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Paynet, banks impasse slows billions
AN irretrievably broken down relationship between banks and Paynet Zimbabwe, which until June this year was Zimbabwe's sole bulk payments enabler, may have significantly cut down turnaround time for t...Published: 19 Jul 2019 at 07:52hrs | 1190 | by Staff reporter
Mthuli Ncube ordered to disclose real debt
PARLIAMENT has given Finance minister Mthuli Ncube up to September 30 to disclose the terms and conditions of all public loans and loan guarantees that have not been published, with legislators castin...Published: 19 Jul 2019 at 07:51hrs | 1448 | by Staff reporter
Zimbabwe grapples with US$85m SAA debt
ZIMBABWE owes South African Airways (SAA) over US$85 million (R1,1 billion) in unrepatriated revenue from ticket sales as the country continues to grapple with biting foreign currency shortages amid g...Published: 19 Jul 2019 at 07:49hrs | 377 | by Staff reporter
RBZ takes reforms gospel to churches
Reserve Bank of Zimbabwe Governor Dr John Mangudya yesterday met church organisations, under the banner of the Zimbabwe Amalgamated Church Council (ZACC) and explained the new local currency regime fo...Published: 19 Jul 2019 at 07:11hrs | 263 | by Staff reporter
Mangudya to review bank withdrawal limits next week
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya said next week the central bank will review upwards bank withdrawal limits that have been pegged at $300 per week for over a year now. ...Published: 18 Jul 2019 at 07:38hrs | 1204 | by Staff reporter
SI 142 yields positive results
Having been asked by fellow Zimbabweans to clarify the impact of Statutory Instrument 142 of 2019 (SI 142/2019), announced by Finance and Economic Development Minister Professor Mthuli Ncube on June 2...Published: 15 Jul 2019 at 07:45hrs | 639 | by Tendai A. Chinamasa
Mthuli Ncube was also surprised
It's almost a year since Finance minister Mthuli Ncube was appointed by President Emmerson Mnangagwa to help turn around an economy weighed down by decades of ruinous policies.In the 10 months...Published: 14 Jul 2019 at 15:01hrs | 13691 | by Staff reporter
Diasporans contribute towards growth of rural economies
DIASPORANS continue to be the cornerstone of turning around the economies and livelihoods of families at most rural communities in Matabeleland South Province bordering the country with neighbouring c...Published: 14 Jul 2019 at 12:37hrs | 330 | by Staff reporter
Chinamasa rallies behind Mthuli Ncube
FORMER Finance Minister, Patrick Anthony Chinamasa, (P.A.C) who is also the ZANU-PF secretary for finance has rallied behind the current Minister of Finance, Professor Mthuli Ncube, saying the country...Published: 14 Jul 2019 at 12:29hrs | 1476 | by Staff reporter
'Dollarisation failed to create jobs in Zimbabwe'
While Zimbabwe registered remarkable economic growth during the multi-currency era, the period dismally failed to generate significant formal jobs, research findings 5released by the Reserve Bank of Z...Published: 12 Jul 2019 at 18:57hrs | 796 | by Staf reporter
Zimbabwe power outages a manifestation of endemic corruption in govt
THE massive daily power outages rocking the country have had a devastating impact on an already fragile economy, throwing into disarray President Emmerson Mnangagwa's mantra that "Zimbabwe is open for...Published: 12 Jul 2019 at 09:24hrs | 1082 | by Staff reporter
Getting Zimbabwe back on track
IT is extremely frustrating to sit on the sidelines of this game we are all playing called "getting Zimbabwe back on track".We are doing so many of the right things, our team is looking much b...Published: 12 Jul 2019 at 09:16hrs | 2973 | by Eddie Cross
Exchange rate upward pressure on
Exchange rate upward pressure onTHERE were signs this week that the grey market was slowly returning from its brief sabbatical following the monetary policy dawn raid of June 24 that called out th...Published: 12 Jul 2019 at 08:51hrs | 5031 | by Brett Chulu
The perfect storm is coming
I do not know what we have to say or do to get those in authority here to get them to understand that if they do nothing, Zimbabwe is headed for a political storm which could change everything or even...Published: 11 Jul 2019 at 11:56hrs | 14241 | by Eddie Cross
Masiyiwa 'former' lawyer's multi-currency regime challenge ruled not urgent
High Court judge Justice Joseph Musakwa has ruled as not urgent an application by businessman and lawyer, Tawanda Nyambirai who was seeking an order to interdict Finance minister Mthuli Ncube and Rese...Published: 11 Jul 2019 at 07:25hrs | 687 | by Staff reporter
Mthuli Ncube could hike rates over 50% to deal with speculators
Zimbabwe won't hesitate to raise interest rates above their current level of 50 percent to deal with speculative borrowers, Finance Minister Mthuli Ncube said on Monday.As inflation soared, th...Published: 10 Jul 2019 at 21:57hrs | 7439 | by Reuters
Zesa throws RBZ under the bus
ZIMBABWE'S power utility, Zesa Holdings says the Reserve Bank of Zimbabwe (RBZ) has not provided with foreign currency to import power since last October.This comes as the southern African cou...Published: 10 Jul 2019 at 07:59hrs | 3291 | by Staff reporter
Bread supplies to improve
Bread supplies are set to improve in the coming days following the arrival of 19 000 tonnes of wheat which was bonded in Beira. The wheat was released after the Reserve Bank of Zimbabwe paid US$7 mill...Published: 09 Jul 2019 at 07:24hrs | 1031 | by Staff reporter
