Search / John mangudya
RBZ designates Zimswitch as a national payment switch
The Reserve Bank of Zimbabwe (RBZ) has designated Zimswitch as a national payment switch with immediate effect as it moves to operationalise Statutory Instrument 80 of 2020, which enables it to contro...Published: 09 Jul 2020 at 19:21hrs | 1928 | by Staff reporter
Zimdollar continues to depreciate against the dollar
The Zimbabwe dollar depreciated 3.2% at the foreign currency auction to 65.8765 from 63.7442 last week. Today's auction marked the entry of exporters and holders of free funds who were liquidating the...Published: 07 Jul 2020 at 17:42hrs | 3045 | by Staff reporter
Over 200 arrested for rejecting bank notes
So far 202 people have been arrested for rejecting dollars and labelling them "bond notes", with 51 of them already brought to court, while five have been fined between $200 and $500. The arre...Published: 06 Jul 2020 at 13:05hrs | 665 | by Staff reporter
Pensioner sues over US dollar savings
AN 86-year-old pensioner is challenging the constitutionality of the statutory instrument (SI) that converted United States dollar balances to Real-Time Gross Settlement (RTGS) accounts, which resulte...Published: 03 Jul 2020 at 08:28hrs | 5309 | by Staff reporter
FCA account holders fail to withdraw cash
INDIVIDUALS with nostro foreign currency accounts (FCAs) in Zimbabwe are failing to withdraw US dollars from banks, a development which undermines public confidence and trust in the financial system....Published: 03 Jul 2020 at 08:27hrs | 6089 | by Staff reporter
100 retail operators arrested for not accepting Zimdollar, bond notes
Refusing to accept the Zimdollar and bond notes as payment for goods has landed 102 Zimbabwean business owners and retail employees in trouble, with 28 of these appearing in court as the government en...Published: 01 Jul 2020 at 19:55hrs | 3956 | by Staff reporter
RBZ invites all forex holders to use new auction systems
The Reserve Bank of Zimbabwe (RBZ)'s monetary policy committee (MPC) has implored all holders of foreign currency to sell their money through the apex bank's auction market at their preferred prices, ...Published: 01 Jul 2020 at 17:55hrs | 1678 | by Staff reporter
Zimbabwe security chefs fingered in mobile money suspension
Zimbabwe's security force leaders sidelined the nation's economic chiefs and forced the government to close the stock exchange and halt most mobile-money transactions, people familiar with the situati...Published: 30 Jun 2020 at 22:44hrs | 5838 | by Staff reporter
RBZ injects more cash into circulation
The Reserve Bank of Zimbabwe (RBZ) says it injected approximately $64 million cash into circulation during the week ending June 19, 2020. According to statistics released last Friday by the ce...Published: 30 Jun 2020 at 08:14hrs | 1776 | by Staff reporter
EcoCash suspends agent, bulk payer lines
DOMINANT mobile money service provider, EcoCash, says all of its agent and bulk payer lines have been suspended until further notice in compliance with the Reserve Bank of Zimbabwe (RBZ) directive. ...Published: 30 Jun 2020 at 07:57hrs | 2256 | by Staff reporter
Zimdollar continues to tumble
A forex dealer brandishes wads of $2 and $5 notes in Harare. The Zimdollar has continued losing value against stronger currencies like the rand and the United States dollar.THE Zimbabwe dollar...Published: 29 Jun 2020 at 07:46hrs | 4254 | by Staff reporter
'Zimbabwe's new currency system adequately funded'
Zimbabwe has sufficient foreign currency reserves to sustain the reintroduced foreign currency auction system, the state-run Sunday Mail reported, citing Central Bank Governor John Mangudya.Ma...Published: 28 Jun 2020 at 18:44hrs | 1175 | by Bloomberg
