Search / John mangudya
Afreximbank sets up regional HQ in Zimbabwe
Government through the Ministry of Local Government and Public Works and National Housing, on Friday availed land for the construction of a US$100 million Afreximbank Africa Trade Centre (AATC) and re...Published: 29 Nov 2021 at 05:28hrs | 271 | by Staff reporter
US$4 billion mystery in Afreximbank, Zimbabwe deals
SHARP differences emerged between Zimbabwean authorities and the Africa Export–Import Bank (Afreximbank) on Friday over the value of loans extended by the regional lender to Harare.During a ...Published: 28 Nov 2021 at 08:02hrs | 785 | by Staff reporter
RBZ starts clearing auction forex backlog
The Reserve Bank of Zimbabwe (RBZ) yesterday says it has started the process to clear nearly US$200 million of the foreign currency backlog on the auction market after receiving the requisite funds fr...Published: 17 Nov 2021 at 05:07hrs | 178 | by Staff reporter
Zimbabwe's banks overwhelmed
ZIMBABWE'S banking system has been overwhelmed by rocketing demand for United States dollars on the foreign currency auction system, the central bank said on Tuesday, as it moved to adjust bidding lea...Published: 10 Nov 2021 at 05:34hrs | 1394 | by Staff reporter
Mnangagwa looting Zimbabwe's wealth for Belarus, China
NEWLY former Front for Economic Emancipation (FEEZ) leader Godfrey Tsenengamu has castigated President Emmerson Mnangagwa and his Zanu-PF party for fronting foreign interests by looting the country's ...Published: 09 Nov 2021 at 05:36hrs | 1183 | by Staff reporter
RBZ decries divided politics
RESERVE Bank of Zimbabwe (RBZ) has bemoaned polarisation and the negative impact of social media for derailing the central bank's efforts to stabilise the exchange rate.Addressing senior army ...Published: 08 Nov 2021 at 05:22hrs | 298 | by Staff reporter
RBZ warns rogue elements operating in black market
RESERVE Bank of Zimbabwe (RBZ) has warned rogue elements involved in illegal foreign exchange trading on the parallel market to desist from the destablising habit of disseminating messages that fuel l...Published: 04 Nov 2021 at 06:13hrs | 574 | by Staff reporter
RBZ officials' trial in false start
THE trial of two Reserve Bank of Zimbabwe principal economists on allegations of leaking a de-dollarisation road map document on social media, saw a false start yesterday after the State indicated tha...Published: 03 Nov 2021 at 05:17hrs | 220 | by Staff reporter
Worthless Zimdollar notes clog banks
BANKS have requested the Reserve Bank of Zimbabwe (RBZ) to decommission $2 and $5 bond notes, saying smaller denomination currency ranges have turned into a burden for financial institutions to keep....Published: 31 Oct 2021 at 07:04hrs | 1265 | by Staff reporter
RBZ moves in to defend currency
THE Reserve Bank of Zimbabwe (RBZ) last week moved to contain growing inflationary pressures and exchange rate volatility by hiking the bank's policy rate from 40 percent to 60 percent.Resurge...Published: 31 Oct 2021 at 06:54hrs | 156 | by Staff reporter
RBZ dishes out US$6 million to 130 000 citizens
THE Reserve Bank of Zimbabwe (RBZ) has disbursed more than US$6 million to close to 130 000 people following Government's decision last month to promote financial inclusion and access to forex for sma...Published: 29 Oct 2021 at 08:11hrs | 3528 | by Staff Reporter
Zimbabwe revises inflation target
FINANCE and Economic Development minister Mthuli Ncube increased annual inflation targets to between 35% and 46% at the weekend, saying pressures from rocketing international food and oil prices were ...Published: 26 Oct 2021 at 08:02hrs | 2031 | by Staff reporter
Banks under fresh pressure
CHIEF executives of banks came under pressure at the weekend to act on concerns that financial institutions were fleecing consumers through punitive fees and commission charges on their accounts, whil...Published: 25 Oct 2021 at 06:26hrs | 1779 | by Staff reporter
RBZ calls for Zimdollar pricing
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has implored public entities including local authorities to price their services in local currency. Speaking at the ongoing 2022 pre-bu...Published: 25 Oct 2021 at 06:22hrs | 1283 | by Staff reporter
No to US dollar as sole currenc, says Mthuli
