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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 | 1266 | by Staff reporter
Zimbabwean multimillionaire changing lives in the UK
AS the elections in Zimbabwe approach, I am speaking with one of the millions from that country in greener pastures far from home.Despite the enduring difficulties of her homeland, Guernsey-ba...Published: 31 Jul 2023 at 06:51hrs | 12 | by Staff reporter
Why Mnangagwa failed to improve Zim's economic prospects
IT is now more than five years since President Emmerson Mnangagwa assumed power with a mandate from his backers to improve the country's economic fortunes, the nemesis of his predecessor, Robert Gabri...Published: 29 Jun 2023 at 06:29hrs | 12 | by Martin Majaji
Scammers bleed Natfoods US$6m
IN what could be one of the biggest cybercrimes ever reported in the country, National Foods, a local manufacturer and marketer of food products, lost over US$6 million to criminals who hacked into it...Published: 21 May 2023 at 08:03hrs | | by Staff reporter
Mnangagwa's govt turns to Treasury bills, bonds
THE cash-strapped government is likely to print money to finance its $575,5 billion budget deficit, economic analysts warned yesterday after Finance minister Mthuli Ncube announced next year's $4,5 tr...Published: 25 Nov 2022 at 05:12hrs | | by Staff reporter
Fresh calls to scrap Mthuli Ncube tax
ZIMBABWE'S 2% intermediated money transfer tax (IMMT) is the highest charge on electronic transactions across Africa and should be scrapped because it affects the poor more, non-governmental organisat...Published: 16 Sep 2022 at 06:08hrs | | by Staff reporter
RBZ releases only 2 000 gold coins
THE Reserve Bank of Zimbabwe (RBZ) yesterday released 2 000 Mosi-oa-Tunya gold coins worth US$3,6 million onto the market and indicated that it would introduce smaller denominations to cater for the l...Published: 26 Jul 2022 at 06:40hrs | 9 | by Staff reporter
'RBZ risks litigation over rates'
THE Reserve Bank of Zimbabwe (RBZ) violated the in duplum rule by increasing the bank interest rate to 200% from 80% with indications that the market could be bracing for more economic shocks and liti...Published: 15 Jul 2022 at 09:12hrs | | by Staff reporter
AfDB to lead Zimbabwe debt clearance roadmap
AFRICAN Development Bank (AfDB) president Dr Akinwumi Adesina has formally accepted President Mnangagwa's request to lead Zimbabwe's debt clearance strategy, which is key for Harare to unlock fresh fu...Published: 13 Jul 2022 at 07:17hrs | 10 | by Staff reporter
Monetary policy inconsistency sinking economy
On the 17th of May 2022, the Reserve Bank of Zimbabwe (RBZ) issued a circular cancelling the order announced by the head of state on the suspension of bank lending one week earlier. The head of state ...Published: 08 Jun 2022 at 07:19hrs | | by Victor Bhoroma
European Investment Bank warms up to Zimbabwe
The European Investment Bank (EIB) has availed about €40m to Zimbabwe banks within a year, which will go towards bailing out the country's SMEs and mid-cap companies, in a vote of confidence in the ...Published: 02 Jun 2022 at 09:04hrs | | by Staff reporter
Retail outlets ration basic commodities as Zimdollar weaken
THE United States Agency for International Development (USAid) food security arm says some wholesale and retail outlets are rationing scarce foodstuffs, as the Zimbabwe dollar continues to depreciate....Published: 02 Jun 2022 at 06:52hrs | 7 | by Staff reporter
Mnangagwa's 'paranoid' measures roundly condemned
VARIOUS stakeholders and experts roundly condemned economic stabilisation measures introduced by President Emmerson Mnangagwa to "stop economic hitmen" from sabotaging his under-fire administration....Published: 11 May 2022 at 09:16hrs | 6 | by Staff reporter
Zimbabwe's central bank clarifies lending directive
The central bank says the suspension of lending by banks to government and private institutions announced by President Emmerson Mnangagwa at the weekend will include micro-financial institutions....Published: 11 May 2022 at 09:13hrs | 2 | by Staff reporter
RBZ extends loan ban to individuals, corporates
THE Reserve Bank of Zimbabwe (RBZ) has extended the suspension of lending of both local and foreign currency units by an array of financial institutions to also cover corporates and individuals....Published: 11 May 2022 at 09:10hrs | | by Staff reporter
Failure to compensate white farmers will result in Zimbabwe debt ballooning; IMF warns
ZIIMBABWE's failure to compensate white former farmers as per agreement will result in the country's public debt bulging, the International Monetary Fund (IMF) has warned.The Bretton woods ins...Published: 11 Apr 2022 at 07:56hrs | | by Staff reporter
