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Zimbabwe needs alternative to US$
Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe's (RBZ) Monetary Policy Committee, has underscored the urgent need for alternatives to the US dollar as a store of value, highlighting c...Published: 25 Oct 2024 at 14:40hrs | 561 | 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 | 6030 | 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
Mnangagwa must fire Mthuli, Mushayavanhu & Guvamatanga, says Zanu-PF activist
South African-based Zanu-PF supporter Kudzai Mutisi has urged President Emmerson Mnangagwa to remove Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube, the Ministry's per...Published: 22 Aug 2024 at 14:59hrs | 3794 | by Staff reporter
RBZ has no plans to grab foreign currency received from diaspora
The Reserve Bank of Zimbabwe (RBZ) has dismissed rumors that it plans to forcefully withhold all foreign currency from diaspora remittances. This follows a viral vid...Published: 17 Aug 2024 at 12:53hrs | 1357 | by Staff reporter
Zimbabwe prepares for Sadc payments platform
Zimbabwe is preparing to join a regional payments system developed by the Southern African Development Community (Sadc) to facilitate cross-border transactions. This move comes as part of Sadc's broad...Published: 03 Aug 2024 at 13:05hrs | 388 | by Staff reporter
Zimbabwe's ZiG primed for seamless international acceptance and usage
THE country's new currency, Zimbabwe Gold (ZIG) widespread acceptance locally will trigger a seamless acceptance regionally, Monetary Policy Committee member Mr Persistence Gwanyanya has said....Published: 10 Jul 2024 at 15:50hrs | 24 | 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
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
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
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 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
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
Zimdollar flounders
Zimbabwe's central bank will hold its first rate-setting meeting of the year next Monday as it seeks to deal with a currency rout.The monetary policy committee will meet "to discuss interventi...Published: 25 Jan 2024 at 06:37hrs | 1 | by Staff reporter
Petrotrade takes strides towards accountability
Petrotrade, a key Government parastatal, is gearing up to conduct a comprehensive lifestyle audit of its employees to enhance accountability and ensure the sustainable implementation of Government pol...Published: 19 Jan 2024 at 16:57hrs | 17 | by Mandla Ndlovu
Zimdollar plunges 40% on black market
Zimbabwe's dollar has started the new year on the back foot, plunging more than 40% on the parallel market, as high demand for foreign-exchange continues to outstrip supply.A range of factors,...Published: 11 Jan 2024 at 15:21hrs | 8 | by Staff reporter
Currency turmoil returns in Zimbabwe
Zimbabwe's dollar has started the new year on the back foot, plunging more than 40% on the parallel market, as high demand for foreign-exchange continues to outstrip supply.A range of factors,...Published: 10 Jan 2024 at 05:57hrs | 7 | by Staff reporter
Zimbabwe govt 'sabotaged' de-dollarisation plan, says Biti
Former Finance minister Tendai Biti has said government's forceful nature of its policies to adopt the volatile Zimdollar sabotaged plans to de-dollarise the economy .The local currency has be...Published: 04 Dec 2023 at 04:48hrs | 7 | by Staff reporter
Biti rips into Ncube's 'disastrous' budget
FORMER Finance minister Tendai Biti has described the 2024 budget as a disaster amid concerns that the proposed raft of taxes will deepen Zimbabwe's poverty levels and worsen the economic challenges....Published: 03 Dec 2023 at 17:33hrs | 8 | by Staff reporter
Zimbabwe's yearly inflation increases to 21,6%
In November, Zimbabwe's annual inflation rose to 21.6%, according to data released by the Zimbabwe National Statistics Agency (Zimstat) on Monday. This figure, measured by the all-items Consumer Price...Published: 28 Nov 2023 at 05:12hrs | 2 | by Staff reporter
Mnangagwa re-engagement plan in danger
This week, political analysts and prominent economists cautioned that President Emmerson Mnangagwa's efforts to re-engage with the international community could be jeopardized by several unfavorable r...Published: 30 Sep 2023 at 18:35hrs | 1 | by Staff reporter
