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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 | 4013 | by Staff reporter
'Projected Trump victory driving demand for dollars'
Increasing belief on the financial markets that Donald Trump will win the US presidential election next month has been strengthening the dollar, Bloomberg has reported, citing British multinational ba...Published: 25 Oct 2024 at 13:45hrs | 563 | by Staff reporter
BRICs payment system being tested
A new digital payments system, BRICS Pay, debuted for live testing at this week's BRICS Business Forum at the International Trade Center in Moscow.During the trial - on 17 and 18 October - for...Published: 19 Oct 2024 at 15:54hrs | 1749 | by Staff reporter
Zimbabwe government's continued web of lies on ZiG gold-backing exposed!
Yesterday's statement, in a ZBC interview, by Reserve Bank of Zimbabwe Governor John Mushayavanhu has sparked confusion regarding the country's new currency, the Zimbabwean Gold (ZiG). The gov...Published: 11 Oct 2024 at 08:32hrs | 2294 | by Tendai Ruben Mbofana
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 | 1409 | by Tendai Ruben Mbofana
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 | 791 | by Tendai Ruben Mbofana
Zimbabwe's currency conundrum: Meagre gold reserves can't sustain the ZiG
Today, during his State of the Nation Address (SONA), President Emmerson Dambudzo Mnangagwa announced that the government would set aside 50% mineral royalties to shore up the local currency. ...Published: 02 Oct 2024 at 20:53hrs | 2931 | by Tendai Ruben Mbofana
Used clothes take Zimbabwe by storm
Kimberley Dube takes great care with her appearance. She always looks sharp and fashionable in smart-looking jeans, t-shirts, sweatpants, tops, and designer sneakers."I love jeans - can't get ...Published: 02 Oct 2024 at 11:24hrs | 621 | 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 | 3363 | by Tendai Ruben Mbofana
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: 17 Sep 2024 at 06:52hrs | 408 | by Staff reporter
Zimbabwe central bank injects US$190 million to meet forex demand
Zimbabwe's central bank has injected US$190 million into the foreign-exchange market to meet demand for dollars and maintain economic stability since the introduction of a new bullion-backed currency,...Published: 03 Sep 2024 at 14:37hrs | 465 | 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 | 521 | by Staff reporter
Zimbabwe Central Bank says usage of ZiG has doubled
The use of Zimbabwe's bullion-backed currency has doubled since it was launched in early April, central bank Governor John Mushayavanhu told the country's Sunday Mail newspaper.The ZiG is now ...Published: 31 Jul 2024 at 07:07hrs | 915 | by Staff reporter
Zimbabwe must end 'dollar grip' to regain economic sovereignty
Zimbabwe must take the necessary steps to end its reliance on the dollar and increase the use of its own currency, Information Secretary Nick Mangwana said."The benefits of de-dollarisation fa...Published: 12 Jul 2024 at 07:24hrs | 23 | by Staff reporter
John II's mission impossible to save Zimbabwe economy clocks 100 days
Zimbabwe's new central bank Governor John Mushayavanhu has done the seemingly impossible in his first 100 days - created a stable currency and tamed price pressures in a nation that's been a poster-ch...Published: 08 Jul 2024 at 11:06hrs | 6 | by Staff reporter
Does Mnangagwa intend stabilizing the economy by creating a phantom currency?
