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Diaspora vote remains a pipe dream ahead of 2023 polls
While citizens of some Southern African countries such as South Africa, Mozambique and Malawi enjoy the right to vote in national elections while domiciled in other countries, for millions of Zimbabwe...Published: 16 Jul 2021 at 13:32hrs | 644 | by Staff reporter
Reserve money drops to $23,53 billion
RESERVE money, which refers to local banks' balances sitting with the Reserve Bank of Zimbabwe (RBZ), dropped by $917,13 million to $23,53 billion during the week ending July 2, mainly due to payment ...Published: 14 Jul 2021 at 09:37hrs | 234 | by Staff reporter
Zimbabwe imports increase by 17,6%
Zimbabwe imported goods worth US$2,27 billion in the six months to June 2021, which reflects a 17,6 percent increase on the external sector payments conducted by the country over the same period last ...Published: 14 Jul 2021 at 09:25hrs | 182 | by Staff reporter
Naming, shaming, SI 127 key for market discipline
NAMING, shaming and imposing heavy penalties against entities caught abusing funds obtained from the auction will reinforce the platform's role as the preferred mechanism of distributing the scarce fo...Published: 13 Jul 2021 at 08:53hrs | 667 | by Staff Reporter
SI127 working well to stop cheats
THE civil penalty system introduced in Statutory Instrument 127 allowing the Reserve Bank of Zimbabwe to hit abusers of foreign currency, and especially the foreign currency auction system, where it h...Published: 11 Jul 2021 at 08:28hrs | 875 | by Staff Reporter
27 firms fined for abusing forex auction system
Twenty one more companies have now been found abusing the foreign currency auction system, bringing the total to 39, and of these, 27 have been assessed civil penalties while 12 others have been issue...Published: 10 Jul 2021 at 10:53hrs | 291 | by Staff reporter
RBZ probes Pakistani tycoon's gold licence
RESERVE Bank Governor John Mangudya Monday said the central bank would investigate circumstance under which controversial Pakistani tycoon, Ali Mohamad managed to renew his gold-buying licence at a ti...Published: 07 Jul 2021 at 10:55hrs | 608 | by Staff reporter
Zimbabwe gold deliveries in massive surge
GOLD deliveries to Fidelity Printers and Refineries (Fidelity) by small-scale miners increased by more 1 000kgs in June compared to May deliveries, the Reserve Bank Governor (RBZ) John Mangudya said M...Published: 06 Jul 2021 at 10:37hrs | 867 | by Staff reporter
Mangudya freaks out over RBZ balcony cuddlers
RESERVE Bank of Zimbabwe (RBZ) has thrown its employees captured sharing an intimate moment at its building under the bus after receiving backlash on social media.This comes after social media...Published: 22 Jun 2021 at 17:10hrs | 2668 | by Staff reporter
RBZ orders banks to pay interest on deposits
THE Reserve Bank of Zimbabwe (RBZ) has ordered banks to pay interest on deposits to entice locals to save.RBZ governor John Mangudya said starting next month, banks should offer 5% and 10% int...Published: 22 Jun 2021 at 17:02hrs | 656 | by Staff reporter
Reserve bank dismisses fake forex ban reports
THE Reserve Bank of Zimbabwe (RBZ) has dismissed reports circulating on social media alleging that the country has banned transacting in foreign currency on local transactions. RBZ Governor, D...Published: 22 Jun 2021 at 14:22hrs | 1948 | by Staff Reporter
IMF projects 6% growth for Zimbabwe
THE International Monetary Fund (IMF) has predicted that Zimbabwe's economy will grow by 6% this year, but warned that uncertainty remains high and the outlook will depend on the Covid-19 pandemic's e...Published: 18 Jun 2021 at 13:07hrs | 505 | by Staff reporter
Firms fingered in abusing forex auction fight back
COMPANIES which were this week accused by the Reserve Bank of Zimbabwe (RBZ) of abusing the funds obtained from the foreign currency auction market have strongly refuted the allegations and are seekin...Published: 18 Jun 2021 at 13:03hrs | 1515 | by Staff reporter
Zimbabwe financial sector heads for crisis
THE financial services sector is headed for a major crisis, with bankers now saying they are struggling to manage their balance sheets following the Reserve Bank of Zimbabwe (RBZ)'s decision to compel...Published: 18 Jun 2021 at 12:58hrs | 823 | by Staff reporter
IMF rules out Zimbabwe bailout
Fund International Monetary Fund (IMF) on Wednesday said it would not move an inch from its position that Zimbabwe did not qualify for financial bailouts even after clearing its debts to the global le...Published: 18 Jun 2021 at 07:24hrs | 1399 | by Staff reporter
RBZ goes for broke: names, shames forex abusers
THE Reserve Bank of Zimbabwe (RBZ) yesterday escalated plans to punish "outliers" including listed milling giant, National Foods, which it said were "abusing" foreign currency acquired through the auc...Published: 16 Jun 2021 at 08:29hrs | 2352 | by Staff reporter
18 forex abusers to pay penalties
The Reserve Bank of Zimbabwe yesterday listed the first 18 firms facing civil penalties under the new Statutory Instrument 127 after being caught abusing the foreign exchange auction system, with Zimb...Published: 16 Jun 2021 at 08:16hrs | 699 | by Staff reporter
