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Zanu-PF MPs cry foul over forex accounts
Zanu-PF legislators say they are finding it increasingly difficult to conduct business because banks are rejecting their applications for foreign currency-dominated accounts citing sanctions by wester...Published: 8 hrs ago | 1005 | 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: 8 hrs ago | 421 | by Staff reporter
'Zanu-PF MPs blocking from opening nostro accounts'
BUHERA South MP, Joseph Chinotimba says he and some other Zanu-PF officials were struggling to find a bank that could allow them to open nostro accounts due to sanctions imposed on them by the United ...Published: 8 hrs ago | 177 | 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 | 3241 | by Taurai Mangudhla
Ex-RBZ guards back at court
The labour dispute pitting the Reserve Bank of Zimbabwe (RBZ) and security guards it retrenched nine years ago is back at the Labour Court, for the second time in four years, with the former workers d...Published: 13 Apr 2021 at 06:23hrs | 240 | by Staff reporter
'Funeral insurers overcharge clients'
Zimbabwe's funeral insurance players may be overcharging clients, the latest sector report from the Insurance and Pensions Commission suggests. The regulator has noted significant incongruity between ...Published: 13 Apr 2021 at 06:21hrs | 406 | by Staff reporter
We're coming for you: Mnangagwa warns financial sector sharks
GOVERNMENT is going to decisively deal with sharks in the financial sector who are profiteering at the expense of the public, President Mnangagwa has said. In an interview ahead of the country...Published: 12 Apr 2021 at 06:56hrs | 741 | 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 | 725 | by Staff reporter
Zimdollar maintains stability
THE Zimbabwe dollar continues to maintain stability on the official weekly foreign currency exchange auction system with marginal fluctuations against the greenback exhibiting market confidence in the...Published: 08 Apr 2021 at 08:42hrs | 596 | by Staff reporter
Zera opens fuel import licence applications
THE Zimbabwe Energy Regulatory Authority (Zera) is now accepting applications for fuel importation licences for 2021, outlawing 2019 fuel procurement licences that were still in use.In a state...Published: 05 Apr 2021 at 16:55hrs | 345 | by Staff reporter
'Zimbabwe hurtling towards stagflation'
LAST week the CEO Africa Roundtable (CEOART) gathered some of Zimbabwe's best economists and industrialists to digest economic developments during the first quarter of 2021. What came out of the summi...Published: 04 Apr 2021 at 09:44hrs | 536 | by Staff reporter
ZCTU slams businesses for double dealing
THE Zimbabwe Congress of Trade Unions (ZCTU) has slammed some local businesses for enjoying access to foreign currency at the official rate while unfairly pricing their goods and services using parall...Published: 04 Apr 2021 at 09:01hrs | 104 | by Staff reporter
'Whipping system gags MPs'
THE whipping system in Parliament has deterred MPs from exercising their oversight role, rendering them ineffective in probing the Executive over opaque loan guarantees and quasi-fiscal activities by ...Published: 02 Apr 2021 at 09:19hrs | 99 | 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 | 961 | by Staff reporter
Mobile money transactions drop 23%
The total number of mobile money transactions processed in 2020 went down by 23 percent to record $1,5 billion from $1,96 billion recorded in 2019 as active mobile money subscriptions also took a dip....Published: 01 Apr 2021 at 06:58hrs | 274 | by Staff reporter
AfDB pegs Zimbabwe growth at 4,2%
ZIMBABWE'S economy contracted by 10% last year and is envisaged to grow by 4,2% in 2021 if effective measures are taken to stabilise foreign exchange and avoid excessive money creation, the African De...Published: 29 Mar 2021 at 06:26hrs | 350 | 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 | 1925 | by Staff reporter
800 companies benefit from Foreign Currency Auction
Close to 800 companies have benefited from the weekly Foreign Currency Auction Trading System where a total of US$639,5 million has been allotted since the introduction of the platform in June last ye...Published: 25 Mar 2021 at 05:36hrs | 212 | by Staff reporter
RBZ raps pharmaceutical secor for abusing forex
The pharmaceutical industry is abusing foreign currency auctions privileges by selling imported drugs using black market rates, and the Reserve Bank of Zimbabwe does not have the legal powers to stop ...Published: 23 Mar 2021 at 06:11hrs | 204 | by Staff reporter