Does Mnangagwa intend stabilizing the economy by creating a phantom currency?Ever since the Zimbabwe government announced a new currency on 5th April 2024, they have never ceased bragging over...Published: 26 Jun 2024 at 20:56hrs | 3 | by Tendai Ruben Mbofana
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
'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
RBZ pleads for ZiG acceptance as informal traders insist on US dollar
The Reserve Bank of Zimbabwe on Wednesday said the Zimbabwe dollar remains legal tender until April 30 following reports that informal traders are refusing to accept the currency for fear it will be w...Published: 10 Apr 2024 at 21:55hrs | | 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 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
ZiG is putting lipstick on a pig, says Biti
The Reserve Bank of Zimbabwe (RBZ) on Friday introduced a new currency to be known as the ZiG, which stands for Zimbabwe Gold.RBZ governor John Mushayavanhu said the ZiG would be structured an...Published: 07 Apr 2024 at 10:31hrs | 18 | 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
Zimbabwe set to announce fate of Zimdollar
Zimbabwe's currency plunged to yet another record low as citizens rushed to the safety of the US dollar amid speculation an announcement from the central bank on the fate of the local unit is imminent...Published: 04 Apr 2024 at 06:03hrs | | by Staff reporter
Zimbabwe's structured currency launch on Friday
IN a bid to address currency volatility and exchange rate-driven inflation badly battering the economy amid arbitrage, the Zimbabwean government will next week launch a "structured currency" which the...Published: 31 Mar 2024 at 20:50hrs | | by Staff reporter
All eyes on new RBZ boss
RESERVE Bank of Zimbabwe (RBZ) new governor John Mushayavanhu is facing a tough challenge as he is expected to immediately halt the freefall of the Zimbabwe dollar and stop the economic implosion blam...Published: 31 Mar 2024 at 16:36hrs | | by Staff reporter
Zimbabwe to keep Zimdollar
Zimbabwe plans to keep its local dollar, a currency that has lost value every single trading day of the year, even as fiscal and monetary authorities work on new plans to revamp the currency, accordin...Published: 26 Mar 2024 at 06:37hrs | 1 | by Staff reporter
Mnangagwa keeping Zim dollar to oppress Zimbabweans!
Why is the Zimbabwe government so adamant in holding on to a useless currency?On what logic would anyone believe that it is a good idea to continue using money that loses its value nearly on a...Published: 06 Mar 2024 at 23:33hrs | | by Tendai Ruben Mbofana
Zimbabwe inflation hits 6-month high
Zimbabwe's inflation rate jumped to its highest level in six months as the local dollar continued its losing streak against the greenback, in one of its worst starts to the year since the currency's r...Published: 29 Feb 2024 at 20:38hrs | 1 | by Staff reporter
The maize crop is now on the brink of total loss
Lost in her zen and solitude, the old widow scanned the skies, her elderly eyesight failing her. But, no sign of rain. The skies seem to have put in place 'targeted sanctions' against some majority co...Published: 20 Feb 2024 at 11:08hrs | | by Tondo Murisa
RBZ boss designate hits ground running
JOHN Mushayavanhu, the incoming governor of the Reserve Bank of Zimbabwe (RBZ), has already started contributing to the 2024 monetary policy statement (MPS), getting things going right away, Sta...Published: 18 Feb 2024 at 09:19hrs | 9 | by Staff reporter
Zimbabwe civil servants push for urgent meeting
THE Zimbabwe Confederation of Public Sector Trade Unions (ZCPSTU) has pleaded with Public Service minister July Moyo to convene an urgent National Joint Negotiating Council (NJNC) meeting to address c...Published: 15 Feb 2024 at 10:07hrs | 2 | by Staff reporter
IMF wants Zimbabwe central bank to dump monetary policies
THE International Monetary Fund (IMF) has advised government to cut the Reserve Bank of Zimbabwe's (RBZ) role in crafting monetary policies to just its core functions, after the local currency depreci...Published: 15 Feb 2024 at 10:07hrs | 2 | by Staff reporter
Traders reject Zimdollar
THE Zimbabwe dollar has continued to depreciate in 2024, with traders in some areas now refusing to accept the local currency, while parallel market exchange rates have been differing across the count...Published: 12 Feb 2024 at 13:49hrs | 2 | by Staff reporter
Another plan to rescue Zimdollar
ZIMBABWE is considering overhauling its exchangerate regime as the government seeks new measures to save its beleaguered currency.The latest proposals will be in a monetary policy statement th...Published: 11 Feb 2024 at 21:07hrs | | by Staff reporter