RBZ names companies abusing foreign exchange auction system
THE Reserve Bank of Zimbabwe has named 18 companies that have been abusing the foreign exchange auction system. The RBZ released a statement and said the companies that were found out by the F...Published: 15 Jun 2021 at 18:21hrs | 1144 | by Staff reporter
Zimbabwe mines, banks in crunch talks over US sanctions
ZIMBABWE'S mines said on Friday they had kicked-off crunch meetings with banks, government and the Minerals Marketing Corporation of Zimbabwe (MMCZ) to find a solution after operators reported that th...Published: 13 Jun 2021 at 07:26hrs | 1039 | by Staff reporter
Security agents stalk war veteran
THE fight for control of Caps Holdings Limited (CHL) has turned nasty, with war veteran and businessman Frederick Mutanda alleging that State security agents were involved in a plot to assassinate him...Published: 11 Jun 2021 at 07:30hrs | 876 | by Staff reporter
Mangudya clashes with World Bank
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday clashed with the World Bank representatives as he vehemently disputed their projected annual inflation rate.This played out at t...Published: 11 Jun 2021 at 06:40hrs | 2941 | by Staff reporter
Security forces deep in gold smuggling: Report
MEMBERS of the security forces and Reserve Bank of Zimbabwe (RBZ) officials tasked to maintain order and security in the mining sector have been accused of the smuggling of the precious mineral outsid...Published: 11 Jun 2021 at 06:38hrs | 898 | by Staff reporter
'Chinese influential players in Zimbabwe illicit gold trade' - why not, milking their colony to death
"Chinese Now Influential Players In Illicit Gold Trade: Study!" screamed the headlines in New Zimbabwe."The presence and influence of Chinese nationals in the Zimbabwe gold sector has signific...Published: 08 Jun 2021 at 17:16hrs | 663 | by Patrick Guramatunhu
Mangudya plays down forex crisis
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has down-played fears of an industrial bloodbath in the aftermath of government's move two weeks ago to effect far reaching reforms to stem the ab...Published: 06 Jun 2021 at 10:00hrs | 1019 | by Staff reporter
RBZ mulls more stringent currency measures
GOVERNMENT is looking at adding more stringent currency measures to rein in the runaway exchange rate amid an outcry over the promulgation of Statutory Instrument 127 which business says will fuel inf...Published: 05 Jun 2021 at 09:20hrs | 1157 | by Staff reporter
RBZ, business set for showdown over Statutory Instrument 127 of 2021
The Confederation of Zimbabwe Industries (CZI) wants the government to suspend the "heavy handed" decree promulgated last week as it has the potential to kill market confidence. Statutory Inst...Published: 03 Jun 2021 at 08:38hrs | 2967 | by Staff reporter
Zimbabwe gold receipts plunge 35%
Zimbabwe's gold export receipts have plunged 35% to US$78.4m in May from US$120m achieved in the prior comparative period as the yellow metal deliveries to the country's sole buyer and marketer, Fidel...Published: 03 Jun 2021 at 08:34hrs | 549 | by Staff reporter
Hit and run economics haunting Mthuli Ncube
The prices of basic commodities have gone up and the cost of living is sky rocketing because of this ridiculous Statutory Instrument 127 of 2021 recently introduced by Minister of Finance Dr Mth...Published: 01 Jun 2021 at 07:58hrs | 840 | by Leonard Koni
RBZ comes up with parameters in motor vehicle clearance
THE Reserve Bank of Zimbabwe (RBZ) has come up with Exchange Control parameters for consideration in the motor vehicle clearance process in line with Statutory Instrument 89 of 2021 on licensing requi...Published: 30 May 2021 at 08:40hrs | 328 | by Staff reporter
US$ remains legal tender, says Mangudya
THE United States dollar remains legal tender in the country and the newly gazetted regulations requiring businesses accessing foreign currency through the Reserve Bank of Zimbabwe (RBZ) foreign excha...Published: 30 May 2021 at 08:29hrs | 127 | by Staff reporter
Profiteering supermarkets peg prices at parallel market rates
SUPERMARKETS are profiteering by pegging prices of basic commodities at the black market rate and transacting United States dollar purchases using the government instituted foreign currency auction ra...Published: 28 May 2021 at 07:58hrs | 1495 | by Staff reporter
RBZ's $389m headache
The Reserve Bank of Zimbabwe (RBZ) will today disburse $66 million owed to cotton farmers with bank accounts for the crop delivered to Cottco last season, followed by $436,6 million to be paid via mob...Published: 28 May 2021 at 07:36hrs | 183 | by Staff reporter
Banks to roll out incentives for depositors
The Reserve Bank of Zimbabwe and the banking sector are coming up with the nuts and bolts of interest payments on demand deposits to encourage people to deposit money in banks, rather than bury it und...Published: 26 May 2021 at 06:19hrs | 510 | by Staff reporter
Government suspends maize imports