Money changers and the secret of their wisdom
THE foreign currency auction announced by the Reserve Bank of Zimbabwe recently appears to have started on a high note, but there is a nagging fear that those favourable comments by observers may have...Published: 28 Jun 2020 at 08:08hrs | 5706 | by Jonathan Maphenduka
RBZ confirms mobile money ban but keeps platforms open for small transactions
THE Reserve Bank of Zimbabwe (RBZ) has suspended all money agents from mobile financial transactions but the general public can still continue to transact using the platforms.In a statement ye...Published: 28 Jun 2020 at 07:18hrs | 304 | by Staff reporter
'US$1 billion to back Zimbabwe forex auction'
Local banks have $1 billion in foreign currency accounts (FCAs) while the country has healthy inflows to sustain the newly introduced forex auction system that replaced the interbank with effect from ...Published: 28 Jun 2020 at 07:11hrs | 749 | by Staff reporter
Mangudya suspends mobile money agents
The Reserve Bank of Zimbabwe has suspended mobile money agents from facilitating mobile financial transactions and has placed restrictions on merchant transactions.This follows a pronouncement...Published: 27 Jun 2020 at 19:51hrs | 3644 | by Staff reporter
How RBZ, govt sabotaged plans to restore Zimdollar
UNITED States $75 allowances and allowing retailers to trade in forex show a government shifting into reverse gear, possibly ditching two years' worth of policy steps to end dollarisation.The ...Published: 26 Jun 2020 at 07:26hrs | 6349 | by Staff reporter
Millers to withhold products from shops rejecting bond notes
THE Grain Millers Association of Zimbabwe (GMAZ) yesterday threatened to stop supplying their products to wholesalers and shops refusing bond notes and coins, which are still legal tender.Memb...Published: 26 Jun 2020 at 06:51hrs | 230 | by Staff reporter
Pray for Mnangagwa, minister pleads
ZimbabWe's leadership needs prayers as the country's socio-economic crisis shows no signs of abetting, a minister said yesterday.The country is undergoing its worst crisis in years characteris...Published: 24 Jun 2020 at 07:30hrs | 9175 | by Staff reporter
Forex exchange auction trading system off to a good start
The foreign exchange auction trading system has made a good start when it kicked-off in Harare today (June 23, 2020), without any great difficulty.On its first day, bids worth about US$11,4 mi...Published: 23 Jun 2020 at 19:33hrs | 3024 | by Nathan Gurira
Zimdollar trades at 57.36 to the US dollar
THE official exchange rate of the US dollar is now 57.36 following the implementation of the market-based auction system. 92 bids were received with the lowest bid being 25.50 and the highest bid bein...Published: 23 Jun 2020 at 18:13hrs | 1914 | by Staff reporter
Informal traders reject $2, $5 notes
INFORMAL traders are rejecting $2 and $5 bond notes as well as coins, money which the Reserve Bank of Zimbabwe (RBZ) has said is still legal tender. Police yesterday also warned those rejectin...Published: 23 Jun 2020 at 07:52hrs | 1181 | by Staff reporter
RBZ launches foreign exchange auction today
The Reserve Bank of Zimbabwe (RBZ)today replaces the interbank market with weekly foreign exchange auctions to determine the Zimbabwe dollar exchange rate with those in industry and commerce cautiousl...Published: 23 Jun 2020 at 07:47hrs | 1632 | by Staff reporter
Zimbabwe records Foreign Direct Investment growth
Zimbabwe recorded an average 8 percent ($452 million) growth in Foreign Direct Investment (FDI) inflows over the past 6 years, with 2018 recording the highest inflow at $745 million ...Published: 22 Jun 2020 at 07:53hrs | 362 | by Staff reporter
Zimbabwe: Your prayers are going nowhere!
