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Zimbabwe central bank dragged to court over forex
Linda Tsungirirai Masarira has filed an urgent High Court application against the Reserve Bank of Zimbabwe (RBZ), alleging that ordinary citizens are being unfairly constrained in accessing foreign cu...Published: 21 Jun 2024 at 11:30hrs | 19 | by Staff reporter
Reserve Bank of Zimbabwe slashes policy rate
THE Reserve Bank of Zimbabwe (RBZ) yesterday slashed its policy rate further to 140%. The policy rate had been pegged at 150% at the beginning of the year, from 200% before.Analysts said the m...Published: 31 Mar 2023 at 17:55hrs | 2 | by Staff reporter
Reserve Bank slashes lending rates, increases forex retention
THE Reserve Bank of Zimbabwe (RBZ) has trimmed its bank policy rate to 150 percent from 200 percent per annum and increased foreign currency retention thresholds for exporters on domestic sales while ...Published: 02 Feb 2023 at 22:58hrs | 36 | by Staff Reporter
Zimbabwe to release smaller gold coins
Smaller Zimbabwean gold coins, as small as a tenth of an ounce, are expected to go on sale in November from the Reserve Bank of Zimbabwe so ordinary people can invest in them and store value for their...Published: 12 Aug 2022 at 06:35hrs | 1 | by Staff reporter
Mthuli Ncube, Mangudya's unenviable task
I do not envy Finance and Economic Development Minister Professor Mthuli Ncube and the Reserve Bank of Zimbabwe Governor Dr John Mangudya.The two gentlemen must be having a torrid time....Published: 24 Jul 2022 at 09:59hrs | 13 | by Victoria Ruzvidzo
Zimbabwe inflations quickens to 96.4%
Below is the full statement by Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya on the resolutions of the Monetary Policy Committee (MPC) meeting of 29 April 2022.RESOLUTIONS OF THE MONET...Published: 03 May 2022 at 16:25hrs | | by Staff reporter
RBZ lifts Access Forex suspension
Access Forex is back in the business of local remittances after a few days of suspension due to pending Exchange Control regulatory approvals.This comes after the Reserve Bank of Zimbabwe gave...Published: 28 Apr 2022 at 08:54hrs | 2 | by Staff reporter
RBZ gives Access Forex the greenlight on local transfers
THE country's fastest growing domestic and international money transfer platform Access Forex is back in the business of local remittances after a few days of suspension due to pending Exchange Contro...Published: 27 Apr 2022 at 18:38hrs | 30 | by Staff Reporter
Pensioners start accessing forex
Pensioners, the elderly, people living with disabilities and those needing to cover foreign currency medical bills yesterday started accessing foreign currency from financial institutions without any ...Published: 09 Feb 2022 at 05:19hrs | 5 | by Staff reporter
No joy from RBZ governor
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday declined to increase cash withdrawal limits to match recent price hikes, as he battled to limit cash in circulation in order to fight in...Published: 08 Feb 2022 at 05:37hrs | 1 | by Staff reporter
Weekly US$50 facility revised
Only pensioners, the elderly, those living with disability and people needing foreign currency for medical bills will be able to continue buying US$50 a week from bureaux de change with everyone else ...Published: 08 Feb 2022 at 05:34hrs | 1 | by Staff reporter
'Central Banks' run auction system elitist'
CONSUMER rights groups and residents associations' dismissed the Central Banks' run auction system as elitist, and not serving the ordinary men on the street.They appealed to the authorities t...Published: 16 Jan 2022 at 09:00hrs | 3 | by Staff reporter
Cash shortage hits Zimbabwean banks
THOUSANDS of Zimbabweans lined up outside banks and currency exchange offices across the country on Thursday, some for days, in a desperate bid to get cash before Christmas.Most are unlikely t...Published: 24 Dec 2021 at 16:36hrs | 5 | by Staff reporter
RBZ dishes out US$6 million to 130 000 citizens
THE Reserve Bank of Zimbabwe (RBZ) has disbursed more than US$6 million to close to 130 000 people following Government's decision last month to promote financial inclusion and access to forex for sma...Published: 29 Oct 2021 at 08:11hrs | 5 | 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 | 1 | by Staff reporter
'Zimbabwe has enough forex to sustain economy'
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 unscrupulous businesses and...Published: 15 Oct 2021 at 06:17hrs | | 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 | 13 | 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 | 15 | by Staff reporter
Who is causing parallel market rates to spike?