ZIMBABWE will this year save over US$300 million following the move by Government to suspend maize imports on the back of a bumper harvest the country has achieved this year. Due to successive...Published: 18 May 2021 at 06:43hrs | 357 | by Staff reporter
US$120m forex allotments backlog cleared
The bulk of the US$120 million backlog in the foreign currency auction allotments has been cleared with the Reserve Bank of Zimbabwe (RBZ) last week releasing US$100 million, Governor Dr John Mangudya...Published: 18 May 2021 at 06:41hrs | 374 | by Staff reporter
Honeymoon is over: Zacc warns bigwigs
THE Zimbabwe Anti-Corruption Commission (Zacc) has submitted 32 dockets to the National Prosecuting Authority (NPA), nine of which are high-profile, as the dragnet closes in on senior government, poli...Published: 07 May 2021 at 06:30hrs | 2177 | by Staff reporter
Zimbabwe inflation to fall below 55%, says RBZ
THE Reserve Bank of Zimbabwe (RBZ) says it is targeting a slide in the annual inflation to below 55% by July this year, underpinned by its disinflationary strategy that has been credited for calming m...Published: 06 May 2021 at 05:47hrs | 743 | by Staff reporter
RBZ approves $500 million MSMEs facility
THE Reserve Bank of Zimbabwe (RBZ) has approved a $500 million facility for micro, small and medium enterprises (MSMES) to stimulate economic growth.In a statement yesterday, the RBZ said the ...Published: 05 May 2021 at 07:18hrs | 361 | by Staff reporter
Zimbabwe's inflation rate now at 194%
THE annual inflation rate will continue falling and year-on-year inflation will be below 55 percent in July, the Reserve Bank of Zimbabwe's Monetary Policy Committee (MPC) says, confirming trends. ...Published: 05 May 2021 at 07:13hrs | 475 | by Staff reporter
Mnangagwa has taken us back to 2008
PRESIDENT Emmerson Mnangagwa's administration is plunging Zimbabwe back into the 2008 era when the regime survived on peddling lies. Let us unpack some of the lies and confront them for answers....Published: 04 May 2021 at 06:23hrs | 634 | by Isaac
The paradox of Zimbabwe's rising prices and falling inflation
FOLLOWING months of scepticism over Zimbabwe's ability to achieve its targeted annual inflation rate, some of the country's leading analysts are beginning to change theirview.Now, they fee...Published: 03 May 2021 at 06:24hrs | 1228 | by Staff reporter
RBZ to blacklist auction forex abusers
Importers that do not acquit bills of entry to prove proper use of foreign currency from the auction system shall be blacklisted, according to Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya....Published: 02 May 2021 at 08:50hrs | 141 | by Staff reporter
Grace Mugabe's huge daily cash withdrawals exposed
FORMER first lady Grace Mugabe allegedly made multiple United States dollar cash withdrawals amounting to US$300 000 per day in 2019 from her CBZ Bank account at a time ordinary Zimbabweans were allow...Published: 23 Apr 2021 at 07:31hrs | 12549 | by Staff reporter
RBZ intensifies probe on forex auction violators
THE Reserve Bank of Zimbabwe (RBZ) has launched a crackdown on businesses that violated exchange control rules, demanding import and export acquittal records for the past five years.Informatio...Published: 23 Apr 2021 at 07:29hrs | 524 | by Staff reporter
Market welcomes forex auction relaxation
THE Reserve Bank of Zimbabwe has begun selling foreign currency to registered bureau de change to improve the accessibility of forex for small businesses."Pursuant to the resolution of the mon...Published: 23 Apr 2021 at 07:24hrs | 746 | by Staff reporter
'Bureaux de-change to bridge forex needs'
THE Reserve Bank of Zimbabwe (RBZ) has approved the selling of foreign currency to registered bureaux de-change operators for on-selling to their clients as part of measures to increase formal access ...Published: 22 Apr 2021 at 06:15hrs | 516 | by Staff reporter
Zimbabwe breaks law for US$50m Covid-19 vaccines loan
Zimbabwe has contracted yet another US$50 million loan from the Africa Export-Import Bank (Afreximbank) to finance its Covid-19 vaccination programme despite government claims it is using internal res...Published: 18 Apr 2021 at 09:15hrs | 1040 | by Staff reporter
'Zimbabwe's financial sector needs to be harmonised,' says Mangudya
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says the country must establish a Financial Sector Development Plan (FSDP) as part of efforts to coordinate the operations of companies working in...Published: 09 Apr 2021 at 07:36hrs | 781 | by Staff reporter
RBZ holds policy rate at 40%
THE Reserve Bank of Zimbabwe (RBZ) says the recently appointed monetary policy committee (MPC) agreed to maintain the bank's policy rate at 40%, as it fights to avoid a recession through a rate hike t...Published: 01 Apr 2021 at 07:25hrs | 1001 | by Staff reporter
Mthuli Ncube refuses to increase cash withdrawal limits
FINANCE minister Mthuli Ncube says there is no need to increase the weekly $2 000 bank withdrawal limit for individuals as a move to combat the black market. This comes as the Treasury chief a...Published: 28 Mar 2021 at 16:25hrs | 1941 | by Staff reporter
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