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Shortages show the poverty of ideas in govt
THE shortage of most locally-manufactured basic commodities due to the shocking decision by President Emmerson Mnangagwa's government to impose a blanket ban on bank lending to everyone, including the...Published: 17 May 2022 at 06:37hrs | 776 | by Staff reporter
Forex auction allots US$107 million
The Reserve Bank of Zimbabwe (RBZ) says a total of US$107,8 million was allocated to companies under the foreign exchange auction system in April.The auction system was established in 2020 to ...Published: 17 May 2022 at 06:37hrs | 349 | by Staff reporter
MP pays fees for striking farm workers' children
Mazowe North legislator Campion Mugweni (ZANU PF) has paid tuition fees for 600 farm workers' children at Forester Estate in Mvurwi.The...Published: 16 May 2022 at 21:42hrs | 1155 | by Simbarashe Sithole
RBZ to name firms taking bank loans to black market
THE Reserve Bank of Zimbabwe (RBZ) has unearthed an elaborate practice by some big corporates in the country, who were borrowing large amounts of money from banks which they would then channel into th...Published: 15 May 2022 at 06:12hrs | 904 | by Staff reporter
'The Reserve Bank is not creating money'
The Sunday Mail Editor Victoria Ruzvidzo (VR) had a no-holds-barred interview with RBZ Governor Dr John Mangudya (JM) on the latest developments in the economy, among them suspension of bank lending, ...Published: 15 May 2022 at 06:12hrs | 304 | by Staff reporter
A fool and his money are soon parted!
The cash taps have well and truly been turned on.It seems hardworking Zimbabweans in faraway lands have been doing their bit to support family and friends back home, including bankrolling pote...Published: 15 May 2022 at 06:10hrs | 332 | by Bishop
Zimbabwe's shutdowns not the best protest strategy
WORSENING economic conditions, coupled with growing unemployment as most Zimbabweans struggle to eke out a living in the informal sector are among the major reasons why this week's shutdown flopped....Published: 14 May 2022 at 19:42hrs | 331 | 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 | 391 | by Staff reporter
Mnangagwa creates unprecedented chaos
AGAINST threats from growth inhibiting factors, like pandemic-induced lockdowns, forex shortages, hyperinflation and rolling blackouts, Zimbabwe's industrial sector expanded by a big margin last year....Published: 13 May 2022 at 19:11hrs | 4661 | by Staff reporter
Foreign banks troop to Zimbabwe forex auction
UNITED States-based multinational investment outfit JP Morgan was among global lenders that repatriated a combined US$30 million through the Reserve Bank of Zimbabwe (RBZ)'s forex auction system by th...Published: 13 May 2022 at 19:10hrs | 688 | by Staff reporter
RBZ threatens to 'name, shame' borrowers
THE Reserve Bank of Zimbabwe (RBZ), in a bid to stem the spiralling parallel market rates for the United States (US) dollar, has threatened to name and shame individuals who have borrowed large sums o...Published: 12 May 2022 at 06:30hrs | 516 | 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 | 602 | by Staff reporter
Forex, fuel and airtime for chiefs
GOVERNMENT has announced a package for chiefs that will see them getting foreign currency allowances, medical aid, monthly fuel coupons and air time for ease of communication.Their cars will a...Published: 12 May 2022 at 06:28hrs | 431 | by Staff reporter
Professor Ncube says lending ban to prick the bubble
The ban on bank lending announced by President Mnangagwa at the weekend to ward off attacks on the Zimbabwe dollar, stabilise the exchange rate and rein in on rising inflation, is only a temporary mea...Published: 12 May 2022 at 06:27hrs | 375 | by Staff reporter
Zimbabwe to miss 2022 GDP forecast
ZIMBABWE will most likely miss its 5,5% gross domestic product (GDP) forecast due to prolonged hyper-inflationary conditions as the country's local currency continues to tumble against the United Stat...Published: 11 May 2022 at 09:12hrs | 78 | by Staff reporter
Zanu-PF identifies Zimbabwe's security threat
Zanu-PF national secretary for security Lovemore Matuke has described Zimbabwe's fast weakening local currency as a security threat.Matuke told NewsDay yesterday that the biggest threat to the...Published: 10 May 2022 at 07:47hrs | 1151 | by Staff reporter
Telecel introduces US-dollar products
MOBILE operator, Telecel Zimbabwe, has introduced a new US$1 promotional recharge bundle that has various packages that offer more convenience and greater airtime purchase options for customers....Published: 06 May 2022 at 19:29hrs | 193 | by Staff reporter
Zanu-PF blasts Newsday