ZIMBABWE will not adopt the United States dollar as the country's sole currency, but will work to progressively defend the value of the local unit, while businesses that refuse to accept the Zimbabwe ...Published: 24 Oct 2021 at 09:27hrs | 263 | by Staff reporter
Fresh push for banks to pay interest
GOVERNMENT says it is scaling up confidence-building measures to boost deposits into the country's banking sector.Giving a keynote address during last night's 22nd edition of the Banks and Ban...Published: 22 Oct 2021 at 19:12hrs | 380 | by Staff reporter
RBZ shuts down forex platform to stem currency decline
ZIMBABWEAN authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.The central bank ordered marketwat...Published: 21 Oct 2021 at 06:22hrs | 4172 | by Staff reporter
Mnangagwa's govt blocks UN Special Envoy from meeting Chamisa
THE government has excluded opposition parties and civic society organisations from meeting the United Nations special envoy, Alena Douhan.Douhan, who arrived in Zimbabwe on Monday, is in the ...Published: 18 Oct 2021 at 19:34hrs | 3147 | by Staff reporter
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 | 1482 | by Staff reporter
Is Guvamatanga altogether there?
An observation made by my daughter, Dr Rumbi, when she was 27 years old has haunted me ever since. Dr Rumbi was preparing for her doctoral defence on governance, and she had returned from a research t...Published: 17 Oct 2021 at 09:08hrs | 1352 | by Kenneth Mufuka
Zimbabwean bankers sweat over forex crackdown
Zimbabwean bankers are fretting over compliance with government directives to root out "illegal foreign currency dealings, with the country's biggest bank, CBZ, cautioning its employees against facili...Published: 17 Oct 2021 at 09:05hrs | 1017 | 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
'Arresting executives will destabilise market'
THE Confederation of Zimbabwe Industries (CZI) yesterday warned against the arrest of business leaders over alleged currency violations saying this will sour relations between government and business ...Published: 14 Oct 2021 at 06:24hrs | 721 | by Staff reporter
RBZ vows to tame forex black market
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday pledged to continue availing foreign currency through the foreign exchange auction system to ensure uninterrupted supply.Mangudy...Published: 12 Oct 2021 at 05:58hrs | 682 | by Staff reporter
RBZ, business reach consensus on exchange rates, pricing
A number of agreements were thrashed out yesterday between the Reserve Bank of Zimbabwe and leaders of the business sector to deal with what everyone agreed were unjustified jumps in black-market exch...Published: 12 Oct 2021 at 05:55hrs | 691 | by Staff reporter
RBZ summons businesses over price madness
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday said his meeting with business this morning is not a witchhunt, but an effort by authorities to grasp the root cause of the prevailin...Published: 11 Oct 2021 at 05:54hrs | 741 | by Staff reporter
'Tagwirei gift to Guvamatanga a bribe'
Treasury secretary George Guvamatanga's acceptance of lavish gifts from corruption-accused business tycoon Kudakwashe Tagwirei is legally questionable, lawyers have said.Guvamatanga spared no ...Published: 10 Oct 2021 at 20:32hrs | 2376 | 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 | 422 | 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 | 454 | by Staff reporter
'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 | 1555 | by Staff reporter
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
Big Zimbabwean companies are fingered in forex fiddle
TOP executives and directors from up to 20 big companies face imminent arrest following a Reserve Bank of Zimbabwe (RBZ) investigation into massive multi-million-dollar fraud involving the country's f...Published: 08 Oct 2021 at 18:58hrs | 878 | by Staff reporter
'Mnangagwa is a hostage to military interests'
President Emmerson Mnangagwa's biographer Eddie Cross claims the Zanu-PF leader was a hostage to military interests for seven months after assuming power following a military coup in November 2017....Published: 07 Oct 2021 at 18:25hrs | 3129 | by Staff reporter
RBZ names another 47 over illegal currency deals
