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Banks smile all the way to the bank, while depositors bear cost of high fees
Shareholders in Zimbabwe's banking sector are enjoying robust returns on their investments, as banks continue to post strong profits and declare sizeable dividends. However, concerns are mounting amon...Published: 13 Apr 2025 at 09:46hrs | 637 | by Staff reporter
Zimbabwean banks face backlash over excessive charges
Zimbabwe's banking sector is celebrating strong financial results, with shareholders across financial institutions enjoying substantial dividend payouts following another profitable year. However, the...Published: 06 Apr 2025 at 11:26hrs | 380 | by Staff reporter
Zimbabwe central bank rubbishes reports on cash deposit box seizures
The Reserve Bank of Zimbabwe (RBZ) has dismissed claims that it is targeting businesses and individuals holding cash in deposit boxes, following an article published in The Herald on April 2, 2025. Th...Published: 02 Apr 2025 at 18:53hrs | 2426 | by Staff reporter
Zimbabwe vendors required to use POS machines
The Government has introduced a directive requiring all vendors to use Point of Sale (POS) machines and open bank accounts as part of their registration process. This initiative, implemented in collab...Published: 13 Feb 2025 at 06:30hrs | 753 | by Staff reporter
Zimbabwe raises savings rates, cuts POS charges
The Reserve Bank of Zimbabwe (RBZ) has introduced a series of bold monetary policy measures aimed at promoting the use of the Zimbabwe Gold (ZiG) currency and enhancing economic stability. These measu...Published: 07 Feb 2025 at 06:35hrs | 407 | by Staff reporter
Mthuli Ncube willing to review tax proposals
The Zimbabwean Treasury may revise certain tax measures outlined in the 2025 National Budget following concerns raised by business leaders, economists, and other stakeholders. Finance, Economic Develo...Published: 11 Dec 2024 at 06:30hrs | 449 | by Staff reporter
RBZ exempts transactions less than US$10 from bank charges
Starting from 1 September 2024, the Reserve Bank of Zimbabwe (RBZ) will exempt electronic transactions under US$10 (or the ZiG equivalent) from bank charges. This move aims to encourage the use of ele...Published: 31 Aug 2024 at 11:13hrs | 147 | by Staff reporter
Mnangagwa must fire Mthuli, Mushayavanhu & Guvamatanga, says Zanu-PF activist
South African-based Zanu-PF supporter Kudzai Mutisi has urged President Emmerson Mnangagwa to remove Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube, the Ministry's per...Published: 22 Aug 2024 at 14:59hrs | 3811 | by Staff reporter
Zimbabwe banks on notice over excessive fees
Banks need to reduce excessive charges to improve financial inclusion, according to Finance, Economic Development, and Investment Promotion Deputy Minister David Mnangagwa. Speaking at the 202...Published: 22 Jul 2024 at 07:48hrs | 671 | by Staff reporter
How Mushayavanhu just removed zeroes from dying currency
Reserve Bank of Zimbabwe governor John Mushayavanhu has issued his maiden monetary policy statement, bringing with him a new gold-backed currency and promises to end the money-printing that tanked the...Published: 07 Apr 2024 at 10:19hrs | 3 | by Staff reporter
Zimbabwe's new currency greeted with pessimism
The new currency introduced by the Reserve Bank of Zimbabwe (RBZ) on Friday has been branded old wine in new bottles by economists and financial experts who doubt that it will stand the test of time....Published: 07 Apr 2024 at 10:18hrs | 2 | by Mthandazo Nyoni
RBZ scraps bank charges for low-cost accounts
IN a move meant to encourage a culture of banking, the Reserve Bank of Zimbabwe (RBZ) has announced the scrapping of bank charges for low-cost accounts.Presenting his first Monetary Policy Sta...Published: 07 Apr 2024 at 10:06hrs | 1 | by Staff reporter
Strategic Analysis of Zimbabwe's Monetary Policy and Its Implications on the Real Estate Sector
Introduction The Reserve Bank of Zimbabwe unveiled a new monetary policy aimed at stabilizing the country's currency and economy. The policy focuses on ...Published: 07 Apr 2024 at 09:17hrs | 11 | by Dr Bekithemba Mpofu
Zimbabwe accused of blocking nurses from taking jobs abroad
Struggling to survive on her meagre salary, Zimbabwean nurse Jane decided to start a new life abroad but, one year after landing a job in Britain, she is still waiting to pack her bags.Jane is...Published: 09 Nov 2023 at 05:59hrs | 17 | by Staff reporter
Zimbabwe banking sector risks crippling strike over US$ salary portions
PLANS for a crippling strike are hovering above the country's banking sector following the recent denial by the employers' side to honour partial payment of US$ salaries, Zimbabwe Banks and Allied Wor...Published: 20 Oct 2022 at 06:01hrs | 2 | by Staff reporter
Zimbabwe schools seek to peg fees in USD
SCHOOL authorities have appealed to Government to allow them to peg fees in United States dollars saying that is the only way they can remain afloat as their RTGS budgets are quickly eroded by inflati...Published: 24 Jun 2022 at 07:37hrs | 3 | by Staff reporter