FOR the past 18 months, Zimbabwe's economy has been on a rebound, assisted by a stronger performance in the agricultural and mining sectors, an improved balance of payments and external sector p...Published: 30 Sep 2021 at 07:20hrs | 4 | by Dr Tim Rainhard
Bureaux de change operator opens shop in western suburbs
WHILE many financial service businesses are concentrated in the Central Business District, Swift Global Forex Bureaux de Change has decided to be different.The entity has become the first comp...Published: 29 Sep 2021 at 06:34hrs | 4 | by Staff reporter
Who is causing parallel market rates to spike?
For the past 18 months, the country's economy has been on a rebound, assisted by the stronger performance in the agricultural and mining sectors, an improved balance of payments and external sector po...Published: 23 Sep 2021 at 19:35hrs | 2 | by Dr Tim Rainhard
Consumer watchdog slams business
THE Consumer Council of Zimbabwe (CCZ) says businesses have effected "unjustified" price hikes in the past few months despite accessing foreign currency on the Reserve Bank of Zimbabwe (RBZ)'s foreign...Published: 23 Sep 2021 at 06:32hrs | 2 | by Staff reporter
Bureaux de change start selling US dollars to public
BUREAUX de change yesterday started selling foreign currency to ordinary walk-in customers as per the resolutions of Reserve Bank of Zimbabwe monetary policy committee MPC) meeting last month to promo...Published: 10 Sep 2021 at 07:19hrs | 8 | by Staff reporter
RBZ vows to clear US$175m allotment backlog by month end
THE Reserve Bank of Zimbabwe (RBZ) says it will clear the US$175 million foreign exchange allotment backlog within a month.The delay in allocating the foreign currency on the auction market wh...Published: 31 Aug 2021 at 06:12hrs | 1 | by Staff reporter
Zimbabwe inflation to fall below 55%, says RBZ
THE Reserve Bank of Zimbabwe (RBZ) says it is targeting a slide in the annual inflation to below 55% by July this year, underpinned by its disinflationary strategy that has been credited for calming m...Published: 06 May 2021 at 05:47hrs | 2 | by Staff reporter
RBZ approves $500 million MSMEs facility
THE Reserve Bank of Zimbabwe (RBZ) has approved a $500 million facility for micro, small and medium enterprises (MSMES) to stimulate economic growth.In a statement yesterday, the RBZ said the ...Published: 05 May 2021 at 07:18hrs | 1 | by Staff reporter
Market welcomes forex auction relaxation
THE Reserve Bank of Zimbabwe has begun selling foreign currency to registered bureau de change to improve the accessibility of forex for small businesses."Pursuant to the resolution of the mon...Published: 23 Apr 2021 at 07:24hrs | | by Staff reporter
'Bureaux de-change to bridge forex needs'
THE Reserve Bank of Zimbabwe (RBZ) has approved the selling of foreign currency to registered bureaux de-change operators for on-selling to their clients as part of measures to increase formal access ...Published: 22 Apr 2021 at 06:15hrs | | 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 | 2 | by Staff reporter
RBZ backs down on exporters' free funds
THE central bank has made a raft of major reforms to stabilise the foreign exchange market, including immediately scrapping the much-loathed compulsory requirement to liquidate unutilised export proce...Published: 08 Jan 2021 at 20:25hrs | 4 | by Staff reporter
Zim Parliament barking up wrong tree on auction system
An all too familiar joke that has been doing the rounds ever since Zimbabwe's economy hit turbulence is that every citizen of this country has become an economist of sorts. This places the burden of f...Published: 30 Sep 2020 at 10:47hrs | | by Dr Tim Rainhard
Cash shortages choking tourism
ZIMBABWE Independent deputy editor Faith Zaba (FZ) last week attended the 2019 Africa Tourism Leadership Forum and awards at the Durban International Convention Centre (ICC) whose theme was "Stimulati...Published: 06 Sep 2019 at 07:42hrs | 1 | by Staff reporter
Zimnat partners Access Finance to provide bureaux de change