Govt probes fuel companies
THE government has ordered a probe into oil companies accused of abusing a Reserve Bank of Zimbabwe (RBZ) foreign currency facility that allows them to secure fuel - but which they are now allegedly s...Published: 22 Mar 2021 at 15:40hrs | 480 | by Staff reporter
Govt probes RBZ Zimdollar fuel facility abusers
GOVERNMENT has launched investigations to ascertain whether the Reserve Bank of Zimbabwe facility to avail foreign currency to oil companies to procure fuel was not being abused.This was revea...Published: 22 Mar 2021 at 06:15hrs | 1891 | by Staff reporter
RBZ, tobacco transporters strike forex deal
The Reserve Bank of Zimbabwe (RBZ) has given the Tobacco Transporters Trust of Zimbabwe (TTTZ) a green light to charge for their services in United States dollars, a few weeks after logistics firms wa...Published: 22 Mar 2021 at 06:13hrs | 635 | by Staff reporter
Switch of bank accounts to Zimdollars valid, Supreme Court rules
Sums in accounts denominated in US dollars were legally converted to sums denominated in Zimbabwe dollars in terms of a Reserve Bank of Zimbabwe directive when the local currency was reintroduced, the...Published: 19 Mar 2021 at 05:58hrs | 806 | 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 | 3002 | 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 | 958 | by Staff reporter
Govt extends suspension of fungibility of Old Mutual and PPC shares
Finance and Economic Development Minister Professor Mthuli Ncube, has extended the suspension of financial services giant Old Mutual and cement maker PPC's fungibility by another 12 months. In...Published: 16 Mar 2021 at 06:20hrs | 349 | by Staff reporter
'Banks must pay interest on deposits'
THE Zimbabwe Coalition on Debt and Development (Zimcodd) has rejected claims by banks that they cannot pay interest on deposits because they are not making profit, arguing domestic financial instituti...Published: 11 Mar 2021 at 06:26hrs | 1924 | by Staff reporter
RBZ allays money supply growth fears
GOVERNMENT needs $60 billion to buy maize from farmers this marketing season but this will not trigger money supply growth in the economy, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has ...Published: 11 Mar 2021 at 06:13hrs | 351 | by Staff reporter
RBZ issues $400 million Treasury Bills
THE Reserve Bank of Zimbabwe (RBZ) is seeking to raise $400 million through the issuance of 270-day Treasury Bills to fund Government programmes and cashflow management. The Central Bank float...Published: 10 Mar 2021 at 05:50hrs | 285 | by Staff reporter
Central bank and monetary policy independence
The government of Zimbabwe recently dissolved the inaugural Monetary Policy Committee (MPC) that had been appointed in September 2019 and swiftly appointed a new team to fill up the void. The committe...Published: 09 Mar 2021 at 22:34hrs | 473 | by Victor Bhoroma
RBZ shuts out undisciplined businesses
THE Reserve Bank of Zimbabwe (RBZ) says it is moving in to flush out unscrupulous businesses participating at the weekly Foreign Currency Trading System over their indisciplined behaviour. The...Published: 09 Mar 2021 at 06:20hrs | 929 | by Staff reporter
Ex-top banker speaks on daring escape
NMBZ Holdings founder James Mushore has spoken of how he evaded arrest and fled to exile over a decade ago after being accused of externalising foreign currency.Mushore (JM) told Alpha Holding...Published: 07 Mar 2021 at 08:12hrs | 2085 | by Staff reporter
What Zimbabweans must know about Retail Forex Trading
The forex market is the largest financial market in the world surpassing even the global stock markets. The BIS triennial survey of 2019 states that the global forex market generates nearly 6.6 trilli...Published: 06 Mar 2021 at 05:21hrs | 621 | by Staff writer
Zimbabwe's gold loses glitter
Zimbabwe's gold export receipts plummeted 46% to record US$53.1m in January 2021 from US$98.1m during the same month last year due to delays in payments and heavy rains, the Reserve Bank (RBZ) has sai...Published: 05 Mar 2021 at 17:44hrs | 822 | by Staff reporter
Zera board flies into fuel storm
THE new Zimbabwe Energy Regulatory Authority (Zera) board received a baptism of fire at its first meeting with oil firms on February 18, as indigenous operators rejected a requirement to raise a ZW$30...Published: 05 Mar 2021 at 06:59hrs | 1661 | by Staff reporter
Ex-RBZ advisors under fire