Zimbabwe family basket doubles to ZWL$6,2m
The family basket has nearly doubled to ZWL$6,2 million from ZWL$3,6 million in December due to the continued depreciation of the Zimdollar, the Consumer Council of Zimbabwe (CCZ) has said, spelling d...Published: 07 Feb 2024 at 04:46hrs | | by Staff reporter
Harare Poly ordered to accept Zimdollar fees
THE High Court has ordered the Harare Polytechnic College to accept payment of tuition and other levies in the free-falling local currency.The institution had issued a circular on January 12 t...Published: 02 Feb 2024 at 17:23hrs | 1 | by Staff reporter
Zimdollar crashes to lowest since its 2019 revamp
A fresh plunge in the value of the Zimbabwean dollar means that everyone in the country with US$100 is now a millionaire in local-currency terms. Again.The local unit on Tuesday weakened past ...Published: 31 Jan 2024 at 04:56hrs | 1 | by Staff reporter
Zimbabwe's inflation surges following Zimdollar rout
Inflation in Zimbabwe surged as a currency rout pushed up the prices of goods and services, adding to pressure on the central bank to act.Consumer prices rose an annual rate of 34.8% in Januar...Published: 29 Jan 2024 at 16:30hrs | | by Staff reporter
Econet calls for balanced regulation
ECONET Wireless Zimbabwe has called for balanced regulation in the telecommunications sector, given the rising operational costs driven by inflation and the shift to using the greenback.In a t...Published: 22 Jan 2024 at 10:13hrs | 1 | by Staff reporter
Bread shoots to US$1,30 in Zimbabwe
PRICES of most basic commodities, particularly food items, have surged by more than 30% since last year as the Zimbabwe dollar continues to lose value against the greenback.The new 15% value-added tax...Published: 22 Jan 2024 at 10:02hrs | 25 | by Staff reporter
Zimdollar further tumbles against US dollar
The cost of goods and services keeps on increasing in Zimbabwe as the local currency depreciates against the U.S. dollar, a trend that accelerated at the beginning of 2024.The local dollar, which ...Published: 18 Jan 2024 at 17:52hrs | | by Staff reporter
Zimdollar bloodbath set to continue into coming year
THE depreciation of the Zimbabwe dollar in 2023 is likely to spill into 2024, with experts forecasting an increase in the cost of doing business, production and increased pressure on the exchange rate...Published: 30 Dec 2023 at 16:33hrs | 8 | by Staff reporter
Zimdollar decline fueled by surge in money supply
THE Zimbabwe dollar has taken a battering in the past month with economists attributing the depreciation of the local currency to increased money supply after private and public sector employees were ...Published: 24 Dec 2023 at 16:10hrs | 7 | by Staff reporter
Zimbabwe currency crisis holding back power deals
ENERGY and Power Development minister Edgar Moyo says investments into Zimbabwe's power sector have been affected by high currency induced risks.However, Moyo told businessdigest that currency...Published: 22 Dec 2023 at 18:23hrs | 8 | by Staff reporter
Zimbabwe govt pegs property rentals in US$
GOVERNMENT has pegged monthly rentals for all its properties in United States dollars ranging from US$5 to US$160, as the Zimdollar continues to lose value against the greenback.A Finance mini...Published: 28 Nov 2023 at 05:27hrs | | by Staff reporter
Zimbabweans sink deeper into poverty
THE Zimbabwe National Statistics Agency (ZimStat) says the total consumption poverty line (TCPL) for the month of November increased 9,5% to ZWL$115,090.00 for an individual from ZWL$105,071.98 in Oct...Published: 28 Nov 2023 at 05:24hrs | 1 | by Staff reporter
'Zimdollar here to stay'
GOVERNMENT says it will announce a clear and transparent roadmap towards de-dollarisation to avoid shocks that may hurt the economy and drive citizens deeper into poverty.The country was due t...Published: 17 Nov 2023 at 05:06hrs | 5 | by Staff reporter
Zimbabwe pensioners to be compensated for 2007-9 losses
PENSIONERS who lost their life savings during the 2007 to 2009 hyper-inflation era will receive compensation from February 2024, a senior Insurance and Pensions Commission (Ipec) official has said....Published: 17 Nov 2023 at 05:05hrs | 8 | by Staff reporter
Can we honestly say someone in ICU is 'doing very well'?
So, finance minister Mthuli Ncube actually believes Zimbabwe's economy is 'doing very well'!Wow!Talk about delusional thinking!Or, perhaps it is just someone who is deliberatel...Published: 03 Nov 2023 at 17:56hrs | 7 | by Tendai Ruben Mbofana
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