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Biti challenges Mthuli Ncube to explain SI 127, blended inflation
HARARE East legislator Tendai Biti (CCC) has challenged Finance minister Mthuli Ncube to explain before Parliament how Statutory Instrument 127 and blended inflation work.SI 127 of 2021 amends...Published: 23 May 2023 at 06:42hrs | 1 | by Staff reporter
Interbank rate now sole legal rate, huge penalties for breaches
The interbank exchange rate has been set as the sole exchange rate to be used in commercial and other transactions and anyone selling goods and services, who uses any other rate faces a minimum civil ...Published: 29 Jun 2022 at 07:42hrs | 1 | by Staff reporter
CZI calls for market determined exchange rate
THE Confederation of Zimbabwe Industries (CZI) has called on the Government to explore modalities of a market-determined exchange rate to promote enabling environment for business to operate in....Published: 09 Mar 2022 at 06:55hrs | | by Staff reporter
Court throws out challenge to exchange control ammendments
THE High Court has dismissed an application by human rights lawyer Obert Shava, challenging the constitutionality of Statutory Instrument (SI) 127 of 2021 which imposes civil penalties on those found ...Published: 20 Jan 2022 at 05:40hrs | 3 | by Staff reporter
RBZ goes after currency manipulators
The Reserve Bank of Zimbabwe (RBZ) says it is investigating allegations of currency manipulation by some business entities as well as breaches of the Bank Use Promotion Act.Central bank Govern...Published: 12 Jan 2022 at 23:08hrs | | by Staff reporter
Investment still hampered by business climate
Foreign Direct Investment (FDI) into Zimbabwe remains very low, with the latest central bank monetary policy stating that the country received a meagre US$22.35 million in the first half of 2021. In 2...Published: 20 Oct 2021 at 18:33hrs | 3 | by Victor Bhoroma
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 | 13 | by Staff reporter
Banks wary of lending out US dollar loans
ZIMBABWE'S banks are sitting on US$1.7 billion and not willing to lend it to corporates due to the uncertainty around currency reforms which exposes them if they issue United States dollar-denominated...Published: 06 Sep 2021 at 06:50hrs | 7 | by Staff reporter
Mnangagwa's growing love for rule-by-decree
President Emmerson Mnangagwa has been increasingly making use of Statutory Instruments (SI units) during his tenure as head of State. Analysts are describing it as a form of command politics steering ...Published: 02 Sep 2021 at 06:16hrs | 14 | by Staff reporter
'Zimbabwe's retailers deserve a wage subsidy'
WHILE government was bullish in the midterm fiscal policy and revised upwards gross domestic product (GDP) growth projections for 2021 from 7,4% initially projected in November last year to 7,8%, grow...Published: 22 Aug 2021 at 08:01hrs | 2 | by Staff reporter
Outcry as RTGS fuel is sold in forex
HALF of the fuel on the market is procured through the Reserve Bank of Zimbabwe (RBZ) financial facility and should be sold in local currency, but some unscrupulous garage owners who are benefitting f...Published: 22 Aug 2021 at 07:49hrs | | by Staff reporter
Biti says Mthuli Ncube is 'clueless and incompetent'
FORMER Finance Minister Tendai Biti says the current head of Treasury Mthuli Ncube is "clueless and incompetent" who hopes that God or the spirit of Mbuya Nehanda will keep the economy afloat....Published: 02 Aug 2021 at 07:48hrs | 12 | by Staff reporter
Zimbabwe's poverty datum line increases
THE Zimbabwe National Statistical Agency (ZimStats) yesterday said the country's year-on-year inflation figure eased to 56,37% in July, down from 106,4% in June.ZimStats also said the total co...Published: 28 Jul 2021 at 07:48hrs | 1 | by Staff reporter
'Inflation a Zimbabwe regime change tool'
AFTER two decades of blaming sanctions imposed by the West for its failure on the economic front, the Zanu-PF government has found a new scapegoat - inflation - describing the scourge as enemy-enginee...Published: 26 Jul 2021 at 06:48hrs | 1 | by Staff reporter
Forex pricing SI haunts Mnangagwa's govt
ZIMBABWE'S Senate yesterday said the controversial statutory instrument (SI) promulgated in May spelling out restrictions on trade in foreign currency had turned businesses into "saboteurs" after the ...Published: 22 Jul 2021 at 07:59hrs | 2 | by Staff reporter
SI 127 ghost still haunting economy
After passing Statutory Instrument (SI) 127 of 2021 on the 26th of May 2021, the Zimbabwean government made a quick summersault on the new regulations through a press statement issued by the Reserve B...Published: 14 Jul 2021 at 08:47hrs | 1 | by Victor Bhoroma
Mnangagwa has no power to change laws, claims a war vet
A WAR veteran, Frederick Charles Moses Mutandah, has challenged President Emmerson Mnangagwa over his enactment of Statutory Instrument (SI) 127 of 2021 saying only Parliament could change country's l...Published: 13 Jul 2021 at 09:12hrs | | by Staff reporter
War vet asks courts to clip Mnangagwa's wings
CONTROVERSIAL war veteran, Fredrick Matanda, has filed a fresh application challenging as unconstitutional the Presidential Powers Act.In May, Matanda successfully challenged Constitutional Am...Published: 13 Jul 2021 at 09:07hrs | | by Staff reporter
Naming, shaming, SI 127 key for market discipline
NAMING, shaming and imposing heavy penalties against entities caught abusing funds obtained from the auction will reinforce the platform's role as the preferred mechanism of distributing the scarce fo...Published: 13 Jul 2021 at 08:53hrs | 29 | by Staff Reporter