Another 47 people were blacklisted yesterday by the Reserve Bank of Zimbabwe for operating on the foreign currency black market, taking to 77 the number of people whose bank and mobile money accounts ...Published: 06 Oct 2021 at 05:51hrs | 6286 | 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 | 931 | 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
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
RBZ sets fortnight forex payments window
SIGNIFICANT headway is being made in clearing the backlog of foreign currency allotments and going forward all disbursements will be made within two weeks, the Reserve Bank of Zimbabwe (RBZ) has said....Published: 04 Oct 2021 at 05:52hrs | 1201 | by Staff reporter
Naming and shaming of illegal forex dealers a good move
THE Reserve Bank of Zimbabwe last week banned 30 black market currency dealers from operating any bank or mobile money accounts for the next two years. The central bank said the dealers should also be...Published: 04 Oct 2021 at 05:51hrs | 411 | by Staff reporter
Authorities unleash sweeping crackdown on forex market
IN a renewed bid to contain the runaway foreign exchange rate - now trading at double the official rate around US$1: ZW$170 - the government has launched a fierce crackdown on currency traders in a mu...Published: 03 Oct 2021 at 08:19hrs | 772 | by Staff reporter
Parliament investigates US$109m dam tender scandal
THE Zimbabwe National Water Authority (Zinwa) executive is under investigation for awarding a dodgy US$109 million Kunzvi Dam construction tender to China Nanchang Engineering, which has a shady past,...Published: 03 Oct 2021 at 08:19hrs | 431 | by Staff reporter
Mnangagwa to address African CEOs
ABOUT 700 participants, 500 virtually and 200 physically are set to attend the 7th edition of the CEO Africa Annual Roundtable and Awards, with President Mnangagwa expected to deliver the key note add...Published: 03 Oct 2021 at 08:13hrs | 58 | by Staff reporter
RBZ sees sustained inflation decline
THE Reserve Bank of Zimbabwe (RBZ) expects the annual inflation rate to keep falling until year-end, but has revised upwards its December 2021 target to between 36 percent and 53 percent, from 25 perc...Published: 03 Oct 2021 at 08:10hrs | 127 | by Staff reporter
RBZ takes forex rate war to the streets
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says the apex bank will continue its crackdown against black market kingpins to rid the market of delinquent behaviour.In an interview wit...Published: 01 Oct 2021 at 08:05hrs | 4163 | by Staff reporter
Parly demands role in IMF windfall use
ZIMBABWE'S parliament wants a huge say in the way government will distribute a nearly US$1 billion windfall injected recently into the economy by the International Monetary Fund (IMF).The wind...Published: 01 Oct 2021 at 08:05hrs | 812 | by Staff reporter
Reserve Bank panics as exchange rates spiral
MONETARY authorities revised annual inflation targets upwards on Monday before lining up a sea of fresh policy proposals to government, as they scurried to stem a "worrisome" surge in parallel market ...Published: 01 Oct 2021 at 08:02hrs | 2677 | by Staff reporter
Zimbabwe set for US$1,1 billion current account surplus
ZIMBABWE's current account is projected to register a stronger surplus position of about US$1, 091 billion this year, higher than the initial projection of US$611,5 million, the Reserve Bank of Zimbab...Published: 01 Oct 2021 at 07:52hrs | 201 | by Staff reporter
RBZ orders banks to freeze forex dealers' accounts
THE Reserve Bank of Zimbabwe (RBZ) has ordered banks and other financial services providers to immediately freeze accounts belonging to 30 nationals who are ring leaders of parallel market foreign cur...Published: 28 Sep 2021 at 20:04hrs | 1790 | by Staff reporter
Mangudya warns pharmacies
RESERVE Bank governor Dr John Mangudya has warned pharmacies that are receiving support from the foreign exchange auction trading system against pegging their prices using the parallel market exchange...Published: 26 Sep 2021 at 19:35hrs | 233 | by Staff reporter
Consumer watchdog slams business
THE Consumer Council of Zimbabwe (CCZ) says businesses have effected "unjustified" price hikes in the past few months despite accessing foreign currency on the Reserve Bank of Zimbabwe (RBZ)'s foreign...Published: 23 Sep 2021 at 06:32hrs | 204 | by Staff reporter
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