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RBZ shuts down forex platform to stem currency decline
ZIMBABWEAN authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.The central bank ordered marketwat...Published: 21 Oct 2021 at 06:22hrs | 3859 | by Staff reporter
Shops continue using 'illegal' rates
WARNINGS by the Reserve Bank of Zimbabwe's (RBZ) Financial Intelligence Unit and the recent arrest of directors of some top companies over foreign currency manipulation seem to have fallen on deaf ear...Published: 21 Oct 2021 at 06:17hrs | 535 | by Staff reporter
Simbisa Brand rubbishes government directive
Simbisa Brands has rubbshed the call by the government of Zimbabwe to use interbank rates in its pricing system. The directive by ...Published: 19 Oct 2021 at 17:11hrs | 2680 | by Shelton Muchena
Black market records steepest annual rise
THE parallel market exchange rate rocketed by 27% during the third quarter (3Q) of this year, marking its steepest ever growth in one year, researchers at Inter Horizon Securities (IH) said at the wee...Published: 18 Oct 2021 at 06:30hrs | 1478 | by Staff reporter
US$1,5 billion circulating in black market, says RBZ
FRESH evidence of plummeting confidence in Zimbabwe's banking sector has emerged, with central bank deputy chief Kuphukile Mlambo saying up to US$1,5 billion could be exchanging hands outside formal b...Published: 17 Oct 2021 at 09:08hrs | 1380 | by Staff reporter
Zimbabwean bankers sweat over forex crackdown
Zimbabwean bankers are fretting over compliance with government directives to root out "illegal foreign currency dealings, with the country's biggest bank, CBZ, cautioning its employees against facili...Published: 17 Oct 2021 at 09:05hrs | 1005 | by Staff reporter
Evidence piles against forex saboteurs
PROSECUTOR-General, Mr Kumbirai Hodzi said the State has gathered more evidence against economic saboteurs driving the spike in the exchange rate on the parallel market, in a development that will lea...Published: 17 Oct 2021 at 08:54hrs | 230 | by Staff reporter
US$2bn allocated at forex auctions
More than US$2 billion was allotted to almost 6 000 entities at the Reserve Bank of Zimbabwe's weekly foreign currency auctions from when they opened near the end of June last year to the end of last ...Published: 16 Oct 2021 at 06:26hrs | 115 | by Staff reporter
Govt will keep digging in on currency
IN the week under review the Zimbabwean dollar (Zimdollar) swept past the psychological 1:90 mark. The local unit has been losing ground against the United States dollar on a weekly basis, for 24 stra...Published: 15 Oct 2021 at 20:20hrs | 171 | by Respect Gwenzi
Govt, business stalemate rages
BUSINESS executives made desperate attempts from last week Friday to worm their way out of arrests for violating foreign currency exchange regulations, but the government turned a deaf ear as it vowed...Published: 15 Oct 2021 at 20:19hrs | 317 | by Staff reporter
Farm & City boss arrested for forex exchange manipulation
CFI director Chester-Noel Mutevhe has spent two nights in jail for contravening and manipulating the Exchange Control Act.Mutevhe was arrested on Wednesday and was supposed to appear in court ...Published: 15 Oct 2021 at 06:22hrs | 1495 | by Staff reporter
Mthuli Ncube signals soft stance towards crypto-currencies
Zimbabwe is ready to soften its stance on crypto-currencies, judging by Finance and Economic Development Minister Professor Mthuli Ncube's remarks this week, that he intends to develop a framework and...Published: 15 Oct 2021 at 06:18hrs | 513 | by Staff reporter
Forex auction revitalises economy, claims RBZ
THE foreign currency auction introduced by Government last year has been critical in revitalising the economy despite deliberate inflation of black market exchange rates by some unscrupulous businesse...Published: 15 Oct 2021 at 06:18hrs | 118 | by Staff reporter
'Arresting executives will destabilise market'
THE Confederation of Zimbabwe Industries (CZI) yesterday warned against the arrest of business leaders over alleged currency violations saying this will sour relations between government and business ...Published: 14 Oct 2021 at 06:24hrs | 717 | by Staff reporter
RBZ directs banks to detect currency abusers
THE Reserve Bank of Zimbabwe (RBZ) has directed banks to configure their automated transaction systems in order to implement robust mechanisms that detect the abuse of debit cards in facilitating ille...Published: 14 Oct 2021 at 06:20hrs | 229 | by Staff reporter
RBZ must keep tight lid on forex auction system
FOR a while the Reserve Bank of Zimbabwe (RBZ) has been "availing" United States dollars to businesses at a capped auction rate.This means RBZ funds are the cheapest as they are availabled at ...Published: 13 Oct 2021 at 06:12hrs | 419 | by Ndebele
Company bosses in court over exchange rate
THE director of Consolidated Farming Investments, trading as Farm and City, Tanaka Hofisi, yesterday appeared at the Harare Magistrates Courts on allegations of selling products using an exchange rate...Published: 12 Oct 2021 at 06:02hrs | 3759 | by Staff reporter