SI127 working well to stop cheats
THE civil penalty system introduced in Statutory Instrument 127 allowing the Reserve Bank of Zimbabwe to hit abusers of foreign currency, and especially the foreign currency auction system, where it h...Published: 11 Jul 2021 at 08:28hrs | | by Staff Reporter
27 firms fined for abusing forex auction system
Twenty one more companies have now been found abusing the foreign currency auction system, bringing the total to 39, and of these, 27 have been assessed civil penalties while 12 others have been issue...Published: 10 Jul 2021 at 10:53hrs | 1 | by Staff reporter
New Dispensation of Patronage to Cronies
I have been watching our political leaders for a while and have noticed that they are the ones who start all the messy that our country has ended up in. All the vices like black market anything, illeg...Published: 04 Jul 2021 at 13:50hrs | | by Sam Wezhira
Cost of living hits $40 680
THE cost of living for a family of six surged by 13,4% to $40 680 this month, from $35 877 in April following relentless price hikes stemming from currency volatilities and market jitters triggered by...Published: 21 Jun 2021 at 06:04hrs | 2 | by Staff reporter
Firms fingered in abusing forex auction fight back
COMPANIES which were this week accused by the Reserve Bank of Zimbabwe (RBZ) of abusing the funds obtained from the foreign currency auction market have strongly refuted the allegations and are seekin...Published: 18 Jun 2021 at 13:03hrs | 1 | by Staff reporter
RBZ goes for broke: names, shames forex abusers
THE Reserve Bank of Zimbabwe (RBZ) yesterday escalated plans to punish "outliers" including listed milling giant, National Foods, which it said were "abusing" foreign currency acquired through the auc...Published: 16 Jun 2021 at 08:29hrs | 4 | by Staff reporter
18 forex abusers to pay penalties
The Reserve Bank of Zimbabwe yesterday listed the first 18 firms facing civil penalties under the new Statutory Instrument 127 after being caught abusing the foreign exchange auction system, with Zimb...Published: 16 Jun 2021 at 08:16hrs | 2 | by Staff reporter
RBZ names companies abusing foreign exchange auction system
THE Reserve Bank of Zimbabwe has named 18 companies that have been abusing the foreign exchange auction system. The RBZ released a statement and said the companies that were found out by the F...Published: 15 Jun 2021 at 18:21hrs | 2 | by Staff reporter
MDC linked think-tank raps Mthuli Ncube over use of SIs to set policy
LEGAL think-tank Veritas has accused Finance minister Mthuli Ncube of enacting laws through statutory instruments, which it says was a ploy by the minister to avoid parliamentary scrutiny.In i...Published: 07 Jun 2021 at 06:08hrs | | by Staff reporter
Mangudya plays down forex crisis
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has down-played fears of an industrial bloodbath in the aftermath of government's move two weeks ago to effect far reaching reforms to stem the ab...Published: 06 Jun 2021 at 10:00hrs | | by Staff reporter
Zimbabwe forex rules 'a tragedy of good intentions'
LAST week's promulgation of Statutory Instrument 127 of 2021, which penalises issuance of local currency receipt for foreign currency purchases and pricing goods above the official auction rate, among...Published: 06 Jun 2021 at 09:59hrs | 13 | by Staff reporter
Mthuli Ncube to hold business indaba
GOVERNMENT will soon engage industry to discuss the rationale behind the recent spate of price increases which followed the promulgation of Statutory Instrument 127 of 2021.The SI was introduc...Published: 06 Jun 2021 at 09:48hrs | | by Staff reporter
Govt to review pensioners' payouts upwards to US$60
PUBLIC Service, Labour and Social Welfare minister Paul Mavima yesterday revealed that pensioners' payouts would be reviewed upward to US$60 per month by December this year from the current US$25....Published: 05 Jun 2021 at 09:21hrs | 2 | by Staff reporter
RBZ, business set for showdown over Statutory Instrument 127 of 2021
The Confederation of Zimbabwe Industries (CZI) wants the government to suspend the "heavy handed" decree promulgated last week as it has the potential to kill market confidence. Statutory Inst...Published: 03 Jun 2021 at 08:38hrs | | by Staff reporter
'Government is best which Governs Least,' Nelson Chamisa
The untimely and unplanned introduction of Statutory Instrument 127 (SI 127) 2021 by the ZANU PF regime shows how Zimbabwe is being run as a mafia state. A dictatorship state, ran by clueless an...Published: 01 Jun 2021 at 15:00hrs | 1 | by Prince Njagu
'New forex measures could trigger civil unrest'
WORKERS' representatives yesterday said the new foreign currency measures could trigger civil unrest as workers demand salary hikes to match the rising cost of living.Government last week prom...Published: 01 Jun 2021 at 08:11hrs | | by Staff reporter
'New forex rules a time bomb'
NEW foreign currency measures imposed by government last week are a time bomb that could lead to price increases, lower economic activity and herald a return to the hyperinflation era of yesteryear....Published: 31 May 2021 at 06:45hrs | 1 | by Staff reporter
Mnangagwa forex rules trigger chaos
President Emmerson Mnangagwa's move to introduce a host of changes that effectively banned the use of foreign currency in local transactions has left business in panic mode amid fears of steep price i...Published: 30 May 2021 at 09:14hrs | | by Staff reporter
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