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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 | 6 | 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
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
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 | | 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
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
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 | 6 | 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 | 6 | 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 | 4 | 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 | 5 | 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
'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
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
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 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
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 | | by Staff reporter
Banks drags Oppah Muchinguri to court over US$262 000 debt storm
A local banking institution has petitioned Defence Minister Oppah Muchinguri-Kashiri and the director of salary services bureau to garnish the salary of an Air Force officer, Arnold Pullen in a bid to...Published: 09 Jun 2019 at 12:29hrs | | by newzimbabwe
Can Zimbabwe manage to de-dollarize
The Zimbabwean government has indicated that a local currency will be introduced in the next 12 months in a move widely believed to be a precursor to joining the Common Monitory Area (CMA), also refer...Published: 23 Apr 2019 at 15:18hrs | 7 | by Victor Bhoroma
Can Zimbabwe manage to de-dollarise?
THE Zimbabwean government has indicated that a local currency will be introduced in the next 12 months in a move widely believed to be a precursor to joining the Common Monetary Area (CMA), also refer...Published: 19 Apr 2019 at 11:08hrs | | by Victor Bhoroma
Chibuwe High School - Looting, Salaries Not Paid & Financial Mismanagement
We are now coming to the end of the first school term but issues of the disputed AGM remain unresolved . This has resulted in a number of glaring administrative challenges which impact negatively on b...Published: 03 Apr 2019 at 13:33hrs | 10 | by The Village Professor
CBZ: Zimbabwe's best bank in 2018
CBZ Bank has been voted as Zimbabwe's best-performing bank in 2018 by US-based Global Finance Magazine.CBZ Bank, which has an asset base of US$ 2billion and deposits worth $1,8 billion, is con...Published: 17 Mar 2019 at 08:32hrs | | by Staff reporter
RBZ to stabilise exchange rate
The Reserve Bank of Zimbabwe (RBZ) says it has put in place adequate safeguards to ensure stability of exchange rates after the apex bank this week floated the US dollar on the interbank market....Published: 22 Feb 2019 at 10:30hrs | | by Staff reporter
Mthuli Ncube's megaphone economics will not solve Zimbabwe's woes
Finance and Economic Development Minister Mthuli Ncube is in Davos at the World Economic Forum, and as expected he is selling Brand Zimbabwe, projecting that he will bring down inflation from 42% to 1...Published: 25 Jan 2019 at 00:34hrs | 1 | by Staff reporter
Parliament urged to oversee govt spending
PARLIAMENT has to keep strict checks and balances on government expenditure to control the budget deficit, economists have advised.Last week, Finance minister Mthuli Ncube presented his maiden...Published: 27 Nov 2018 at 06:04hrs | | by Staff reporter
Red tape stalls Harare roads rehabilitation
THE resurfacing of roads in Harare under the emergency roads rehabilitation programme has stalled in other parts of the city after contractors pulled out, citing non-payment by the local authority....Published: 26 Nov 2018 at 06:07hrs | | by Staff reporter
Bond notes, US dollar distortions to end soon
Treasury is tightening the noose on fiscal indiscipline which has wiped out the benefits and economic stability brought about by the adoption of a multi-currency regime.There are indications t...Published: 23 Nov 2018 at 14:36hrs | | by Staff reporter
Mthuli Ncube's chance to shine
ALL eyes are on Finance and Economic Development Minister Professor Mthuli Ncube as he presents his 2019 National Budget proposals in Parliament today, the first in the Second Republic. The Bu...Published: 22 Nov 2018 at 05:36hrs | | by Staff reporter
First Capital Bank to focus on growing lending book
First Capital Bank Limited Zimbabwe will focus on aggressive lending going forward to grow its net interest income, its managing director Samuel Matsekete has said.On Tuesday, the bank started...Published: 15 Oct 2018 at 06:29hrs | 1 | by Staff reporter
Govt debt to hit $20 billion by year-end
THE Parliament Budget Office (PBO) expects Zimbabwe's sovereign debt to grow by 8,69% to a record high of $20 billion by year-end, stoked by continuous public borrowings to finance persistent budget d...Published: 01 Oct 2018 at 07:02hrs | | by Staff reporter
NMB promotes growth of SMEs
NMB Bank has urged small to medium sized businesses to take advantage of the advisory and financial services its Small to Medium Enterprises (SME) Banking Unit offers them to help grow their enterpris...Published: 09 Aug 2018 at 09:31hrs | | by Agencies
Cash shortages now Zimbabwe's major election issue
