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Black market records steepest annual rise
THE parallel market exchange rate rocketed by 27% during the third quarter (3Q) of this year, marking its steepest ever growth in one year, researchers at Inter Horizon Securities (IH) said at the wee...Published: 18 Oct 2021 at 06:30hrs | 1447 | by Staff reporter
US$1,5 billion circulating in black market, says RBZ
FRESH evidence of plummeting confidence in Zimbabwe's banking sector has emerged, with central bank deputy chief Kuphukile Mlambo saying up to US$1,5 billion could be exchanging hands outside formal b...Published: 17 Oct 2021 at 09:08hrs | 1332 | by Staff reporter
Hospital detains stillborn baby for 1 month
ST PATRICK'S Mission Hospital in Hwange has come under spotlight after management at the Catholic run health institution allegedly detained a still born for a month in the mortuary, demanding that the...Published: 17 Oct 2021 at 09:01hrs | 327 | by Staff reporter
Mnangagwa acquiring more public debt to fund second term bid
WINNING or losing an election is a referendum on the economy by citizens. More often than not politicians are aware of this fact and, therefore, go out of their way, sometimes, contracting huge debts ...Published: 16 Oct 2021 at 06:29hrs | 867 | by Paidamoyo Muzulu
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 | 735 | 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 | 2887 | 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 | 170 | 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 | 296 | 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 | 118 | 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 | 119 | by Staff reporter
IMF maintains positive outlook for Zimbabwe
THE International Monetary Fund (IMF) has maintained a positive growth trajectory outlook for Zimbabwe in 2021 of 5,1 percent largely supported by increased agricultural output, energy productio...Published: 14 Oct 2021 at 06:21hrs | 385 | by Staff reporter
CAPS United players boycott training
CAPS United's preparations for the Chibuku Super Cup match against rivals Dynamos, were thrown off rails yesterday, after their players boycotted training.The Green Machine players are pushing...Published: 14 Oct 2021 at 06:20hrs | 307 | by Staff reporter
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
Hwange struggles to obtain working capital
HWANGE Colliery Company Limited has struggled to access crucial lines of credit from domestic banks and international lenders since slipping into administration about two years ago, judicial manager D...Published: 12 Oct 2021 at 06:00hrs | 399 | 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 | 792 | by Eddie Cross
Mnangagwa took Sona for political grandstanding
CRISIS in Zimbabwe Coalition has noted with huge concern the failure by President Emmerson Mnangagwa to face the reality of the situation prevailing in Zimbabwe during his State of the Nation Address ...Published: 12 Oct 2021 at 05:59hrs | 321 | by Crisis in Zimbabwe Coalition
'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 | 852 | by Staff reporter
Top economist warns of Zimbabwe dollarisation
ZIMBABWE is expected to dollarise its economy because of the collapse of the local currency and the failure of its auction system to stabilise the exchange rate, renowned scholar and economist Gift Mu...Published: 11 Oct 2021 at 06:00hrs | 3519 | by Staff reporter
Mnangagwa must remove sanctions he has imposed on Zimbabwe first
A GROUP of academics last week announced that they had joined the anti-sanctions fight, and hoped to do something that the government and its shrill supporters have failed in nearly two decades: have ...Published: 11 Oct 2021 at 05:54hrs | 1726 | by Staff reporter
'Paltry salaries aching Zimbabwe workers'
Zimbabwe leads on mental health cases among workers, with the majority suffering depression due to paltry salaries that cannot sustain them in an inflationary environment, research has established....Published: 10 Oct 2021 at 06:54hrs | 924 | by Staff reporter
More jail time for illegal forex traders
PROSECUTOR-General, Mr Kumbirai Hodzi, has warned of more jail time for economic saboteurs while the Reserve Bank of Zimbabwe (RBZ) says it will intensify the blitz against manipulation of the local c...Published: 10 Oct 2021 at 06:36hrs | 418 | by Staff reporter
Inside the forex cul-de-sac
THE Reserve Bank of Zimbabwe (RBZ) will this week meet large producers and retail outlets to discuss rampant black market pricing of goods that has gripped the nation, and threatening to erode stabili...Published: 10 Oct 2021 at 06:34hrs | 449 | by Staff reporter
RBZ's forex auction system faces imminent collapse?