Monetary policy inconsistency sinking economy
On the 17th of May 2022, the Reserve Bank of Zimbabwe (RBZ) issued a circular cancelling the order announced by the head of state on the suspension of bank lending one week earlier. The head of state ...Published: 08 Jun 2022 at 07:19hrs | 2 | by Victor Bhoroma
Schools complain over exam fees collection
SCHOOLS are left financially poorer every time they collect examination fees on behalf of the Zimbabwe Schools Examination Council (Zimsec) through bank and transport costs charges and have appealed t...Published: 17 May 2022 at 06:33hrs | 3 | by Staff reporter
Mnangagwa's 'paranoid' measures roundly condemned
VARIOUS stakeholders and experts roundly condemned economic stabilisation measures introduced by President Emmerson Mnangagwa to "stop economic hitmen" from sabotaging his under-fire administration....Published: 11 May 2022 at 09:16hrs | 8 | by Staff reporter
Nssa pensioners get 20% increment in January
PUBLIC Service, Labour and Social Welfare Minister Professor Paul Mavima has authorised the National Social Security Authority (Nssa) to increase benefits pay-outs by up to 21 percent to meet its targ...Published: 02 Jan 2022 at 09:09hrs | 12 | by Staff reporter
Gloomy Christmas beckons for civil servants
A GLOOMY festive season beckons for civil servants, the worst since 2008 according to unions representing State employees owing to low salaries amid a sharp rise in the prices of goods and services....Published: 18 Dec 2021 at 11:31hrs | 10 | by Staff Reporter
Gloomy X-mas beckons for civil servants
A GLOOMY festive season beckons for civil servants, the worst since 2008 according to unions representing State employees owing to low salaries amid a sharp rise in the prices of goods and services....Published: 17 Dec 2021 at 23:41hrs | 14 | by Staff reporter
'Banks cash in on civil servants bonus'
SOME local banks are reportedly cashing in on civil servants' United States dollar bonuses through compulsory liquidation of their 13th cheque into local currency.This comes at a time when the...Published: 04 Dec 2021 at 07:21hrs | 10 | by Staff reporter
Mthuli Ncube orders banks to stop deducting civil servants bonuses
FINANCE Minister, Mthuli Ncube has ordered banks to pay civil servants their 13th cheques in foreign currency, and not to deduct cash from their transactions.The Treasury boss said it had come...Published: 03 Dec 2021 at 18:21hrs | 8 | by Staff reporter
Civil servants get forex bonuses, decry high bank charges
Civil servants' representatives are generally excited that their members have started withdrawing their US dollar bonuses, but are upset that some banks are deducting significant bank charges despite ...Published: 03 Dec 2021 at 05:18hrs | 1 | by Staff reporter
Civil servants seek bank charges exemption
Civil servants have asked Government to engage banks so that they are exempt from paying account maintenance charges to enable them to get their bonuses in full.Civil servants will this year b...Published: 25 Nov 2021 at 07:04hrs | 10 | by Staff Reporter
Civil servant's USD bonuses rate set
Civil servants will have their US dollar bonuses calculated on the conversion rate of $97,1361 to the US dollar, the rate existing when the decision was made.The bonus will include the total o...Published: 23 Nov 2021 at 05:52hrs | 9 | by Staff reporter
Banks under fresh pressure
CHIEF executives of banks came under pressure at the weekend to act on concerns that financial institutions were fleecing consumers through punitive fees and commission charges on their accounts, whil...Published: 25 Oct 2021 at 06:26hrs | | by Staff reporter
RBZ calls for Zimdollar pricing
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has implored public entities including local authorities to price their services in local currency. Speaking at the ongoing 2022 pre-bu...Published: 25 Oct 2021 at 06:22hrs | 1 | by Staff reporter
No to US dollar as sole currenc, says Mthuli
ZIMBABWE will not adopt the United States dollar as the country's sole currency, but will work to progressively defend the value of the local unit, while businesses that refuse to accept the Zimbabwe ...Published: 24 Oct 2021 at 09:27hrs | 3 | by Staff reporter
'Zimbabwe bank charges too high'
INVESTMENT banker and business man Dr Nigel Chanakira says the prevailing banking sector charges are still too high and make the formal banking system expensive in an economy trying to rise from turmo...Published: 27 Sep 2021 at 06:14hrs | 2 | by Staff reporter
NSSA, banks in talks over charges
THE National Social Security Authority (NSSA) says it has lined up a cocktail of incentives to improve pensioners' incomes, including removing bank charges.Nssa deputy director for social secu...Published: 17 Sep 2021 at 06:23hrs | | by Staff reporter
Banks to start paying interest on savings accounts
ZIMBABWE'S banks have agreed to scrap punitive charges and start paying interests on savings accounts and fixed term deposits in a landmark deal that could see customers trooping back to make longer t...Published: 08 Aug 2021 at 07:31hrs | | by Staff reporter
Zimbabwe Economic Forecast H2 2021