Under different circumstances, a call by the country's leadership for atonement, supplication and prayer brings about a sobering moment to the populace. It is my painful duty to inform you that the ca...Published: 21 Jun 2020 at 11:38hrs | 395 | by Kenneth Mufuka
Zimbabwe troops accused of disrupting the economy
Security forces have been accused of disrupting the economy through the chaotic implementation of Covid-19 lockdown regulations after they forced the closure of Bulawayo businesses without notice last...Published: 21 Jun 2020 at 11:37hrs | 570 | by Staff reporter
RBZ chief clarifies local currency
FARMERS, gold miners and other producers who have been crying foul over the 1:25 fixed interbank exchange rate have something to smile about as the Reserve Bank of Zimbabwe (RBZ) starts implementing t...Published: 21 Jun 2020 at 11:07hrs | 4479 | by Staff reporter
Goobye interbank rate!…RBZ chief speaks on auction system
FARMERS, gold miners and other producers who have been crying foul over the 1:25 fixed interbank exchange rate have something to smile about as the Reserve Bank of Zimbabwe (RBZ) starts implementing t...Published: 21 Jun 2020 at 08:15hrs | 4405 | by Staff Reporter
Zimbabweans must desist from negativity before it spreads like a disease
LAST week, Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya, announced the introduction of a foreign exchange auction trading system with effect from June 23, 2020, which effectively means th...Published: 20 Jun 2020 at 21:05hrs | 1244 | by Toby Sithole
Zimbabweans must desist from negativity before it spreads like a disease
LAST week, Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya, announced the introduction of a foreign exchange auction trading system with effect from June 23, 2020, which effectively means th...Published: 20 Jun 2020 at 20:32hrs | 289 | by Toby Sithole
'Bond coins, notes still legal tender'
Bond coins and bond notes are still legal tender, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa reiterated yesterday and traders are legally obliged to accept them. ...Published: 20 Jun 2020 at 08:05hrs | 214 | by Staff reporter
Mnangagwa faces sterner test
EMBATTLED President Emmerson Mnangagwa is facing his sternest economic test since assuming power in 2017 as the crash of the Zimbabwean dollar pushes up prices, amid growing disenchantment with his le...Published: 19 Jun 2020 at 08:26hrs | 9748 | by Staff reporter
Zimbabwe's economic collapse govt's own doing
PRESIDENT Emmerson Mnangagwa's claims that the deepening economic crisis is the work of his political detractors and greedy businesspeople reflect the government's failure to take responsibility for i...Published: 19 Jun 2020 at 08:25hrs | 1605 | by Staff reporter
Zimbabwe forex auction system ill-advised: Analysts
GOVERNMENT'S re-introduction of the forex auction system as Zimbabwe effectively re-dollarises could have disastrous consequences because the country does not have adequate sources of foreign currency...Published: 19 Jun 2020 at 08:15hrs | 1320 | by Staff reporter
Mthuli Ncube must apologise for 'lying', says Biti
FORMER Finance minister Tendai Biti (Harare East MP) yesterday demanded that Finance minister Mthuli Ncube appear before Parliament to explain fiscal policy inconsistencies and apologise for "lying th...Published: 19 Jun 2020 at 08:12hrs | 2197 | by Staff reporter
Zanu-PF's paranoia is growing again, and this is a threat to us all
IT was a finger-pointing week. at Zanu-PF headquarters on Wednesday, President ` emmerson Mnangagwa had an explanation for the economic crisis; it was the detractors."On the economic front, we...Published: 19 Jun 2020 at 08:07hrs | 537 | by newzwire
Dollar peg prompts rift between govt, RBZ
ZIMBABWE'S fixed currency peg, adopted in March, has become the latest flashpoint between Reserve Bank of Zimbabwe (RBZ) governor John Mangudya and Finance minister Mthuli Ncube, people familiar with ...Published: 18 Jun 2020 at 08:25hrs | 1937 | by Staff reporter