A TOP economist has warned Zimbabwe's auction system introduced by the Reserve Bank of Zimbabwe (RBZ) is facing an imminent collapse after which dollarisation will prevail 100%.Addressing Parl...Published: 10 Oct 2021 at 06:31hrs | 1029 | by Staff reporter
Name, shame exercise divides Zanu-PF
GOVERNMENT's name and shame operation targeting companies and individuals accused of fuelling the galloping foreign currency parallel exchange rate has triggered fierce fights within Zanu-PF, with som...Published: 09 Oct 2021 at 07:33hrs | 1044 | by Staff reporter
Mnangagwa's govt fears currency crisis may trigger social uprising
PRESIDENT Emmerson Mnangagwa's government is intensifying its sweeping crackdown on foreign currency traders in the volatile market amid growing fears of an exchange rate-driven economic meltdown, The...Published: 09 Oct 2021 at 07:24hrs | 416 | by Staff reporter
Mnangagwa sticks to 7,8% growth, defies crisis
PRESIDENT Emmerson Mnangagwa yesterday stuck with the 7,8% growth projection announced by the Ministry of Finance in July, as he opened the fourth session of the ninth parliament, defying recent infla...Published: 08 Oct 2021 at 19:04hrs | 297 | by Staff reporter
Mthuli Ncube threatens companies
Finance minister Mthuli Ncube resorted to threats yesterday as he battled to bring sanity to the foreign currency market.Ncube said the government was planning impromptu audits and to suspend ...Published: 08 Oct 2021 at 19:04hrs | 985 | by Staff reporter
Currency instability puts ZSE as best performer in region
AFTER surpassing its own performance record (again), the Zimbabwean dollar-denominated exchange extended 2021 gains as the market's counters continue facing economic uncertainties in the closing quart...Published: 08 Oct 2021 at 19:04hrs | 465 | by Equity Axis View
Sustainable reforms now key to foreign exchange market
The Reserve Bank of Zimbabwe (RBZ) recently announced that it is on course to clear the backlog of foreign exchange auction allotments which date back to as far as three months and amounting to about ...Published: 08 Oct 2021 at 19:03hrs | 245 | by Victor Bhoroma
Zimdollar market correction
A MAJOR highlight of this week's auction is the magnitude of currency depreciation. The Zimbabwean dollar (Zimdollar) weakened by the highest weekly margin since the beginning of the year, a strong si...Published: 08 Oct 2021 at 19:03hrs | 295 | by Respect Gwenzi
'US$500m changing hands outside banks'
ABOUT US$500 million could be circulating outside Zimbabwe's banking system, Reserve Bank of Zimbabwe (RBZ) estimates showed last week, as industries said they had raised only a fraction of billions r...Published: 08 Oct 2021 at 19:03hrs | 756 | by Staff reporter
Chombo can now freely rejoin the feeding trough
THE nation celebrates with Ignatius Chombo, who can now freely join the national feeding trough in peace.It was announced this week that all charges against the man had been dropped, seeing as...Published: 08 Oct 2021 at 19:02hrs | 546 | by Muckracker
China sees third force in huge outcry over its Zimbabwe activities
Zimbabweans must learn from the pastIT has been clear since radical currency reforms were effected in February 2019 that inflation, along with the parallel market exchange rate would derail prospe...Published: 08 Oct 2021 at 19:01hrs | 164 | by Staff reporter
Trust gets US$5million, collapses in 3 years
THE Marange-Zimunya Community Share Ownership Trust (MZCSOT) has collapsed only three years after the Zimbabwe Consolidated Diamonds Corporation (ZCDC) injected US$5 million to prop it, a Zimbabwe Ind...Published: 08 Oct 2021 at 18:58hrs | 118 | by Staff reporter
'Bring back the US Dollar' Mliswa says
Norton Member of Parliament Temba Mliswa has called upon the government to re-introduce the United States Dollar as the main currency in order to arrest inflation.Writing on Twitter on Friday,...Published: 08 Oct 2021 at 11:12hrs | 5686 | by Mandla Ndlovu
'Mnangagwa speech hot air'
