Search / Mangudya
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 | 3881 | 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 | 3129 | 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 | 1478 | 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 | 1306 | 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 | 1005 | 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 | 717 | 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 | 680 | 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 | 740 | 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 | 2370 | 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 | 421 | 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 | 453 | 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 | 813 | 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 | 876 | 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 | 3125 | by Staff reporter
Mthuli, Mangudya target Innscor over iIllegal forex rates
THE Reserve Bank of Zimbabwe (RBZ) and Finance Minister are investigating Innscor and other companies using illegal exchange rates of as high as US$1: $200.This follows a public outcry Wednesd...Published: 07 Oct 2021 at 18:25hrs | 1159 | 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 | 6275 | 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 | 928 | 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 | 1129 | 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 | 769 | 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 | 385 | 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 | 57 | 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 | 4161 | 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 | 810 | 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 | 2675 | 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 | 1782 | 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
Zera probe unearths fuel scam
AN investigation by the Zimbabwe Energy Regulatory Authority (ZERA) has unearthed "massive abuse" of the Zimbabwean dollar fuel facility by oil marketers that insist on US dollar payments despite acce...Published: 19 Sep 2021 at 08:12hrs | 173 | by Staff reporter
Biti claims that proposed bank mergers illegal
FORMER Finance minister Tendai Biti, who is also a former chairperson of the National Assembly's Public Accounts Committee, said the proposed mergers of financial institutions involving government ent...Published: 18 Sep 2021 at 19:34hrs | 662 | by Staff reporter
FCB forex indexed loans rise
FIRST Capital Bank (FCB) says it grew foreign currency indexed loans to US$18,7 million during the half year ended June 30, 2021, as United States dollarbased deposits increased during the period....Published: 12 Sep 2021 at 08:55hrs | 174 | by Staff reporter
Mnangagwa headlines ICSAZ conference
PRESIDENT Mnangagwa will headline the Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) annual conference and 50th anniversary celebrations slated for next week.The con...Published: 12 Sep 2021 at 08:43hrs | 116 | by Staff reporter
Govt mulls merger of six banks into three entities
A PROPOSAL to merge six financial institutions into three big ones is being considered by the Zimbabwean government, in a different consolidation process from the CBZ Holdings, ZB Financial Holdings, ...Published: 10 Sep 2021 at 18:53hrs | 2689 | by Staff reporter
Biti caution govt over IMF windfall
ZIMBABWE'S former Finance ministers Herbert Murerwa and Tendai Biti have warned the government against using the recent US$961 million worth of special drawing rights (SDRs) from the International Mon...Published: 10 Sep 2021 at 07:39hrs | 1793 | by Staff reporter
Calls for diaspora vote grow louder
MYRIGHT2VOTE, a Zimbabwean group led by the dethroned Ntabazinduna Chief Nhlanhlayamangwe Ndiweni, has added its voice to growing calls for the government to permit diaspora vote.The organisat...Published: 10 Sep 2021 at 07:36hrs | 708 | by Staff reporter
Foreign investors line up new bank in Zimbabwe
A group of domestic and foreign investors has lodged an application with Zimbabwean authorities to roll out an investment bank, the first such institution since investment banks were toppled under the...Published: 10 Sep 2021 at 07:35hrs | 2981 | by Staff reporter
Time Bank set to reopen
Time Bank of Zimbabwe Limited, the first locally owned commercial bank to be established in the country, is set to reopen soon its doors to the public, the bank's owners said in a statement ahead of t...Published: 09 Sep 2021 at 06:04hrs | 457 | by Staff reporter
IMF SDR release puts Biti in his place
IN April 2021, the International Monetary Fund's Catastrophe Containment and Relief Trust (CCRT) granted debt relief to the 28 poorest and most vulnerable countries hit by catastrophic natural disaste...Published: 05 Sep 2021 at 06:53hrs | 1094 | by Nobleman Runyanga
'Top bankers assigned to guard Zimbabwe's IMF windfall'
Finance Minister Mthuli Ncube laid out a solid spending plan for the US$961 million recently injected by the International Monetary Fund (iMF), saying the windfall would be guarded by three top banker...Published: 03 Sep 2021 at 07:01hrs | 4891 | by Staff reporter
'Banks troop back into Zimbabwe agric funding'
GOVERNMENT has announced a fresh plan to attract banks into funding agricultural production, with draw-downs from the recently released International Monetary Fund Special Drawing Rights (SDRs) being ...Published: 03 Sep 2021 at 06:57hrs | 1006 | by Staff reporter
LEAD hails RBZ Governor Mangudya
The Labour Economists and Afrikan Democrats (LEAD) has hailed the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya for paying attention to their concerns on the need to make the United States ...Published: 02 Sep 2021 at 10:34hrs | 1022 | by Stephen Jakes
RBZ vows to clear US$175m allotment backlog by month end
THE Reserve Bank of Zimbabwe (RBZ) says it will clear the US$175 million foreign exchange allotment backlog within a month.The delay in allocating the foreign currency on the auction market wh...Published: 31 Aug 2021 at 06:12hrs | 270 | by Staff reporter
Push for digital currency gains traction
ZIMBABWEAN firm, Global Renaissance Investment (GRI) says Zimbabwe must seriously consider introducing a central bank digital currency (CBDC) to stabilise the economy.A CBDC is sovereign legal...Published: 30 Aug 2021 at 05:52hrs | 379 | by Staff reporter
Load More Stories
