Search / Mushayavanhu
Zimbabwe foreign currency reserves rise to US$500m
Zimbabwe's foreign currency reserves backing its local currency, the Zimbabwe Gold (ZiG), have surged past US$500 million, tripling the total amount of ZiG in circulation. This development is expected...Published: 10 Nov 2024 at 10:41hrs | 170 | by Staff reporter
Management shake up at RBZ
The Reserve Bank of Zimbabwe (RBZ) is initiating a significant remodelling of its management structure as newly appointed Governor John Mushayavanhu aims to assemble a capable team to address the coun...Published: 01 Nov 2024 at 06:48hrs | 2518 | by Staff reporter
Devaluation fails to halt ZiG free-fall
Zimbabwe's new local currency, the Zimbabwe Gold (ZiG), has taken another hit, losing an additional 11% of its value in under a month following a substantial 43% "devaluation" announced by monetary au...Published: 29 Oct 2024 at 13:49hrs | 4502 | by Staff reporter
RBZ pumps US$32 million into market
The Reserve Bank of Zimbabwe (RBZ) has infused approximately US$32 million into the interbank foreign exchange market over the past three weeks to stabilize the Zimbabwe Gold (ZiG) currency and addres...Published: 27 Oct 2024 at 12:19hrs | 155 | by Staff reporter
Nkomo blasts Zanu-PF over policy confusion
Zapu leader Sibangilizwe Nkomo has blasted Zanu PF government over policy which he blamed for economic quagmire in the country.In...Published: 22 Oct 2024 at 07:21hrs | 567 | by Stephen Jakes
Billions 'wiped off' Zimbabwe banks
Bankers in Zimbabwe have attributed a significant downturn in revenues to frequent changes in the country's functional currency, as first-half financial statements revealed a staggering loss of billio...Published: 18 Oct 2024 at 12:28hrs | 1427 | by Staff reporter
Zimbabwe is undermining the ZiG by overspending
Zimbabwe's new gold-backed currency is likely being undermined by the state tapping the central bank for funding and selling Treasury bills to pay for its overspending, Imara Asset Management said....Published: 18 Oct 2024 at 08:54hrs | 1264 | by Staff reporter
ZiG devaluation amid rising gold prices raises lots of questions
Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi faced tough questions in Parliament on Wednesday regarding the recent devaluation of the Zimbabwe Gold currency (ZiG) despite soaring ...Published: 18 Oct 2024 at 08:47hrs | 256 | by Staff reporter
Mnangagwa's adviser says ZiG is 'doomed', warns RBZ Governor
Local economist and adviser to President Emmerson Mnangagwa, Eddie Cross, has issued a stark warning to Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu, cautioning that the country's new Zim...Published: 15 Oct 2024 at 18:10hrs | 5661 | by Staff reporter
Zimbabwe government's continued web of lies on ZiG gold-backing exposed!
