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Mnangagwa still squandering massive goodwill
PRESIDENT Emmerson Mnangagwa's promises to break with the past and chart a new path for Zimbabwe after the ouster of long-time leader Robert Mugabe are ringing hollow as the southern African nation fu...Published: 21 hrs ago | 1067 | by Staff reporter
Man's 'get rich quick' muthi backfires horribly
REMEMBER, if something sounds too good to be true, it probably is.Blinded by the allure of prosperity, an elderly man from Hwange in Matabeleland North province's quest to get rich quickly thr...Published: 24 Nov 2023 at 05:48hrs | 2796 | by Staff reporter
'ZWL$80bn gold coins, ZiG tokens sold'
Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has reported the sale of gold coins and gold-backed digital tokens (ZiG tokens) valued at over ZWL$80 billion to date. Gold coins were introduced ...Published: 02 Nov 2023 at 05:52hrs | 162 | by Staff reporter
IMF tells Zimbabwe to end RBZ's quasi-fiscal activities
The International Monetary Fund (IMF) has implored Zimbabwe to end the central bank's quasi-fiscal activities among a raft of reforms to "fully restore macroeconomic stability".The Reserve Ban...Published: 26 Oct 2023 at 06:36hrs | 456 | by Staff reporter
Will the new ‘ZiG' ‘gold backed' digital currency alleviate Zimbabwe's currency stability woes?
THE chronic problem of Zimbabwe's economy has its roots in the land reform activities that began more than 30 years ago.The principle of ‘ethnic balance' in land ownership was fair. The prob...Published: 08 Oct 2023 at 08:02hrs | 444 | by John Mc Keown
Zimbabwe gold-backed tokens enter market
Zimbabwe Gold (ZiG), the digital tokens backed by gold, has gained approval as a legitimate means of payment for domestic transactions, effective immediately. Transactions involving ZiG will be proces...Published: 06 Oct 2023 at 06:32hrs | 444 | by Staff reporter
Nampak cashes in on Zimdollar scarcity
PACKAGING materials supplier Nampak Zimbabwe says it has benefited from improved United States dollar collections during the third quarter ended June 2023 on the back of constrained local currency liq...Published: 16 Aug 2023 at 06:48hrs | 9 | by Staff reporter
Zimbabwe set to introduce Gold Backed Digital Tokens for daily transactions
THE Reserve Bank of Zimbabwe (RBZ) says plans have now reached an advanced stage to introduce the Gold Backed Digital Tokens (GBDT) as a medium of exchange to be by the public in daily transactions....Published: 11 Aug 2023 at 06:38hrs | 9 | by Staff reporter
Gold tokens to become medium of exchange in Zimbabwe
THE Reserve Bank of Zimbabwe (RBZ) is finalising the modalities of rolling out the gold-backed digital tokens as a medium of exchange for domestic transactions to complement the US dollars, Governor D...Published: 10 Aug 2023 at 06:43hrs | 8 | by Staff reporter
Zimbabwe's inflation drops to 101.3%
Zimbabwe's annual inflation eased to 101,3 percent in July from 175,8 percent in the prior month as the local unit continued to firm against the United States dollar and riding on tight fiscal and mon...Published: 26 Jul 2023 at 06:38hrs | 7 | by Staff reporter
Rewriting the Rules: Sweepstakes Casinos for the Modern Gambler
In recent years, the gambling landscape has undergone a significant transformation. Traditional brick-and-mortar casinos are no longer the sole option for avid gamblers seeking entertainment and the t...Published: 17 Jul 2023 at 14:39hrs | 36 | by Staff Reporter
Consider paying Zimbabwe civil servants in gold coins'
Government has been urged to explore the feasibility of paying a portion of civil servants' salaries in gold-backed digital tokens and gold coins.The tokens have proven to be effective in mopp...Published: 12 Jul 2023 at 08:15hrs | 3 | by Staff reporter
Zimdollar demand soars
DEMAND for the Zimbabwean dollar continues to soar as more businesses and individuals seek to transact using the local currency, which has regained its lost value for the third consecutive time at the...Published: 05 Jul 2023 at 07:15hrs | 3 | by Staff reporter
Government says NO to payment of bills in forex
THE directive late last week by the Government that all local councils must continue charging in local currency as opposed to United States dollars as had just been announced by the Harare City Counci...Published: 03 Jul 2023 at 07:08hrs | 6 | by Staff rporter
Zimdollar shortage hits market
A serious shortage of Zimbabwe dollar has hit the market on fiscal and monetary policy measures amid fears the crunch will affect aggregate demand.The liquidity squeeze follows recent me...Published: 30 Jun 2023 at 16:08hrs | | by Staff reporter
Why Mnangagwa failed to improve Zim's economic prospects
IT is now more than five years since President Emmerson Mnangagwa assumed power with a mandate from his backers to improve the country's economic fortunes, the nemesis of his predecessor, Robert Gabri...Published: 29 Jun 2023 at 06:29hrs | 7 | by Martin Majaji
Mnangagwa's cost-of-living nightmare terribly deepens