Zimnat customers can now obtain bureau de change services at selected Zimnat branches across the country, following the establishment of a partnership between Zimnat General Insurance and Access Finan...Published: 02 Sep 2019 at 16:08hrs | | by Agencies
Forex black market becomes unpopular
BUREAUX de Change are becoming popular among Bulawayo residents as they are slowly eating into the parallel market's business. To date, the RBZ has licensed over 46 bureaux de change that are ...Published: 20 Aug 2019 at 08:40hrs | 2 | by Staff Reporter
Mthuli Ncube happy with reforms progress
FINANCE and Economic Development Minister, Professor Mthuli Ncube, has expressed satisfaction with progress made in the economic reform process and the performance of the interbank market to date. ...Published: 30 Jul 2019 at 07:22hrs | 5 | by Staff reporter
RBZ liberalises fuel imports
Foreign currency-starved Zimbabwe has liberalised fuel imports by allowing authorised dealers to pay directly to foreign fuel suppliers upon exchange control approval in a move meant to ease pre...Published: 29 Jul 2019 at 14:46hrs | 1 | by Staff reporter
RBZ brings back the US Dollar
The Reserve Bank of Zimbabwe has partially re-introduced the recently outlawed used of foreign currency for some sectors of the economy. In an Exchange Control circular No 8. of 2019 RBZ said ...Published: 25 Jul 2019 at 11:26hrs | 1 | by Mandla Ndlovu
'No fix to illegal forex trade'
PRESIDENT Emmerson Mnangagwa says his administration has no immediate solution to dealing with illegal foreign currency trade despite admitting its role in the economic crisis.Last week, offic...Published: 22 Jul 2019 at 08:14hrs | | by Staff reporter
'Scrapping of multi-currency regime carefully planned,; says Mthuli Ncube
The scrapping of the multi-currency regime last month was not made in haste, but was carefully planned as Government had been working on it since last year. This was revealed by Finance and Ec...Published: 15 Jul 2019 at 07:50hrs | | by Staff reporter
Mthuli Ncube taunts 'misguided' lawyers challenging SI 142
FINANCE minister Mthuli Ncube has described litigations against the reintroduction of the Zimbabwean dollar and ban on the use of foreign currencies as "misguided".Currently, there are three c...Published: 09 Jul 2019 at 17:58hrs | 2 | 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 | | 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 | 1 | by Staff reporter
Simbisa Brands slashes prices
LISTED quick service business, Simbisa Brands, has set the pace by slashing prices of its major products by 20 percent margins in response to monetary and fiscal consolidation measures being implement...Published: 04 Jul 2019 at 07:57hrs | 6 | 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 | | 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 | 3 | by Staff reporter
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 | 1 | by Staff reporter
Prices start dropping?
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: 30 Jun 2019 at 08:58hrs | | by Staff reporter
International remittances recipients to get forex
Recipients of international remittances will continue receiving money in hard currency following the abolishment of multi-currency system or can be paid in local currency at a prevailing official exch...Published: 27 Jun 2019 at 06:35hrs | 1 | by Staff reporter
Mthuli Ncube mops up $190m local liquidity to support Zimdollar
Zimbabwe is looking to mop up as much as ZWL1.2 billion from the local market by the end of this week through direct transfer of balances from local finance institutions to the central bank while also...Published: 26 Jun 2019 at 19:34hrs | | by Staff reporter
RBZ hikes interest rate to 50%
THE Reserve Bank of Zimbabwe (RBZ) has increased the interest rate on its overnight window to 50 percent per annum from 15 percent in a bid to tame inflationary pressures alongside other measures mean...Published: 26 Jun 2019 at 07:10hrs | | by Staff reporter
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