Yesterday's statement, in a ZBC interview, by Reserve Bank of Zimbabwe Governor John Mushayavanhu has sparked confusion regarding the country's new currency, the Zimbabwean Gold (ZiG). The gov...Published: 11 Oct 2024 at 08:32hrs | 2294 | by Tendai Ruben Mbofana
Gold reserves backing ZiG rise
The Reserve Bank of Zimbabwe (RBZ) has reassured the public of continued exchange rate stability, with gold reserves backing the Zimbabwe Gold (ZiG) currency now valued at over US$450 million, up from...Published: 10 Oct 2024 at 18:50hrs | 6231 | by Staff reporter
Zimbabwe retailers make a case for multi-currency continuation
Retailers in Zimbabwe have urged the Reserve Bank of Zimbabwe (RBZ) to extend the multi-currency regime as official policy until 2030, warning that any abrupt move towards full dollarisation could sev...Published: 07 Oct 2024 at 07:52hrs | 1041 | by Staff reporter
'ZiG defence plan doomed'
The introduction of Zimbabwe's gold-backed currency, Zimbabwe Gold (ZiG), has faced a series of severe setbacks, pushing the economy deeper into turmoil, according to a new report by the Confederation...Published: 05 Oct 2024 at 16:35hrs | 2638 | by Staff reporter
Zimbabwe bankers warn of price increases
Bankers in Zimbabwe are raising alarms about potential price increases and shortages of basic commodities following the recent devaluation of the Zimbabwe Gold (ZiG) by over 40% by the Reserve Bank of...Published: 03 Oct 2024 at 08:56hrs | 299 | by Staff reporter
BAZ, central bank meet over policy interventions
The Bankers Association of Zimbabwe (BAZ) held a crucial meeting with the Reserve Bank of Zimbabwe (RBZ) governor, Dr. John Mushayavanhu, on Monday to address key policy changes from the Monetary Poli...Published: 03 Oct 2024 at 08:44hrs | 54 | by Staff reporter
Zimbabwe's currency conundrum: Meagre gold reserves can't sustain the ZiG
Today, during his State of the Nation Address (SONA), President Emmerson Dambudzo Mnangagwa announced that the government would set aside 50% mineral royalties to shore up the local currency. ...Published: 02 Oct 2024 at 20:53hrs | 2931 | by Tendai Ruben Mbofana
MPs demand explanation from Mthuli Ncube
WEDZA North MP Itai Ndudzo has formally demanded that Finance Minister Mthuli Ncube provide a ministerial statement addressing the recent devaluation of Zimbabwe's new gold-backed currency, the Zimbab...Published: 02 Oct 2024 at 07:57hrs | 1240 | by Staff reporter
Zimbabwe shops impose limits amid panic-buying?
Some shops across Zimbabwe have imposed "one item per person" rules for products such as milk to fend off panic-buying triggered by a new loss of faith in the country's latest currency.Last we...Published: 02 Oct 2024 at 07:57hrs | 1181 | by Staff reporter
Zimbabwe retailers rejects forced de-dollarisation
Zimbabwean retailers have issued a stark warning to the government regarding the potential consequences of de-dollarising the economy, cautioning that such a move could have catastrophic effects. This...Published: 02 Oct 2024 at 07:55hrs | 728 | by Staff reporter
Supermarkets, vendors reject ZiG
In a significant economic shift, supermarkets, vendors, commuter omnibus operators, and tuckshops across Zimbabwe have stopped accepting payments in the local ZiG currency. This decision follows Reser...Published: 01 Oct 2024 at 09:10hrs | 1296 | by Staff reporter
RBZ raises bank policy rate to 35%
The Reserve Bank of Zimbabwe (RBZ) has announced significant measures to tackle resurgent exchange rate volatility and mitigate inflationary pressures. Effective immediately, the bank policy rate has ...Published: 27 Sep 2024 at 15:29hrs | 1310 | by Staff reporter
Zimbabwe urged to ditch 'command' exchange rate
The government of Zimbabwe is facing increasing pressure to abandon its "command" exchange rate for the Zimbabwe Gold (ZiG) currency, introduced in April, as businesses struggle to cope with currency ...Published: 25 Sep 2024 at 09:21hrs | 3966 | by Staff reporter
Zimbabwe central bank bites back
This year, authorities in Zimbabwe have recorded over 1,100 cases of debit card abuse linked to backstage black market dealers, highlighting the ongoing challenges of a protracted currency crisis. The...Published: 20 Sep 2024 at 09:35hrs | 6163 | by Staff reporter