Mthuli Ncube, Mangudya fight over dollar rates
ZIMBABWE'S fixed currency peg, adopted in March, has become the latest flashpoint between central bank Governor John Mangudya and Finance Minister Mthuli Ncube, people familiar with the situation said...Published: 16 Jun 2020 at 09:08hrs | 1785 | by Bloomberg
Let's pray against economic demons on National Day of Prayer
TOMORROW June 15, 2020 has been declared the Presidential Day of Prayer in the wake of the Covid-19 pandemic whose infections have spiked. After Zimbabwe recorded its first case on March 20, 2...Published: 14 Jun 2020 at 19:28hrs | 1084 | by Robin Mungate
Mnangagwa: On a wing and a prayer
THIS has been a terrible week for President Emmerson Mnangagwa. It has been more than terrible – a week in which government was always on the backfoot. A week during which the regime's sterility has...Published: 13 Jun 2020 at 09:34hrs | 343 | by Paidamoyo Muzulu
Zimbabwe foreign currency account holders panic
Foreign Currency Account holders with Zimbabwean banks - among them units of Standard Bank, Standard Chartered and Nedbank - have expressed apprehension about what they fear could be a run on their fu...Published: 12 Jun 2020 at 20:55hrs | 8832 | by Staff reporter
Mthuli Ncube tells Zanu-PF that he's no magician
FINANCE minister Mthuli Ncube on Wednesday told glum-faced Zanu-PF heavyweights in a closed-door politburo meeting that the economy is in terrible shape and he has no magic wand to rescue it overnight...Published: 12 Jun 2020 at 08:01hrs | 7472 | by Staff reporter
Mnangagwa warns economic saboteurs
PRESIDENT Emmerson Mnangagwa yesterday vowed to take the war to the country's "political detractors, elite opportunists and malcontents" who are pushing a nefarious agenda to cause regime change as th...Published: 11 Jun 2020 at 07:38hrs | 423 | by Staff reporter
Zanu-PF declares war
PRESIDENT Mnangagwa yesterday vowed to take the war to the country's "political detractors, elite opportunists and malcontents" who are pushing a nefarious agenda of regime change. The Preside...Published: 11 Jun 2020 at 07:35hrs | 1039 | by Staff reporter
Mnangagwa faces a people-powered change
Emmerson Mnangagwa told us the voice of the people is the voice of God. He didn't listen to either. Now he faces a people's power movement.This article was first published by ...Published: 10 Jun 2020 at 22:50hrs | 11200 | by Siphosami Malunga
Mnangagwa seeks divine help as crises mount
PRESIDENT Emmerson Mnangagwa will lead a national day of fasting and prayer to seek divine intervention to deal with the country's worsening health, hunger and economic crises.Hopes that Mnang...Published: 10 Jun 2020 at 08:02hrs | 5389 | by Staff reporter
RBZ restores 30-day forex liquidation period
The Reserve Bank of Zimbabwe (RBZ) says it will restore the statutory 30-day foreign currency liquidation period from July, a move that is expected to help boost the operations of the interbank market...Published: 10 Jun 2020 at 07:39hrs | 1597 | by Staff reporter
RBZ abandons fixed forex exchange system
THE Reserve Bank of Zimbabwe (RBZ), which was using the fixed exchange rate of US$1:$25, says it will switch back to market-determined exchange rate as the Zimbabwe dollar continues to lose value....Published: 09 Jun 2020 at 07:57hrs | 9274 | by Staff reporter
RBZ corners forex dealers
THE Reserve Bank of Zimbabwe has cornered illegal money changers and will continue to come up with measures to deal with the rampant illicit trade.Over the past weeks, the Central Bank has com...Published: 07 Jun 2020 at 08:19hrs | 3037 | by Staff reporter
Govt allays fuel shortage fears
Officials in the Ministry of Energy and Power Development are leaning on the Reserve Bank of Zimbabwe (RBZ) to release letters of credit (LCs) that are needed to release fuel for oil traders.I...Published: 07 Jun 2020 at 08:16hrs | 751 | by Staff reporter
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