 billion was allotted to almost 6 000 entities at the Reserve Bank of Zimbabwe's weekly foreign currency auctions from when they opened near the end of June last year to the end of last ...Published: 16 Oct 2021 at 06:26hrs | 115 | by Staff reporter
Zimdollar plunges into death spiral
ZIMBABWE's currency is in a death spiral and headed for a tragic end, two years after it was re-introduced into circulation, stoking fears of the 2008 hyperinflationary era where the government was fo...Published: 15 Oct 2021 at 20:22hrs | 3050 | by Staff reporter
Govt will keep digging in on currency
IN the week under review the Zimbabwean dollar (Zimdollar) swept past the psychological 1:90 mark. The local unit has been losing ground against the United States dollar on a weekly basis, for 24 stra...Published: 15 Oct 2021 at 20:20hrs | 176 | by Respect Gwenzi
Govt, business stalemate rages
BUSINESS executives made desperate attempts from last week Friday to worm their way out of arrests for violating foreign currency exchange regulations, but the government turned a deaf ear as it vowed...Published: 15 Oct 2021 at 20:19hrs | 328 | by Staff reporter
Farm & City boss arrested for forex exchange manipulation
CFI director Chester-Noel Mutevhe has spent two nights in jail for contravening and manipulating the Exchange Control Act.Mutevhe was arrested on Wednesday and was supposed to appear in court ...Published: 15 Oct 2021 at 06:22hrs | 1497 | by Staff reporter
Industry in fresh push for bailout
ZIMBABWE'S manufacturing sector has escalated its push for State-assisted bailout packages to stem a blazing crisis precipitated by the COVID–19 pandemic, a deteriorating foreign currency crisis and...Published: 15 Oct 2021 at 06:21hrs | 153 | by Staff reporter
Robber waylays gold dealer
A 36-year-old Bulawayo man lost 65 grammes of gold and a cellphone to an armed robber who had lured him to Chegutu. The man had been lured to Shamva by the robber only identified as Anyway Mun...Published: 15 Oct 2021 at 06:19hrs | 795 | by Staff reporter
Forex auction revitalises economy, claims RBZ
THE foreign currency auction introduced by Government last year has been critical in revitalising the economy despite deliberate inflation of black market exchange rates by some unscrupulous businesse...Published: 15 Oct 2021 at 06:18hrs | 119 | by Staff reporter
'Zimbabwe has enough forex to sustain economy'
THE foreign currency auction introduced by Government last year has been critical in revitalising the economy despite deliberate inflation of black market exchange rates by unscrupulous businesses and...Published: 15 Oct 2021 at 06:17hrs | 123 | by Staff reporter
'Arresting executives will destabilise market'
THE Confederation of Zimbabwe Industries (CZI) yesterday warned against the arrest of business leaders over alleged currency violations saying this will sour relations between government and business ...Published: 14 Oct 2021 at 06:24hrs | 721 | by Staff reporter
'Forex rentals at blackmarket rates illegal'
PROPERTY owners and managers demanding rentals in foreign currency, without giving tenants an option to pay the equivalent in local currency using the auction rate, risk being arrested as the fight ag...Published: 14 Oct 2021 at 06:21hrs | 1217 | by Staff reporter
RBZ directs banks to detect currency abusers
THE Reserve Bank of Zimbabwe (RBZ) has directed banks to configure their automated transaction systems in order to implement robust mechanisms that detect the abuse of debit cards in facilitating ille...Published: 14 Oct 2021 at 06:20hrs | 230 | by Staff reporter
RBZ must keep tight lid on forex auction system
FOR a while the Reserve Bank of Zimbabwe (RBZ) has been "availing" United States dollars to businesses at a capped auction rate.This means RBZ funds are the cheapest as they are availabled at ...Published: 13 Oct 2021 at 06:12hrs | 430 | by Ndebele
CZI warns of imminent Zimdollar collapse
THE Confederation of Zimbabwe Industries (CZI) has warned that the local currency faces imminent collapse and called on government to come up with alternative policy measures to restore confidence in ...Published: 13 Oct 2021 at 06:10hrs | 1077 | by Staff reporter
Govt needs to stabilise bread and butter prices
THE looming increase in bread price will pile pressure on the country's citizens already battling a wildly inflationary environment aided by poor monetary policies by Treasury.To say that the ...Published: 12 Oct 2021 at 06:00hrs | 794 | by Eddie Cross
RBZ vows to tame forex black market
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday pledged to continue availing foreign currency through the foreign exchange auction system to ensure uninterrupted supply.Mangudy...Published: 12 Oct 2021 at 05:58hrs | 682 | by Staff reporter
'Run-away blackmarket rates erode civil service salary gains'
GOVERNMENT is concerned by the increase in prices of goods and services which is eroding civil servants' salaries due to use of black-market forex rates by businesses.To date, the Government h...Published: 12 Oct 2021 at 05:57hrs | 862 | by Staff reporter
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