RBZ vows to tame forex black market
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday pledged to continue availing foreign currency through the foreign exchange auction system to ensure uninterrupted supply.Mangudy...Published: 12 Oct 2021 at 05:58hrs | 680 | by Staff reporter
Company bosses in court over exchange rate
THE director of Consolidated Farming Investments, trading as Farm and City, Tanaka Hofisi, yesterday appeared at the Harare Magistrates Courts on allegations of selling products using an exchange rate...Published: 12 Oct 2021 at 05:56hrs | 439 | 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 | 691 | by Staff reporter
Top economist warns of Zimbabwe dollarisation
ZIMBABWE is expected to dollarise its economy because of the collapse of the local currency and the failure of its auction system to stabilise the exchange rate, renowned scholar and economist Gift Mu...Published: 11 Oct 2021 at 06:00hrs | 3519 | by Staff reporter
RBZ summons businesses over price madness
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday said his meeting with business this morning is not a witchhunt, but an effort by authorities to grasp the root cause of the prevailin...Published: 11 Oct 2021 at 05:54hrs | 740 | by Staff reporter
Zera dismisses Zimdollar fuel hoax
THE Zimbabwe Energy Regulatory Authority (zera) has not designated any service station to sell fuel exclusively in Zimbabwe dollars, contrary to reports circulating on social media.In a statem...Published: 10 Oct 2021 at 06:36hrs | 458 | by Staff reporter
More jail time for illegal forex traders
PROSECUTOR-General, Mr Kumbirai Hodzi, has warned of more jail time for economic saboteurs while the Reserve Bank of Zimbabwe (RBZ) says it will intensify the blitz against manipulation of the local c...Published: 10 Oct 2021 at 06:36hrs | 421 | by Staff reporter
Inside the forex cul-de-sac
THE Reserve Bank of Zimbabwe (RBZ) will this week meet large producers and retail outlets to discuss rampant black market pricing of goods that has gripped the nation, and threatening to erode stabili...Published: 10 Oct 2021 at 06:34hrs | 453 | by Staff reporter
RBZ's forex auction system faces imminent collapse?
A TOP economist has warned Zimbabwe's auction system introduced by the Reserve Bank of Zimbabwe (RBZ) is facing an imminent collapse after which dollarisation will prevail 100%.Addressing Parl...Published: 10 Oct 2021 at 06:31hrs | 1029 | by Staff reporter
Name, shame exercise divides Zanu-PF
GOVERNMENT's name and shame operation targeting companies and individuals accused of fuelling the galloping foreign currency parallel exchange rate has triggered fierce fights within Zanu-PF, with som...Published: 09 Oct 2021 at 07:33hrs | 1044 | by Staff reporter
Mnangagwa's govt fears currency crisis may trigger social uprising
PRESIDENT Emmerson Mnangagwa's government is intensifying its sweeping crackdown on foreign currency traders in the volatile market amid growing fears of an exchange rate-driven economic meltdown, The...Published: 09 Oct 2021 at 07:24hrs | 416 | by Staff reporter
Sustainable reforms now key to foreign exchange market
The Reserve Bank of Zimbabwe (RBZ) recently announced that it is on course to clear the backlog of foreign exchange auction allotments which date back to as far as three months and amounting to about ...Published: 08 Oct 2021 at 19:03hrs | 245 | by Victor Bhoroma
Zimdollar market correction
A MAJOR highlight of this week's auction is the magnitude of currency depreciation. The Zimbabwean dollar (Zimdollar) weakened by the highest weekly margin since the beginning of the year, a strong si...Published: 08 Oct 2021 at 19:03hrs | 295 | by Respect Gwenzi
'US$500m changing hands outside banks'
ABOUT US$500 million could be circulating outside Zimbabwe's banking system, Reserve Bank of Zimbabwe (RBZ) estimates showed last week, as industries said they had raised only a fraction of billions r...Published: 08 Oct 2021 at 19:03hrs | 812 | by Staff reporter
China sees third force in huge outcry over its Zimbabwe activities
Zimbabweans must learn from the pastIT has been clear since radical currency reforms were effected in February 2019 that inflation, along with the parallel market exchange rate would derail prospe...Published: 08 Oct 2021 at 19:01hrs | 164 | by Staff reporter
Big Zimbabwean companies are fingered in forex fiddle
TOP executives and directors from up to 20 big companies face imminent arrest following a Reserve Bank of Zimbabwe (RBZ) investigation into massive multi-million-dollar fraud involving the country's f...Published: 08 Oct 2021 at 18:58hrs | 876 | by Staff reporter
Govt threatens crackdown on businesses fuelling forex black market
GOVERNMENT has threatened to suspend operating licences for business entities manipulating the official foreign currency rate, thus fuelling the high parallel market exchange rate.In a stateme...Published: 08 Oct 2021 at 06:32hrs | 500 | by Staff reporter