PRESIDENT Emmerson Mnangagwa yesterday said that the country's economy was on rebound, with this year's projections indicating over 7,8% economic growth, but opposition MPs rubbished his claims, accus...Published: 08 Oct 2021 at 06:33hrs | 3467 | by Staff reporter
Mnangagwa's State of the Nation address
PRESIDENT Mnangagwa delivered a State of the Nation Address and officially opened the Fourth Session of the Ninth Parliament of Zimbabwe yesterday. He tackled a wide r...Published: 08 Oct 2021 at 06:27hrs | 422 | by Staff reporter
Mnangagwa wants Zimbabweans to buy locally produced goods
ZIMBABWEANS should buy locally manufactured products given the significant growth of the manufacturing sector that has seen an increase in capacity utilisation and ease of doing business anchored by t...Published: 08 Oct 2021 at 06:26hrs | 104 | by Staff reporter
Currency manipulators on the prowl
CURRENCY manipulation by businesses setting their Zimbabwe dollar prices to black-market exchange rates, has reached levels where some shops are pricing their goods and services using illegal rates ra...Published: 08 Oct 2021 at 06:25hrs | 168 | by Staff reporter
Govt to adequately fund forex auction system
The Second Republic will leave no stone unturned in its endeavour to turnaround the economy and will ensure that the foreign currency auction system is adequately funded and that the relevant authorit...Published: 08 Oct 2021 at 06:25hrs | 125 | by Staff reporter
BCC struggles to undertake, finish planned projects
BULAWAYO City Council (BCC) has been struggling to undertake or finish projects that are listed under the ward retention fund (WRF).City fathers are blaming this on the unstable economic envir...Published: 07 Oct 2021 at 07:04hrs | 394 | by Staff reporter
Forex blackmarket: More arrests loom
More people illegally dealing in foreign currency will soon be arrested and more financial institutions charged as Government cracks the whip against those driving and manipulating the black market de...Published: 07 Oct 2021 at 07:01hrs | 710 | by Staff reporter
Taming inflation is an arduous task
The Zimbabwe National Statistics Agency (Zimstat) pointed that year on year (annual) inflation rate marginally increased to 51.55% in September 2021 from 50.24% in August 2021 after 8 months of straig...Published: 06 Oct 2021 at 09:13hrs | 429 | by Victor Bhoroma
Zimbabwe teachers blast 'uncaring' govt
TEACHERS' unions yesterday blasted President Emmerson Mnangagwa's government as an "uncaring employer" for its failure to pay them a living wage.In statements to commemorate World Teachers' Da...Published: 06 Oct 2021 at 05:49hrs | 404 | by Staff reporter
Forex abusers, money laundering kingpins not deterred by arrests
Foreign currency abusers and money laundering kingpins continue to defy the law despite recent arrests, a situation that has resulted in the eroding of incomes and unnecessary suffering.The ex...Published: 06 Oct 2021 at 05:46hrs | 925 | by Staff reporter
RBZ revises year-end inflation forecast upwards as currency weakens
Zimbabwe's annual inflation rate could end the year between 35 percent and 53 percent, up from an earlier estimate of 25 percent to 35 percent, the central bank said in a statement shared with reporte...Published: 05 Oct 2021 at 06:44hrs | 901 | by Staff reporter
ZRP clamps down on protesting officers
THE Zimbabwe Republic Police (ZRP) has threatened to clamp down on serving members who have resorted to social media to express discontent over poor salaries.Videos of police officers protesti...Published: 05 Oct 2021 at 06:43hrs | 1505 | by Staff reporter
SDRs war chest to bolster reserves
THE nearly US$1 billion special drawing rights (SDRs), which Zimbabwe received from the International Monetary Fund (IMF), will bolster the country's foreign currency reserves and capacity to re...Published: 05 Oct 2021 at 06:28hrs | 86 | by Staff reporter
Brace for bread price hike
GRAIN millers in Zimbabwe have warned that there might be a bread price hike due to a decline in global wheat supply after major producer countries were hit by drought.The Grain Millers Associ...Published: 04 Oct 2021 at 19:32hrs | 1256 | by Staff reporter
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