Currency reforms expected to stabilise fuel sector
THE re-introduction of the Zimbabwean dollar is expected to bring stability to the fuel sector as Government tightens fiscal and monetary policies to ease pressure on foreign currency demand, National...Published: 09 Jul 2019 at 07:23hrs | 562 | by Staff reporter
US$645m traded on interbank market
About US$645 million has been traded on the interbank market since the platform was established in February this year, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya has said. "As at...Published: 09 Jul 2019 at 07:15hrs | 666 | by Staff reporter
Multi-currency was a disaster
Government says multi-currency system created fiscal and monetary challenges, stunting economic growth and making most industries in Zimbabwe uncompetitive. Treasury permanent-secretary George...Published: 08 Jul 2019 at 08:31hrs | 3631 | by Staff reporter
Black market rates expected to fall further
Prices of goods and services continue to tumble as the new measures to adopt a local currency begin to tame runaway speculative activities and upward movements of the parallel market exchanges rates t...Published: 08 Jul 2019 at 08:30hrs | 7456 | by Staff reporter
'Multi-currency stifled Zimbabwe economic growth'
THE use of the multi-currency system since 2009 stifled growth as the country could not utilise monetary instruments to stimulate economic activity, Finance and Economic Development Minister, Prof Mth...Published: 08 Jul 2019 at 07:57hrs | 741 | by Staff reporter
Fresh Zimdollar headache for govt
The government's decision to reintroduce the local currency faces a serious test after a third person filed a High Court application challenging President Emmerson Mnangagwa's use of presidential powe...Published: 07 Jul 2019 at 21:34hrs | 4155 | by Staff reporter
RBZ unleashes monitors
THE Reserve Bank of Zimbabwe (RBZ) has dispatched a monitoring team to knock down the last bastions of unscrupulous businesses that are still transacting in foreign currency.Last month, the Go...Published: 07 Jul 2019 at 21:07hrs | 3955 | by Staff reporter
Monetary Policy and the rule of law
Much debate has been generated after the promulgation of SI 142 of 2019 by the Minister of Finance.Some commentators particularly Veritas have come out accusing the government of not obs...Published: 07 Jul 2019 at 21:02hrs | 115 | by Staff reporter
Zesa to inject additional 160MW this week
Zesa will this week add 160 MW of electricity to the national grid following the successful refurbishment of Unit 5 at Hwange Power Station (HPS), while a further 160MW from Unit 6 is expected within ...Published: 07 Jul 2019 at 20:59hrs | 234 | by Staff reporter
Zimbabwe dollar strengthens in parallel market
For Zimbabwe President Emmerson Mnangagwa, the re-introduction of the country's currency after a decade of US dollar dominance marks a return to normalcy.To many others, however, it heralded u...Published: 06 Jul 2019 at 10:32hrs | 6873 | by The East African
'Forex use not banned or criminalised'
LEGAL think-tank Veritas says the use of foreign currency has not been banned or criminalised through Statutory Instrument 142 of 2009, which introduced the return of the Zimbabwean dollar and its use...Published: 06 Jul 2019 at 10:08hrs | 1311 | by Staff reporter
Zimbabwe loses billions to illicit financial flows
GOVERNMENT should complement monetary policy changes with an anti-corruption strategy to curb illicit financial flows (IFFs) as the country is losing billions annually, businessdigest has learnt....Published: 05 Jul 2019 at 12:37hrs | 1697 | by Staff reporter
Mangudya in a Catch-22
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya would be improperly before the courts if he does not sue Zanu-PF after being named by the party's youth league as dabbling in corruption and front...Published: 05 Jul 2019 at 08:30hrs | 6603 | by Staff reporter
IMF welcomes Mthuli Ncube's monetary reforms
The International Monetary Fund (IMF) says the latest reforms announced by both the Ministry of Finance and Economic Development through SI 142 of 2019 and the Reserve Bank of Zimbabwe through exchang...Published: 05 Jul 2019 at 07:49hrs | 3840 | by Staff reporter
RBZ seeks international recognition for Zimdollar
The Reserve Bank of Zimbabwe (RBZ) says it has written to international exchanges requesting them to officially recognise the Zimbabwe dollar as a tradeable currency.The reintroduction of the ...Published: 04 Jul 2019 at 08:28hrs | 2525 | by Staff reporter
Black market loses grip
Some illegal foreign currency dealers have been pushed out of "business" as Statutory Instrument (SI) 142 of 2019 effects continue to hold fort on the foreign exchange market, forcing rates to tumble....Published: 03 Jul 2019 at 08:36hrs | 3025 | by Staff reporter
RBZ takes aim at forex speculators
Government says the sharp hike of the overnight bank rate by the Reserve Bank of Zimbabwe to support the domestic currency will discourage borrowing for currency speculation as well as protect the val...Published: 03 Jul 2019 at 08:29hrs | 2666 | by Staff reporter
Interbank rate overtakes black market
THE interbank exchange rate has surpassed parallel market rates with some banks offering more in local currency for those exchanging their foreign currency. Government last week outlawed the u...Published: 03 Jul 2019 at 08:25hrs | 1928 | by Staff reporter
Minister Ncube you are printing Z$ 400 m to pay for increased expenditure = financial indiscipline. Simple!