Zimbabwe debt burden to worsen, claims IMF
THE International Monetary Fund (IMF) has warned that Zimbabwe's debt burden will worsen considerably due to the country's inability to compensate its displaced white former farmers, and the Reserve B...Published: 11 Apr 2022 at 06:34hrs | | by Staff reporter
RBZ to double down in inflation fight
Reserve Bank of Zimbabwe (RBZ) will deploy various monetary tools at its disposal to stem out rampant "market indiscipline" that it believes is driving price increases.Market indiscipline, the...Published: 03 Apr 2022 at 08:20hrs | | by Staff reporter
CABS surplus doubles as lending rebounds
A RISE in non-interest income as loans went up at CABS, one of the country's biggest building societies, inspired a 130% increase in surplus in inflation adjusted terms for the year to December 2021, ...Published: 31 Mar 2022 at 08:53hrs | | by Staff reporter
Zimbabwe wallows in debt distress
ZIMBABWE has reached a critical moment in terms of its debt obligations as serious violations of constitutional provisions of public finance management continue unsolved.Deliberation at this w...Published: 28 Mar 2022 at 06:49hrs | | by Staff reporter
Innscor shells US$70m on expansion
ZIMBABWE Stock Exchange-listed blue-chip, Innscor Africa Limited, has injected about US$70 million to consolidate its expansion operations, according to the group's chairperson, Addington Chinake....Published: 23 Nov 2021 at 05:58hrs | 9 | 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 | 8 | by Staff reporter
Zimbabwe foreign currency receipts jump to US$5bn
ZIMBABWE'S foreign currency receipts have risen by 32 percent to US$5,09 billion in the last eight months against US$3,85 billion received in the corresponding period last year. The bulk of th...Published: 09 Sep 2021 at 06:11hrs | 7 | by Staff reporter
Mthuli Ncube to launch US$ bond on VFEX
WITH the Victoria Falls Stock Exchange (VFEX) being one of the innovation reforms meant to support the process of financial deepening, Government is working on launching a US$ bond and list it on the ...Published: 05 Sep 2021 at 06:58hrs | | 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 | 6 | by Staff reporter
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 | 1 | by Staff reporter
Eradicating extreme poverty critically essential
The World Bank Economic Update on Zimbabwe released in June 2021 contains some worrying trends on the increase in extreme poverty in the country. The report points that the number of extremely poor re...Published: 29 Jul 2021 at 13:27hrs | 10 | by Victor Bhoroma
'Give AG power to prosecute, enforce accountability,' says Moyo
FORMER State Enterprises and Parastatals minister Gorden Moyo has called on Zimbabwe to change its statutes and ensure that the country's Auditor-General's Office is bestowed with prosecuting powers t...Published: 27 Jul 2021 at 07:13hrs | | by Staff reporter
RBZ raises $380m in TBs
The Reserve Bank of Zimbabwe (RBZ) last week raised $380 million through Treasury Bills (TBs) after it issued a one-year paper that had targeted to raise $400 million.TBs are short-term financ...Published: 03 Jun 2021 at 06:56hrs | 9 | by Staff reporter
Why Zimbabwe must dollarise again
THE Reserve Bank of Zimbabwe (RBZ)'s new Monetary Policy Committee (MPC) hit the ground running on March 26, announcing a raft of policy measures to sustain the fragile stability that has seen inflati...Published: 15 Apr 2021 at 07:32hrs | 7 | by Taurai Mangudhla
Reprieve for Command Agric 'looters'
Farmers under Command Agriculture who failed to repay their loans at the end of last season owing to drought and the Covid-19-induced national lockdown, have been granted a huge relief after Governmen...Published: 05 Apr 2021 at 07:50hrs | | by Staff reporter
Man swindles bank clients through system malfunction
A HARARE man yesterday appeared in court for swindling CABS Bank clients of $533 000 after taking advantage of a system malfunction at the financial institution.The suspect, Israel Magate (31)...Published: 24 Mar 2021 at 06:40hrs | | by Staff reporter
RBZ warns banks
The Reserve Bank of Zimbabwe (RBZ) has warned banks which offer overdrafts to companies to buy foreign currency from the auction system saying such a move creates speculation in the market and promote...Published: 18 Mar 2021 at 06:42hrs | | by Staff rpeorter
'Banks complicit in forex fraud'
A RESERVE Bank of Zimbabwe (RBZ) statement released yesterday exposed how banks have sidestepped central bank policies to help companies access foreign currency without enough reserves to fund their b...Published: 18 Mar 2021 at 05:48hrs | | by Staff reporter
Zimbabwe govt treasury surplus exceeds $6bn