The ruling Zanu-PF has blasted attempts by some fanatical private publications that have roped in known Government critic Norton Legislator Hon Temba Mliswa to undermine the name of the President....Published: 05 May 2022 at 18:42hrs | 838 | by Staff reporter
Zimdollar tanks against US dollar
THE Zimbabwean dollar further weakened against the United States dollar at the weekly forex auction system on Tuesday, trading at Z$165,99 to the green back.Last week, the local currency trade...Published: 04 May 2022 at 20:06hrs | 1969 | by Staff reporter
Zimbabwe receives kits to assemble 21 buses from China
KITS for the assembly of 21 buses arrived in Zimbabwe yesterday from China, as Harare moves to reduce the forex import bill and create more jobs through assembling buses locally.The project wi...Published: 04 May 2022 at 06:58hrs | 356 | by Staff reporter
Ziyambi Ziyambi challenged over PVOs Bill
JUSTICE minister Ziyambi Ziyambi has been challenged to provide evidence on political interference by non-governmental organisations and that some charities are conduits for sponsoring terrorism and o...Published: 03 May 2022 at 16:02hrs | 599 | by Staff reporter
Govt urged to address issues fuelling inflation
TRADE unions have urged Government to promote dialogue among social partners to address issues revolving around the welfare of workers and whip into line cartels which are fuelling inflation.T...Published: 02 May 2022 at 07:59hrs | 86 | by Staff reporter
100% uniforms price hike kills back-to-school hype
SOME retailers have raised prices of school uniforms and other school items claiming manufacturers hiked prices by up to 100 percent, dampening the back-to-school preparations by parents and guardians...Published: 02 May 2022 at 07:56hrs | 80 | by Staff reporter
'Zimdollar volatility makes no sense'
The Reserve Bank of Zimbabwe (RBZ) believes disproportionate demand for the US dollar and lingering fears of hyperinflation are driving exchange rate volatility, as the country's currency should ordin...Published: 01 May 2022 at 11:05hrs | 202 | by Staff reporter
Chamisa tells Mnangagwa to throw away the Zimdollar
OPPOSITION Citizens Coalition for Change (CCC) leader Nelson Chamisa yesterday told President Emmerson Mnangagwa to throw away the Zimbabwe dollar as a matter of urgency."Stop the auction syst...Published: 30 Apr 2022 at 16:25hrs | 801 | by Staff reporter
The latest risks & opportunities in the cryptocurrency market
The cryptocurrency markets never stand still. For some, that is their greatest feature, but for others, it's what stands in the way of mass adoption of alternative currencies. What are the latest risk...Published: 28 Apr 2022 at 16:20hrs | 341 | by Staff Writer
Retailers dump Zimdollar
RETAILERS in Harare have dumped the Zimbabwe dollar and are demanding payment in United States dollars for a number of basic goods such as cooking oil and dairy products.Some large wholesalers...Published: 28 Apr 2022 at 09:05hrs | 2247 | by Staff reporter
Zimbabwe's resurgent inflation pushes cost of living up
RESURGENT inflationary pressures have pushed the cost of living up with monthly inflation gaining 9,2 percentage points to 15,5 percent this month, according to the Zimbabwe National Statistics Agency...Published: 28 Apr 2022 at 08:58hrs | 106 | by Staff reporter
RBZ lifts Access Forex suspension
Access Forex is back in the business of local remittances after a few days of suspension due to pending Exchange Control regulatory approvals.This comes after the Reserve Bank of Zimbabwe gave...Published: 28 Apr 2022 at 08:54hrs | 124 | by Staff reporter
RBZ gives Access Forex the greenlight on local transfers
THE country's fastest growing domestic and international money transfer platform Access Forex is back in the business of local remittances after a few days of suspension due to pending Exchange Contro...Published: 27 Apr 2022 at 18:38hrs | 1217 | by Staff Reporter
Mnangagwa unleashes Financial Intelligence Unit on currency speculators
President Emmerson Mnangagwa has reportedly instructed securocrats to work closely with the Financial Intelligence Unit to root out currency saboteurs.Sources privy to the Monday security brie...Published: 26 Apr 2022 at 16:24hrs | 5671 | by Nkosana Maphosa
Temba Mliswa calls for return of the US Dollar
Norton Member of Parliament Temba Mliswa says the introduction of the United States Dollar as a single currency is the best salvation to the revival of Zimbabwe's economy. In a Twitter thread ...Published: 26 Apr 2022 at 10:24hrs | 4097 | by Mandla Ndlovu
Infrastructure projects to change the face of Mat South
Matabeleland South Province is set for a major facelift as a number of infrastructure projects being spearheaded by Government are progressing well, with some nearing completion.At Joshua Mqab...Published: 26 Apr 2022 at 08:19hrs | 100 | by Staff reporter