Zimdollar losing grip after months of stability
Since the disputed general election held last month, the Zimbabwean dollar has been gradually depreciating on both the official and parallel forex markets. A day before the harmonized elections on Aug...Published: 17 Sep 2023 at 08:00hrs | | by Staff reporter
Zanu-PF will not fix the econmy
Economist Gift Mugano has issued a warning, stating that the ruling Zanu-PF government will face significant challenges in revitalizing Zimbabwe's economy in the aftermath of disputed elections....Published: 14 Sep 2023 at 06:32hrs | | by Staff reporter
Zimbabwe police thwart attempt to announce parallel elections outcome
A SUBVERSIVE attempt by some Civic Society Organisations (CSOs) to illegally announce the results of the 2023 harmonised elections has been thwarted by police who on Wednesday night swooped on some pr...Published: 25 Aug 2023 at 06:26hrs | | by Staff reporter
Zinara loses US$150 000 in tollgate scam
THREE Zimbabwe Road Administration (Zinara) employees and their alleged accomplice, a technician with a local company, appeared in court yesterday on allegations of fraud involving US$150 000....Published: 01 Aug 2023 at 06:30hrs | 8 | by Staff reporter
Forex rate premium falls
THE parallel market exchange rate premium has fallen below 50 percent, as policy interventions by the Government continue to drive appreciation of the Zimbabwe dollar, but pockets of resistance remain...Published: 02 Jul 2023 at 07:37hrs | 6 | by Staff reporter
RBZ finalises platform for digital token payments
THE Reserve Bank of Zimbabwe (RBZ) is finalising the establishment of a platform that facilitates person-to-person transactions using digital gold tokens, a development expected to largely reduce dema...Published: 18 Jun 2023 at 08:30hrs | | by Staff reporter
Zimbabwe central bank confident of price stability
ABOUT $40 billion, some of which could have found its way onto the black market, has been mopped up from the market in less than 10 months through gold coins and gold-backed digital tokens, in a devel...Published: 14 May 2023 at 11:32hrs | | by Staff reportetr
Zimbabwe govt lifts import restrictions on basics
GOVERNMENT has lifted all restrictions on the importation of basic commodities to boost market supplies and granted 100 percent retention of domestic foreign currency earnings, with a further fine-tun...Published: 12 May 2023 at 06:00hrs | | by Staff reporter
US Dollars replaces Zimbabwe's currency for second time
The greenback has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time, almost four years after the re-introduction of the local unit.US do...Published: 07 Apr 2023 at 10:20hrs | | by Staff reporter
Mudzuri's bid to block expulsion from MDC-T fails
THE High Court has struck off the roll a case where former MDC T vice president Elias Mudzuri was challenging his recall from the Senate by party president Douglas Mwonzora.Mudzuri had cited M...Published: 25 Feb 2023 at 07:07hrs | 1 | by Staff reporter
Zimdollar official rate converges with black market premium on RBZ Auction
THE Zimdollar official exchange rate has converged with the parallel market premiums while at the same time falling within internationally acceptable margins the Reserve Bank of Zimbabwe (RBZ) Foreign...Published: 15 Feb 2023 at 05:04hrs | | by Staff reporter
'Belarus equipment to spur Zimbabwe agric'
The US$66 million agricultural equipment deal entered between Zimbabwe and Belarus last week is expected to further boost agricultural productivity, ensuring national food security and restoring Harar...Published: 06 Feb 2023 at 04:52hrs | 7 | by Staff reporter
RBZ blacklists 11 firms over black market deals, overpricing
SIX contractors that were doing business with Government have been blacklisted by the Reserve Bank of Zimbabwe (RBZ)'s Financial Intelligence Unit (FIU) for trading on the foreign currency black marke...Published: 29 Jan 2023 at 07:42hrs | 7 | by Staff Reporter
Zimdollar plunges to record low
Zimbabwe's currency plunged to a record in the unauthorised market on Monday after the government urged suppliers not to buy foreign currency with payments recently received from the government....Published: 10 Jan 2023 at 18:25hrs | 2 | by Staff reporter