"ZIMBABWE will print ZWL$400 million bond notes which it says will be drip-fed into the economy to cover the gap left after government banned the use of multi-currencies in local transactions," report...Published: 03 Jul 2019 at 07:37hrs | 2098 | by Patrick Guramatunhu
Mnangagwa forced to return Zim Dollar
Zimbabwe People First spokesperson Jealousy Mawarire has said President Emmerson Mnangagwa's government was forced to reintroduce the Zimbabwean dollar whose success depends on him having a political ...Published: 02 Jul 2019 at 18:49hrs | 17201 | by Staff Reporter
Zimbabwe to print $400 million bond notes
ZIMBABWE will print ZWL$400 million bond notes which it says will be drip-fed into the economy to cover the gap left after government banned the use of multi-currencies in local transactions.T...Published: 02 Jul 2019 at 08:32hrs | 4465 | by Staff reporter
Zimbabwe - Where did that come from?
Statutory Instrument 142 - Monday June 24, 2019 will go down as one of those days you remember.I have just read the Zimbabwe Independent for this week, it was all about the "return of the Zimb...Published: 02 Jul 2019 at 08:27hrs | 3573 | by Eddie Cross
Measures in place to preserve Zimbabwe dollar value
Finance and Economic Development Minister Professor Mthuli Ncube says authorities have instituted measures that will ensure that the local currency will not suffer previous depredations, following the...Published: 02 Jul 2019 at 08:10hrs | 829 | by Staff reporter
Mnangagwa's govt to enforce SI-142 compliance
Zimbabwe's monetary and fiscal authorities have put in place measures to ensure enforcement of Statutory Instrument 142 of 2019, which effectively ended the multi-currency system and determined the "Z...Published: 02 Jul 2019 at 08:07hrs | 740 | by Staff reporter
Recession, Zim Dollar return and Economic Outlook
As the country enters the last half of the year and warms up to the re-introduction of the Zimbabwean Dollar, it is now evident that the economy is swiftly sliding into a recession. In 2018, the econo...Published: 01 Jul 2019 at 12:20hrs | 5223 | by Victor Bhoroma
Analysis of Mthuli Ncube's Statutory Instrument 142 of 2019
ON June 24, 2019, Zimbabwe woke to news of a statutory instrument with clearly far-reaching effects in that it alters the currency landscape. This instrument has been followed by directives from the R...Published: 01 Jul 2019 at 08:09hrs | 4228 | by Mushoriwa Pasi
Chasi nails Ncube, Mangudya over Eskom gaffe
ENERGY minister Fortune Chasi has publicly apologised for the embarrassment he caused after the government misinformed the public that the State had paid a US$10 million to settle a debt with a South ...Published: 01 Jul 2019 at 08:01hrs | 1558 | by Staff reporter
'We ran economy well, figures speak for themselves' - economy is not half of it, mess speaks volume
"If you look at the Zimbabwean crisis in the last 20 years, the Central Bank has been at the epicentre of the distortions. Some of you might not know that during the GNU we didn't have the central ban...Published: 01 Jul 2019 at 07:39hrs | 1703 | by Nomusa Garikai
Ngarivhume says ban on forex will further destroy the economy
The ban on forex by the ED regime is an ill advised move, a sugar cotted plot to swindle all the forex in the nation and land it in the hands of cartels who seem desperate to destroy the country. The ...Published: 01 Jul 2019 at 07:27hrs | 600 | by Staff Reporter
Chasi blames Mangudya and Mthuli Ncube in ZESA-Eskom saga
Minister of Energy and Power Development Fortune Chasi says the information which he gave parliament regarding the payment from Harare to Eskom was sourced from the Ministry of Finance and the Reserve...Published: 30 Jun 2019 at 10:29hrs | 14645 | by Mandla Ndlovu
Zimdollar: Only way out
Having gathered the courage to debunk the deeply held view that once dollarised, it is extremely difficult for a country to de-dollarise, Professor Mthuli Ncube's biggest challenge is to now prove to ...Published: 30 Jun 2019 at 09:32hrs | 4540 | by Persistence Gwanyanya
Biti reveals why he 'hates' Mangudya
FORMER Finance Minister Tendai Biti has admitted to undercutting the Reserve Bank of Zimbabwe during his time in charge of the national purse.Biti was Treasury boss between 2009 and 2013 when ...Published: 30 Jun 2019 at 09:24hrs | 10421 | by newzimbabwe.com
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