Govt ups forex black market fight
GOVERNMENT is implementing a raft of additional measures to curb the illegal trading of forex and the benchmarking of prices using the parallel market rates, Finance and Economic Development Minister ...Published: 08 Oct 2021 at 06:26hrs | 303 | by Staff reporter
Noose tightened on Innscor and other retailers using black market rates
Retailers that continue to flout foreign currency regulations by setting prices in US dollars and then converting at the blackmarket rate will have their operating licences immediately suspended while...Published: 08 Oct 2021 at 06:26hrs | 412 | by Staff reporter
Currency manipulators on the prowl
CURRENCY manipulation by businesses setting their Zimbabwe dollar prices to black-market exchange rates, has reached levels where some shops are pricing their goods and services using illegal rates ra...Published: 08 Oct 2021 at 06:25hrs | 168 | by Staff reporter
'Mnangagwa is a hostage to military interests'
President Emmerson Mnangagwa's biographer Eddie Cross claims the Zanu-PF leader was a hostage to military interests for seven months after assuming power following a military coup in November 2017....Published: 07 Oct 2021 at 18:25hrs | 3125 | by Staff reporter
Mthuli, Mangudya target Innscor over iIllegal forex rates
THE Reserve Bank of Zimbabwe (RBZ) and Finance Minister are investigating Innscor and other companies using illegal exchange rates of as high as US$1: $200.This follows a public outcry Wednesd...Published: 07 Oct 2021 at 18:25hrs | 1159 | by Staff reporter
RBZ names another 47 over illegal currency deals
Another 47 people were blacklisted yesterday by the Reserve Bank of Zimbabwe for operating on the foreign currency black market, taking to 77 the number of people whose bank and mobile money accounts ...Published: 06 Oct 2021 at 05:51hrs | 6275 | by Staff reporter
Forex abusers, money laundering kingpins not deterred by arrests
Foreign currency abusers and money laundering kingpins continue to defy the law despite recent arrests, a situation that has resulted in the eroding of incomes and unnecessary suffering.The ex...Published: 06 Oct 2021 at 05:46hrs | 928 | by Staff reporter
RBZ revises year-end inflation forecast upwards as currency weakens
Zimbabwe's annual inflation rate could end the year between 35 percent and 53 percent, up from an earlier estimate of 25 percent to 35 percent, the central bank said in a statement shared with reporte...Published: 05 Oct 2021 at 06:44hrs | 901 | by Staff reporter
Who is behind forex dealers?
NO matter how well-meaning and determined, the Reserve Bank of Zimbabwe (RBZ) could be towards uprooting rampant delinquency in the economy, the effort may count for nothing if other institutions are ...Published: 05 Oct 2021 at 06:38hrs | 1366 | by Nathan Gurira
Sanctions are real, but we're shooting ourselves in the foot
No matter how well-meaning and determined the Reserve Bank of Zimbabwe (RBZ) could be towards uprooting rampant delinquency in the economy, the effort may count for nothing if other institutions that ...Published: 05 Oct 2021 at 06:32hrs | 206 | by Nathan Gurira
SDRs war chest to bolster reserves
THE nearly US$1 billion special drawing rights (SDRs), which Zimbabwe received from the International Monetary Fund (IMF), will bolster the country's foreign currency reserves and capacity to re...Published: 05 Oct 2021 at 06:28hrs | 86 | by Staff reporter
RBZ sets fortnight forex payments window
SIGNIFICANT headway is being made in clearing the backlog of foreign currency allotments and going forward all disbursements will be made within two weeks, the Reserve Bank of Zimbabwe (RBZ) has said....Published: 04 Oct 2021 at 05:52hrs | 1129 | by Staff reporter
Authorities unleash sweeping crackdown on forex market
IN a renewed bid to contain the runaway foreign exchange rate - now trading at double the official rate around US$1: ZW$170 - the government has launched a fierce crackdown on currency traders in a mu...Published: 03 Oct 2021 at 08:19hrs | 769 | by Staff reporter
Parliament investigates US$109m dam tender scandal
THE Zimbabwe National Water Authority (Zinwa) executive is under investigation for awarding a dodgy US$109 million Kunzvi Dam construction tender to China Nanchang Engineering, which has a shady past,...Published: 03 Oct 2021 at 08:19hrs | 385 | by Staff reporter
RBZ sees sustained inflation decline
THE Reserve Bank of Zimbabwe (RBZ) expects the annual inflation rate to keep falling until year-end, but has revised upwards its December 2021 target to between 36 percent and 53 percent, from 25 perc...Published: 03 Oct 2021 at 08:10hrs | 127 | by Staff reporter
We declare war against greed
At no time in our recent past has the country's economic vitals looked any healthier.Between January and June this year, exports topped US$2,5 billion, which represents a 35 percent improvemen...Published: 03 Oct 2021 at 08:09hrs | 29 | by Staff reporter
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