Zimbabwe gold coins mopped up $10bn
GOVERNMENT says gold coins introduced in July this year have mopped up close to $10 billion from the parallel market.This comes as President Emmerson Mnangagwa claimed that Zimbabweans have an...Published: 11 Oct 2022 at 06:07hrs | | by Staff reporter
RBZ allows companies to buy up to US$100 000 weekly
THE Reserve Bank of Zimbabwe has moved to allow companies to purchase up to US$100 000 per week from local banks for purposes of undertaking bona fide payments and moved to maintain the current intere...Published: 01 Oct 2022 at 06:15hrs | | by Staff reporter
Chiwenga threatens to deregister medical aid societies
VICE-PRESIDENT Constantino Chiwenga yesterday threatened to deregister errant medical aid societies, accusing them of gross malpractices, failure to abide by the rule book, including abuse of funds an...Published: 27 Aug 2022 at 06:20hrs | | by Staff reporter
Top economists dismisse Biti over Duplum Rule effect on Zimbabwe's 200% interest interests
TOP economists have dismissed concerns by former finance minister, Tendai Biti, on the applicability of the in Duplum Rule in respect of hiked interest rates in Zimbabwe, saying that the principle is ...Published: 25 Aug 2022 at 06:42hrs | 5 | by Staff reporter
Zimbabwe rated among 10 poor countries hardest hit by food inflation
THE latest World Bank (WB) food security report has indicated Zimbabwe was among countries worst affected by domestic food price inflation, a development that has exacerbated household food insecurity...Published: 18 Aug 2022 at 20:49hrs | | by Staff reporter
Zimdollar depreciation on parallel and RBZ markets eases
THE depreciation of the Zimbabwean dollar has begun to ease on both the parallel and official market following months of a sustained downward spiral which saw the local currency losing more than half ...Published: 18 Aug 2022 at 06:48hrs | 6 | by Staff reporter
Zimbabwe banks run out of gold coins
DEMAND for the new Zimbabwean gold coins has been overwhelming and banks have been inundated by their corporate and individual customers seeking a legal and sensible way of preserving value.Th...Published: 01 Aug 2022 at 06:35hrs | 1 | by Staff reporter
Gold coins: RBZ chief sheds more light
Gold coins set to be released by the Reserve Bank of Zimbabwe (RBZ) tomorrow are expected to mop up excess cash on the market over the next six months, reduce demand for the US dollar as a store of va...Published: 24 Jul 2022 at 09:59hrs | | by Staff reporter
Currency Crimes: Four banks to face the music
FOUR banks have been placed under intense scrutiny and will face stiff penalties from the Financial Intelligence Unit (FIU) over allegations of involvement in illicit financial crimes that have led to...Published: 08 Jun 2022 at 07:29hrs | 3 | by Staff Reporter
4 Zimbabwe banks to face currency crimes charges
FOUR banks have been placed under intense scrutiny and will face stiff penalties from the Financial Intelligence Unit (FIU) on allegations of involvement in illicit financial crimes that have led to t...Published: 05 Jun 2022 at 09:08hrs | 5 | by Staff reporter
'Zimdollar dead by next month'
TWO of Zimbabwe's most respected economics professors have warned government to bite the bullet and redollarise because the Zimdollar "would be dead soon".Professors Gift Mugano and Anthony Ha...Published: 27 May 2022 at 06:47hrs | | by Staff reporter
Mnangagwa to copy Putin's currency strategy
Zimbabwe's President Emmerson Mnangagwa is trying to emulate Russian President Vladimir Putin in his attempt to revive Africa's worst performing currency. Mnangagwa's administration may announ...Published: 03 May 2022 at 06:43hrs | | 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 | | 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 | 2 | by Staff reporter
RBZ tightens screws in inflation battle
THE Reserve Bank of Zimbabwe (RBZ) has further reduced its quarterly reserve money (cash available for use in the economy) target, cutting it to 7,5 percent from 10 percent.The measures are pa...Published: 08 Feb 2022 at 05:33hrs | 1 | by Staff reporter
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