RBZ suspends Access Forex with immediate effect
THERE is a bloodbath in the financial services sector, with the Reserve Bank of Zimbabwe (RBZ) Monday shutting down yet another foreign currency dealership, Access Forex.The company announced ...Published: 25 Apr 2022 at 18:01hrs | 3733 | by Staff reporter
Govt releases US$22m agric equipment for hire
GOVERNMENT has capitalised two agricultural leasing companies with equipment worth over US$22 million to hire out mechanisation services to farmers in its bid to modernise the sector.Zimbabwe'...Published: 25 Apr 2022 at 10:11hrs | 745 | 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 | 268 | 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 | 157 | by Staff reporter
Locally produced goods take over, claims Mnangagwa
ZIMBABWE'S manufacturing sector is on a solid recovery path with locally produced goods now constituting 70 percent of shelf space in shops due to increased capacity utilisation, President Mnangagwa h...Published: 19 Apr 2022 at 06:36hrs | 220 | by Staff reporter
Mthuli Ncube cornered over 'broken' forex system
FINANCE minister Mthuli Ncube was this week quizzed over why the government was insisting on a broken forex auction system that is costing the country over US$2 billion a year amid fears the move coul...Published: 15 Apr 2022 at 19:21hrs | 1794 | by Staff reporter
New ZWL100 banknotes: Much ado about Nothing: Zimcodd
Zimbabwe Coalition of Debt and Development has described the new Zimbabwe $1000 bills as a lot of nothing.In the week under review the Minister of Finance and Economic Development, Prof. Mthul...Published: 13 Apr 2022 at 12:27hrs | 570 | by Stephen Jakes
Foreign currency deposits continue to surge
FOREIGN currency deposits in local banks continue to increase in a development indicating growing confidence in the country's banking sector, latest Reserve Bank of Zimbabwe (RBZ) data has reveals....Published: 11 Apr 2022 at 06:39hrs | 1329 | by Staff reporter
Zimbabwe banks start willing buyer- wiling seller forex trade
LOCAL banks have started showing indicative rates for the willing-buyer willing-seller foreign currency trading system announced by the Reserve Bank of Zimbabwe early last week.Following a mee...Published: 10 Apr 2022 at 08:15hrs | 1832 | by Staff reporter
Mnangagwa presides over corrupt government
REVELATIONS by Auditor-General Mildred Chiri that Treasury made foreign direct payments on behalf of 16 government ministries amounting to more than US$300 million without the required parliamentary a...Published: 08 Apr 2022 at 19:30hrs | 1165 | by Staff reporter
Zesa, Zesco struggle hits ZRA project
THE Zambezi River Authority (ZRA) is struggling to settle its US$144 million loan to finance the Kariba Dam Rehabilitation Project due to failure by Zesa Holdings and Zambia Electricity Supply Corpora...Published: 08 Apr 2022 at 12:10hrs | 262 | by Staff reporter
Zimbabwe faces cooking oil shortage
Zimbabwe is facing fresh cooking oil shortages following a sharp increase in edible oil prices on the international markets and foreign currency shortages leading to viability challenges f...Published: 08 Apr 2022 at 09:17hrs | 723 | by Staff reporter
Experts laud liberalisation of foreign exchange market
The move by the Reserve Bank of Zimbabwe (RBZ) to liberalise the foreign exchange market by allowing banks to conduct foreign exchange transactions of up US$1 000 in which individuals and corporates c...Published: 08 Apr 2022 at 09:16hrs | 388 | by Staff reporter
Zimra targets US$ tax evaders
THE Zimbabwe Revenue Authority (Zimra) has launched an operation targeting companies not paying taxes in United States dollars despite selling their goods and services in foreign currency.Sect...Published: 08 Apr 2022 at 06:48hrs | 268 | by Staff reporter
All Zimbabweans must benefit from mineral Resources: Zimcodd
THE Zimbabwe Coalition of Debt and Development has reported that in the week under review, Zimbabwe registered a big milestone in the mining of Platinum Group Minerals (PGMs) with the addition o...Published: 07 Apr 2022 at 11:08hrs | 788 | by Stephen Jakes
Surface Wilmar's plant 75% complete
THE country's biggest cooking oil manufacturer, Surface Wilmar says its US$24 million plant that is under construction in Harare will commence production in September.The plant was shut down i...Published: 06 Apr 2022 at 06:30hrs | 273 | by Staff reporter
2 more teachers deployed at Ngungumbane Satellite School
GOVERNMENT has reportedly deployed two more teachers at Ngungumbane Satellite Secondary School in Mberengwa, Midlands province following an expose by The Sunday Southern Eye that learners were not hav...Published: 03 Apr 2022 at 08:38hrs | 754 | by Staff reporter
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