Mnangagwa's govt paying lip service to ZWG
In a critical assessment of Zimbabwe Gold (ZWG), industry experts predict that the future post-mortem will reveal the government's own policies as the primary culprit behind the currency's struggles. ...Published: 20 Sep 2024 at 08:02hrs | 460 | by Staff reporter
Zimbabwe injects US$64m into foreign currency market
The Reserve Bank of Zimbabwe (RBZ) has injected US$64 million into the foreign exchange market in response to a growing demand for hard currency, ensuring that all bona fide foreign currency applicati...Published: 20 Sep 2024 at 07:49hrs | 240 | by Staff reporter
ZiG currency another scam
Introducing new currency every time and again is not the panacea to the challenges that the country is currently facing.The issue of currency needs a lot of input and everyone's heads on the d...Published: 19 Sep 2024 at 20:57hrs | 3765 | by Leonard Koni
World Bank says Zimbabwe needs economic stability to advance debt talks
Zimbabwe needs an uninterrupted period of macroeconomic stability of at least 12 months to help advance debt talks with international creditors over $21 billion it owes, the World Bank said.Ha...Published: 17 Sep 2024 at 06:52hrs | 408 | by Staff reporter
Chinese investors elbow out local chrome miners
An investigation has revealed that the Zimbabwe Mining and Alloy Smelting Company (Zimasco) has replaced around 150 small-scale chrome miners with Chinese investors, raising concerns about discriminat...Published: 10 Sep 2024 at 07:27hrs | 206 | by Staff reporter
RBZ predicts further Zimbabwe economic downturn
The Reserve Bank of Zimbabwe (RBZ) has revised its 2024 economic growth forecast down to 2%, citing the severe drought's impact on economic activity. This is a sharp decline from earlier estim...Published: 06 Sep 2024 at 14:42hrs | 2580 | by Staff reporter
Zimbabwe Central Bank issues revised forex market guidelines
The Reserve Bank of Zimbabwe (RBZ), through its Exchange Control department, has issued updated guidelines and compliance parameters for the interbank foreign exchange market, emphasizing the limitati...Published: 04 Sep 2024 at 07:46hrs | 126 | by Staff reporter
RBZ makes U-turn
The Reserve Bank of Zimbabwe (RBZ) has announced that holders of non-negotiable certificates of deposit (NNCDs) will now receive tradable government bonds. This decision comes in response to pressure ...Published: 03 Sep 2024 at 15:45hrs | 27514 | by Staff reporter
Zimbabwe central bank injects US$190 million to meet forex demand
Zimbabwe's central bank has injected US$190 million into the foreign-exchange market to meet demand for dollars and maintain economic stability since the introduction of a new bullion-backed currency,...Published: 03 Sep 2024 at 14:37hrs | 465 | by Staff reporter
Zimbabwe central bank says it's intervening in foreign exchange market
Zimbabwe's central bank said it's "strategically intervening" in the foreign-exchange market to meet demand for dollars among lenders amid a slump in the nation's bullion-backed currency.The i...Published: 31 Aug 2024 at 11:14hrs | 628 | by Staff reporter
RBZ exempts transactions less than US$10 from bank charges
Starting from 1 September 2024, the Reserve Bank of Zimbabwe (RBZ) will exempt electronic transactions under US$10 (or the ZiG equivalent) from bank charges. This move aims to encourage the use of ele...Published: 31 Aug 2024 at 11:13hrs | 135 | by Staff reporter
'ZiG acceptance rate reaches 91%'
Zimbabwe's local currency, ZiG, has seen a significant boost in public confidence, with acceptance rates soaring to 91% from 61% since its launch in April 2024, according to Reserve Bank of Zimbabwe G...Published: 31 Aug 2024 at 11:12hrs | 1786 | by Staff reporter
Mnangagwa must fire Mthuli, Mushayavanhu & Guvamatanga, says Zanu-PF activist
South African-based Zanu-PF supporter Kudzai Mutisi has urged President Emmerson Mnangagwa to remove Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube, the Ministry's per...Published: 22 Aug 2024 at 14:59hrs | 3800 | by Staff reporter
RBZ has no plans to grab foreign currency received from diaspora