THE Zimbabwe National Chamber of Commerce (ZNCC) has slammed the Reserve Bank of Zimbabwe (RBZ)'s "underachieving" outgoing monetary policy committee (MPC) saying it lacked depth and expertise to driv...Published: 05 Mar 2021 at 06:57hrs | 1870 | by Staff reporter
Mnangagwa's govt issues ZW$750m fresh guarantees
GOVERNMENT has undertaken to guarantee public and private financial institutions including the Infrastructural Development Bank of Zimbabwe (IDBZ) for debts accrued through the floatation of a series ...Published: 05 Mar 2021 at 06:55hrs | 396 | by Staff reporter
Corrupt firms banned from the forex auction
GOVERNMENT has suspended 12 companies allegedly involved in transfer pricing from the foreign exchange auction system on suspicion they channel part of the funds from the auction to the parallel marke...Published: 05 Mar 2021 at 06:36hrs | 951 | by Staff reporter
'Will be a friend of West, they disgruntled with our land reform' - povo, not West, are ones dying for change
"I would like to be a friend of all and an enemy of none," announced Zimbabwe's new Minister of Foreign Affairs, Dr Fredrick Shava, after taking his oath of office."We are going to try our bes...Published: 04 Mar 2021 at 10:34hrs | 1081 | by Nomusa Garikai
Medium-scale commercial farming in Zimbabwe post-land reform programme: A new picture is emerging
WE have a new open access paper out in the Journal of Modern African Studies "Medium-scale commercial agriculture in Zimbabwe: The experience of A2 resettlement farms".Contrary to assertions t...Published: 01 Mar 2021 at 05:02hrs | 660 | by Ian Scoones
Foreign direct investment dries up
FOREIGN investment inflows to Zimbabwe last year fell by 23.7% to US$40.06 million compared to the same period in the previous year, with analysts attributing the decline to the outbreak of Covid-19 p...Published: 28 Feb 2021 at 15:33hrs | 1083 | 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 | 673 | by Staff reporter
RBZ backtracks on farmers' forex retention thresholds
THE Reserve Bank of Zimbabwe (RBZ) has been forced to raise foreign currency retention thresholds for tobacco producers by 10% following pressure from farmers.RBZ also scrapped the compulsory ...Published: 28 Feb 2021 at 08:51hrs | 778 | by Staff reporter
'Gold to Zimbabwe what oil is to Nigeria, can turn around our fortunes' - not whilst US$1.2b p.a. lost to smugglers
On 3 March 2016 President Mugabe admitted that the nation had lost $15 billion worth of diamonds because of the looting and plunder in Marange and Chiadzwa."This kind of plunder must immediate...Published: 27 Feb 2021 at 09:42hrs | 477 | by Patrick Guramatunhu
Plans to repeal crippling taxation on cards
THE Ministry of Mines and Mining Development is currently engaged in major discussions with fiscal and monetary authorities to address the issues of the punitive tax regime and surrender thresholds th...Published: 26 Feb 2021 at 06:55hrs | 1433 | by Staff reporter
RBZ chief warms up to fintech
THE Reserve Bank of Zimbabwe (RBZ) says it will create a financial technology (fintech) regulatory sandbox that is likely to transform the banking sector.According to Investopedia, fintech is ...Published: 26 Feb 2021 at 06:48hrs | 791 | by Staff reporter
Family monthly basket shoots to $25 935
THE monthly cost of living for an ordinary family of five rose again this February to record $25 935, the Zimbabwe National Statistics Agency (ZIMSTAT) has reported.The agency Thursday reporte...Published: 26 Feb 2021 at 06:43hrs | 826 | by Staff reporter
'Auction rate is the real market rate'
THE auction exchange rate represents the proper market trends contrary to the contrived perception that the parallel market signifies the "real exchange rate", a senior Treasury official has said. &nb...Published: 26 Feb 2021 at 06:30hrs | 240 | by Staff reporter
Liquidity squeeze hits Zimbabwe
Zimbabwe's central bank is in the market mopping up excess liquidity using savings bonds as a deliberate action to regulate the quantity of money in circulation in addition to dealing with an exacerba...Published: 25 Feb 2021 at 16:19hrs | 1715 | by Staff reporter
Zimbabwe's exchange rates band to narrow
The gap between the official and parallel market exchange rates is expected to narrow further from the current 20% by the end of the year owing to the containment of reserve money, good agriculture se...Published: 25 Feb 2021 at 16:19hrs | 1655 | by Staff reporter
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