Zimbabwe's economy is largely expected to register modest growth in 2021 buoyed by a bumper harvest in agriculture, partial dollarization and declining inflation, growth in export earnings and increas...Published: 29 Jul 2021 at 13:30hrs | 14 | by Victor Bhoroma
RBZ orders banks to pay interest on deposits
THE Reserve Bank of Zimbabwe (RBZ) has ordered banks to pay interest on deposits to entice locals to save.RBZ governor John Mangudya said starting next month, banks should offer 5% and 10% int...Published: 22 Jun 2021 at 17:02hrs | 1 | by Staff reporter
Zisco pensioners getting $25 per month
FORMER employees of the now-defunct Zimbabwe Iron and Steel Company (Zisco) are being paid $25 per month as pension on retirement, NewsDay reported.The pensioners who spoke to NewsDay said the...Published: 22 Jan 2021 at 06:38hrs | 9 | by Staff reporter
EcoCash to hike transaction charges in January
THE country's largest mobile money platform, Ecocash, says it would adjust its transaction charges by up to 20 percent starting next month citing the need to cover rising operating costs.The c...Published: 17 Dec 2020 at 17:44hrs | | by Staff reporter
Zimbabwe left with 30 days' wheat supply
THE country is only left with one month's supply of wheat as another consignment remains holed up at Beira Port in neighbouring Mozambique awaiting payment before it can be released, the Grain Millers...Published: 15 Jun 2019 at 09:00hrs | | by Staff reporter
Price monitors descend on shops
THE Grain Millers' Association of Zimbabwe (GMAZ) is mulling plans to cut supplies to unscrupulous retailers found liable of pricing basic commodities beyond stipulated margins, an official has said....Published: 02 Jun 2019 at 08:21hrs | 1 | by Staff reporter
Zimbabwe prices shock!
ZIMBABWEANS yesterday woke up to more retail shops charging in US dollars, with government joining in the bandwagon, amid shortages of basic commodities such as cooking oil and sugar.The devel...Published: 31 May 2019 at 18:21hrs | | by Staff reporter
Millers reject forex sales, cap profit margins
GRAIN millers have maintained a 10 percent mark-up retail price on mealie-meal and other basics and rejected the selling of the products in foreign currency. Speaking at a joint meeting with r...Published: 31 May 2019 at 07:24hrs | | by Staff reporter
Zimbabwe money transfer agencies to import own notes
Zimbabwean money transfer agencies face increasing problems in meeting their customer obligations owing to the termination of correspondent-bank arrangements between local banks and international fina...Published: 22 Feb 2019 at 10:29hrs | | by Staff reporter
Banks plunge into fresh crisis
THE Reserve Bank of Zimbabwe (RBZ) shot down an urgent request by commercial banks to raise interest rates and transaction charges at a crisis meeting held in Harare last week, arguing the move would ...Published: 15 Feb 2019 at 14:35hrs | 1 | by Staff reporter
ZANU PF resolutions spot on the economy
The ZANU PF 17th Annual People's Conference adopted an array of resolutions which are in sync with President Emmerson Mnangagwa's focus on the economy more than politics. For sure at this year's confe...Published: 20 Dec 2018 at 11:50hrs | 9 | by Elijah Chihota
Zanu-PF to increase presidential age limit
THE Zanu-PF 17th Annual National Peoples Conference which ended at Esigodini yesterday came up with a number of resolutions among them that President Mnangagwa is the sole party's candidate for the 20...Published: 16 Dec 2018 at 10:42hrs | | by Staff reporter
Life aint rosy in Jozi - even with a degree
Go to school, stay out of trouble, get a university degree and all your problems are over, right? Melissa Ndlovu's story is an eye-opener.You are unemployed and desperately need a job ngoba ti...Published: 04 Nov 2018 at 10:07hrs | 2 | by Melissa Ndlovu in Diaspora
Zimbabwe's economic woes self-inflicted
THE Zimbabwean economy is bedeviled with self-inflicted woes.However, the economic tribulations largely emanate from government portfolios and their episodic fiscal blunders.The fiscal...Published: 26 Oct 2018 at 08:43hrs | 1 | by Paddington Masamha
Mnangagwa's government desperately needs money to finance its operations
IT is an undeniable fact that President Emmerson Mnangagwa's government desperately needs to raise money to finance its operations.However, we believe the regime ought to have properly account...Published: 18 Oct 2018 at 06:50hrs | | by Editorial - newsday
Zimbabwe Cricket trying to cheat Heath streak
FORMER Zimbabwe senior national cricket team coach Heath Streak has rejected payment in the form of a transfer by Zimbabwe Cricket made to him at the beginning of this month, instead demanding through...Published: 14 Oct 2018 at 09:49hrs | 10 | by Staff reporter
Bank accounts hit six million
Zimbabwe's financial sector now boasts of over six million bank accounts reflecting the rise in the uptake of digital payment systems or transactions by industry and commerce after the introduction of...Published: 11 Oct 2018 at 18:40hrs | 5 | by Staff reporter
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