The leader of Zimbabwe main opposition party, Nelson Chamisa, alighted from his car, grabbed a microphone and made a bold promise to scrap bond notes if he wins the July 30 presidential election to st...Published: 24 Jun 2018 at 16:27hrs | | by Staff reporter
Mugabe releases $24 million war chest
FORMER president Robert Mugabe has surrendered $24 million held in a private Zanu-PF bank account with a local commercial bank which does business with government and the ruling party after his ouster...Published: 15 Jun 2018 at 11:55hrs | | by Staff reporter
Mnangagwa administration priorities warped
WHILE the majority of Zimbabweans have to contend with a lack of social service delivery including clean water, health services and access to schools among other essentials, the ruling party Zanu-PF, ...Published: 20 Apr 2018 at 11:14hrs | | by Staff reporter
Mnangagwa's Zimbabwe faces bankruptcy
ZIMBABWE has been named among seven countries destined to go broke by year end if it does not address its basket of economic and financial woes, a United Kingdom-based company has said.Love Mo...Published: 18 Mar 2018 at 08:59hrs | | by Staff reporter
Prices of basic commodities stabilise
The current drop in basic commodity prices was influenced by a marginal decrease of fuel prices but more has to be done to address the deep-seated currency problems in the country, sector representati...Published: 04 Feb 2018 at 09:06hrs | | by Staff reporter
MPs to start receiving outstanding sitting allowances
MEMBERS of Parliament will start receiving part of their outstanding sitting allowances this week after Treasury released $4 million to cater for their welfare.The release of the money follows...Published: 13 Nov 2017 at 05:33hrs | | by Staff reporter
RBZ bans overdrafts
Zimbabwe ditched its own currency in 2009 and adopted a multi-currency regime to escape hyperinflation.THE Reserve Bank of Zimbabwe has instructed local banks to stop offering overdrafts to cu...Published: 05 May 2017 at 07:00hrs | | by Staff reporter
Zimbabwe should embrace entrepreneurship development for major survival and economic growth
We have no option for economic turnaround as Zimbabweans except to go for entrepreneurship skills and ideas. We need to be moderate and level headed interms of the way we embrace and approach economic...Published: 14 Mar 2017 at 14:51hrs | | by Tinashe Eric Muzamhindo
Ingwebu Breweries in trouble
THE Bulawayo Municipal Commercial Undertaking-run Ingwebu Breweries has been thrown into turmoil amid revelations that the brewery is on the brink of collapse due to alleged mismanagement and corr...Published: 05 Feb 2017 at 07:27hrs | 1 | by Staff reporter
Bond notes effects: Stanbic Bank panics, drafts new terms of agreements
Stanbic Bank has moved swiftly to amend terms of agreements with its clients due to uncertainty over bond notes.The controversial bond notes are due to be introduced this month.Stanbic...Published: 02 Nov 2016 at 11:50hrs | | by Thobekile Zhou
Zesa corruption scandal deepens, Wicknell Chivayo involved
CORRUPTION-RIDDEN Zimbabwe Electricity Supply Authority (Zesa) is embroiled in a fresh tender scandal in which convicted fraudster Wicknell Chivayo was awarded another US$113 million deal on top his s...Published: 19 Aug 2016 at 08:20hrs | 1 | by Staff reporter
MDC-T MP Chamisa questions the legality of the introduction of bond notes
The MDC-T MP for Kuwadzana, Nelson Chamisa has questioned the legality of the Reserve Bank of Zimbabwe Governor John Mangudya's legality in announcing the policy on bond notes backed by th...Published: 17 May 2016 at 06:35hrs | | by Stephen Jakes
Residents block council from $500 000 borrowing
Residents of Gwanda have objected to a Municipality Of Gwanda $500 000 borrowing powers. The cash strapped Municipality recently ran a series of adverts in the local media proposing to borrow ...Published: 26 Jan 2016 at 20:08hrs | | by Staff Reporter
Zanu-PF expenditure is at 195% of revenue
THE ruling Zanu-PF party continues to sink deeper into debt, with a central committee report released this week which reviewed the party's performance between 2014 and 2015 revealing its liabilities h...Published: 12 Dec 2015 at 16:20hrs | | by Staff reporter
Motion moved by senator Tholakele Khumalo in the Zimbabwean upper house
MOTION ON THE NEED FOR GOVERNMENT TO COME UP WITH STRATEGY TO BAIL UP THE VARIOUS BANKS' AND LENDING INSTITUTIONS' DEBTORS: MOVED BY SENATOR: DORO...Published: 23 Feb 2015 at 15:19hrs | | by Staff Reporter
Broke Zanu-PF owes over $11 million
ZANU PF is broke and owes creditors over $11 million as debts and other financial woes continue to mount for the ruling party, it has emerged.According to the Central Committee Report tabled b...Published: 06 Dec 2014 at 07:27hrs | | by Staff Reporter
Mutasa scoffs at Mugabe criticism
Zanu-PF secretary for administration, Didymus Mutasa, yesterday scoffed at criticism levelled against him by President Robert Mugabe following the chaotic preparations to the Zanu-PF youth and wom...Published: 17 Aug 2014 at 20:13hrs | | by Staff reporter
Govt to cut salaries of senior parastatal and council executives
The Cabinet Committee on State Enterprises and Local Authorities has resolved that the outrageous salaries of senior parastatal and council executives be adjusted to align them with productivity....Published: 16 Mar 2014 at 06:32hrs | | by Tinashe Farawo
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