The Reserve Bank of Zimbabwe (RBZ) has dismissed rumors that it plans to forcefully withhold all foreign currency from diaspora remittances. This follows a viral vid...Published: 17 Aug 2024 at 12:53hrs | 1360 | by Staff reporter
Boost for ZiG as gold deliveries soar
Zimbabwe saw a significant increase in gold deliveries in July, driven mainly by contributions from artisanal and small-scale miners. Deliveries surged by 33% to 3,495 kg from 2,618 kg in June...Published: 11 Aug 2024 at 18:33hrs | 345 | by Staff reporter
Zimbabwe Central Bank says usage of ZiG has doubled
The use of Zimbabwe's bullion-backed currency has doubled since it was launched in early April, central bank Governor John Mushayavanhu told the country's Sunday Mail newspaper.The ZiG is now ...Published: 31 Jul 2024 at 07:07hrs | 915 | by Staff reporter
ZiG acceptance grows across Zimbabwe economy
The Reserve Bank of Zimbabwe (RBZ) has observed a growing acceptance of the local currency, ZiG, by both businesses and individuals, which aligns with the central bank's efforts to stabilize the econo...Published: 24 Jul 2024 at 08:54hrs | 2080 | by Staff reporter
ZiG tames inflation in Zimbabwe
Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu informed a Parliamentary committee that the new ZiG currency, introduced in April's Monetary Policy Statement, has stabilized the exchange rate ...Published: 23 Jul 2024 at 07:14hrs | 966 | by Staff reporter
Zimbabwe's currency will remain fully backed by gold reserves
Zimbabwe's government will stick to what it promised when it launched a new currency in April by ensuring it remains fully backed by reserves, the central bank governor told Reuters on Wednesday, addi...Published: 18 Jul 2024 at 09:20hrs | 748 | by Staff reporter
Why Zimbabwe should break free from the US dollar's grip
Government Up Close"Normalcy is that a country must have its own currency," President Mnangagwa is on record highlighting this fact.Some people have argued that one of the gravest fina...Published: 11 Jul 2024 at 14:10hrs | 61 | by Nick Mangwana
Government's ZWL$1 billion debt cripples Zimpapers operations
The country's largest multimedia group, Zimpapers Limited is owed in excess of ZWL$1 billion by government departments and ministries, parliament has been told, a situation that has crippled its opera...Published: 09 Jul 2024 at 06:21hrs | 10 | by Staff reporter
John II's mission impossible to save Zimbabwe economy clocks 100 days
Zimbabwe's new central bank Governor John Mushayavanhu has done the seemingly impossible in his first 100 days - created a stable currency and tamed price pressures in a nation that's been a poster-ch...Published: 08 Jul 2024 at 11:06hrs | 6 | by Staff reporter
John II tames Zimbabwe currency turmoil
Zimbabwe's new central bank Governor John Mushayavanhu has done the seemingly impossible in his first 100 days - created a stable currency and tamed price pressures in a nation that's been a poster-ch...Published: 07 Jul 2024 at 11:54hrs | 2 | by Staff reporter
Reserves backing Zimbabwe's ZiG shoot to US$370 million
Prices of goods and services in Zimbabwe are expected to remain stable, thanks to increased cash and mineral reserves backing the new currency, Zimbabwe Gold (ZiG). These reserves have risen from US$2...Published: 07 Jul 2024 at 10:34hrs | 76 | by Staff reporter
Mnangagwa fires Guvamatanga, then changes mind
President Emmerson Mnangagwa sacked finance secretary George Guvamatanga last week but then had a change of heart after he made a groveling apology, and following further representations by chief cabi...Published: 01 Jul 2024 at 10:56hrs | 9 | by Staff reporter
Mushayavanhu discards ZiG banknotes with Mangudya's signature
The Reserve Bank of Zimbabwe (RBZ), under new governor John Mushayavanhu, destroyed millions' worth of Zimbabwe Gold (ZiG) banknotes that had been printed with the signature of his predecessor, John M...Published: 01 Jul 2024 at 10:29hrs | 10 | by Staff reporter
IMF says Zimbabwe's economy continues to show resilience
In light of new policy developments, an International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski conducted a second mission to Harare during June 18-27, 2024, to conclude the 2024 ...Published: 28 Jun 2024 at 13:01hrs | 4 | by Staff reporter
Load More Stories