Public finances have been in perfect health for a good period now, amid revelations that Treasury has maintained surpluses in excess of $6 billion on its accounts at the Reserve Bank of Zimbabwe (RBZ)...Published: 28 Feb 2021 at 10:30hrs | | by Staff reporter
Govt probes $25bn mobile money scam
Prosecutions on a wide range of financial crimes are likely as investigations continue inside and outside Zimbabwe into the huge pool of unregulated liquidity estimated at $25 billion created within t...Published: 23 Jan 2021 at 06:20hrs | 1 | by Staff reporter
Zimbabwe slides deeper into debt distress
ZIMBABWE'S total external debt rocketed by US$106 million to US$8,2 billion at the end of September, throwing the economy into further debt distress, according to Finance minister Mthuli Ncube....Published: 27 Nov 2020 at 07:05hrs | | by Staff reporter
Treasury records $5.39 billion deficit in July
Government incurred a deficit of $549.95 million in the seven months to July, missing a targeted surplus of $2.02 billion after higher expenses mainly due to the payment of Covid-19 risk allowances to...Published: 11 Nov 2020 at 14:03hrs | | by Staff reporter
Farms deal 'complicates' Zimbabwe crisis
A LANDMARK deal recently inked between white former commercial farmers and the government of Zimbabwe will make it difficult for the country to repay debts, negotiate fresh lines of credit and ask for...Published: 11 Oct 2020 at 08:13hrs | | by Staff Reporter
Mthuli Mthuli denies policy consistency reports
FINANCE minister Mthuli Ncube yesterday denied that there were policy inconsistencies in the country, claiming his austerity measures were simply "reforms" aimed at bringing back stability to the econ...Published: 17 Sep 2020 at 06:06hrs | | by Staff reporter
Zimbabwean tycoon in messy divorce
A Zimbabwe-born millionaire-cum-politician has been held in contempt of court for owing about 1323 000 in child maintenance in a divorce settlement matter. The man, who cannot be named to prot...Published: 09 Sep 2020 at 20:03hrs | | by Staff reporter
Mangudya's Treasury Bills get massive investor thumbs up
THE Reserve Bank of Zimbabwe (RBZ) said on Friday it received offers amounting to double the ZWL$60 million it sought to raise through treasury bills (TBs) it put to tender last week. The cent...Published: 26 Aug 2019 at 06:56hrs | | by Staff reporter
Zimbabwe cash crisis spirals out of control
IT is an August morning in Harare. Winter winds are blowing cold. Samuel braves the cold, wakes up at 3am from his Kuwadzana home and treks to the central business district to look for cash at the ban...Published: 15 Aug 2019 at 07:28hrs | | by Staff greporter
Sustaining the Zimdollar
I AM naturally enchanted by the logic, sequence and clarity of a thought process. But l have grown to learn that, quite often, economic plans are elaborately ornamented.The number of economies...Published: 09 Aug 2019 at 15:02hrs | | by Persistence Gwanyanya
Mthuli Ncube's T-Bill auction oversubscribed
ZIMBABWE'S central bank said on Friday its first Treasury Bill auction in seven years, aimed at raising $3,25 million, was oversubscribed more than four times as the government started open market bor...Published: 05 Aug 2019 at 07:44hrs | | by Reuters
'Economy in good stead for growth'
The reforms that have been instituted by Government since September last year to restore sound macro-economic fundamentals have placed the economy on a firm foundation to support sustainable recovery,...Published: 04 Aug 2019 at 10:04hrs | | by STaff reporter
Mthuli Ncube, Mangudya should contend with being unpopular
Finance and Economic Development Minister Professor Mthuli Ncube on Thursday presented a $10,85 billion Supplementary Budget and the 2019 Mid-Term National Budget Review Statement. Themed; "Building a...Published: 03 Aug 2019 at 09:19hrs | | by Staff reporter
Zimbabwe inflation calculation deferred till 2020
ZIMBABWE has suspended calculation and publication of annual inflation rates until February next year to rebase consumer prices indices, after reintroducing local currency, to ensure that the data ref...Published: 02 Aug 2019 at 08:17hrs | 1 | by Staff reporter
Prices of goods set to skyrocket
FINANCE minister Mthuli Ncube yesterday announced a three-fold increase in electricity tariffs and raised tax on fuel imports in addition to raising the cost of obtaining government services in a midt...Published: 02 Aug 2019 at 08:13hrs | | by Staff reporter
Mthuli Ncube piles more misery
FINANCE minister Mthuli Ncube yesterday announced a three-fold increase in electricity tariffs and raised tax on fuel imports in addition to raising the cost of obtaining government services in a midt...Published: 02 Aug 2019 at 08:04hrs | | by Staff reporter
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