NINE weeks before Zimbabwe's general elections, President Emmerson Mnangagwa faces a moment of truth as the imploding economy plunges the country into its third hyperinflation in 15 years amid rising ...Published: 18 Jun 2023 at 15:15hrs | 2 | by Staff reporter
RBZ finalises platform for digital token payments
THE Reserve Bank of Zimbabwe (RBZ) is finalising the establishment of a platform that facilitates person-to-person transactions using digital gold tokens, a development expected to largely reduce dema...Published: 18 Jun 2023 at 08:30hrs | 7 | by Staff reporter
Man loses US$457 000 to bitcoin dealer
A Harare man who specialises in cryptocurrency (bitcoin) business has appeared in court for allegedly duping an eye specialist of US$457 000 in a bitcoin deal by stealing the money from his accounts....Published: 07 Jun 2023 at 16:28hrs | | by Staff reporter
Zimbabwe's gold-backed digital tokens mop up $34bn excess liquidity
THE Reserve Bank of Zimbabwe (RBZ) has mopped up $34 billion through gold-backed digital tokens, which are part of measures to reduce liquidity in the market and expand the value-preserving instrument...Published: 06 Jun 2023 at 06:21hrs | 4 | by Staff reporter
Mnangagwa threatens to legislate against foreign currency use
PRESIDENT Emmerson Mnangagwa has, in a yet-to-be-aired interview, declared Zimbabwe will continue using its waning currency despite it fast-losing value.In snippets of the interview shared by ...Published: 02 Jun 2023 at 06:43hrs | | by Staff reporter
Bitcoin's role in the rise of Decentralized Finance (DeFi)
Decentralized Finance (DeFi) has taken the world by storm in recent years, with more and more investors turning to blockchain-based financial systems to take advantage of the numerous benefits they pr...Published: 24 May 2023 at 09:38hrs | 33 | by Staff Reporter
ZCBTA statement on scrapping of duty on basic commodities
The Zimbabwe Cross Border Traders Association (ZCBTA) commends the Minister of Finance for taking appropriate steps to protect ordinary citizens and other vulnerable groups in Zimbabwe from negative i...Published: 23 May 2023 at 14:33hrs | 5 | by Erick Matotoba
The Rise of Binance Coin: Why you should consider converting BTC to BNB
So you've heard of Binance Coin (BNB) and you're wondering why you should convert Bitcoin (BTC) to BNB. In this article, we will look at the advantages of such an exchange....Published: 23 May 2023 at 14:28hrs | 38 | by Staff Reporter
ZCTU pours scorn on Mthuli Ncube's firefighting stunts
The Zimbabwe Congress of Trade Unions (ZCTU) has dismissed as futile, Finance Minister Mthuli Ncube's attempts to tame a recent price surge that has eroded incomes and brought restlessness within the ...Published: 16 May 2023 at 20:41hrs | 7 | by Staff reporter
Zimbabwe central bank confident of price stability
ABOUT $40 billion, some of which could have found its way onto the black market, has been mopped up from the market in less than 10 months through gold coins and gold-backed digital tokens, in a devel...Published: 14 May 2023 at 11:32hrs | | by Staff reportetr
Zimbabwe backs new digital money with 140kg of gold
Zimbabwe has turned to digital money to help ease soaring demand for US dollars in its economy as the value of the local currency plunged.Zimbabwe used nearly 140 kilograms of gold reserves to...Published: 13 May 2023 at 18:54hrs | 1 | by Staff reporter
Mnangagwa's administration panicking
FORMER Finance minister and opposition legislator, Tendai Biti, says government's latest interventions to save the free-falling local currency expose panic in President Emmerson Mnangagwa's administra...Published: 13 May 2023 at 18:27hrs | | by Staff reporter
$14 billion gold digital tokens bought so far in Zimbabwe
The Reserve Bank of Zimbabwe (RBZ) has said a total 139 570 982 milligrammes (139,57kg) of gold-backed digital tokens valued at $14 077 billion were bought during the initial sale, which opened on Mon...Published: 13 May 2023 at 18:25hrs | 6 | by Staff reporter
Zimdollar stares fresh setbacks as crisis deepens
ZIMBABWE'S currency will continue depreciating in the coming months, as multiple headwinds exert pressure on the unit, which surrendered 34% of its value to the United States dollar in April, accordin...Published: 12 May 2023 at 06:06hrs | | by Staff reporter
Zimbabwe govt lifts import restrictions on basics
GOVERNMENT has lifted all restrictions on the importation of basic commodities to boost market supplies and granted 100 percent retention of domestic foreign currency earnings, with a further fine-tun...Published: 12 May 2023 at 06:00hrs | | by Staff reporter
Biti takes dig at Mthuli Ncube
FORMER Finance minister Tendai Biti has taken a dig at current Treasury boss Mthuli Ncube over the free-falling local currency."There is rampant rejection of the local currency in the market,"...Published: 10 May 2023 at 06:02hrs | 8 | by Staff reporter
'Gold tokens will unlikely save Zimdollar'
THE recently-announced gold-backed digital tokens will neither strengthen the local currency nor reduce chronic inflation because of waning market confidence and trust in government, an economic watch...Published: 08 May 2023 at 06:12hrs | 2 | by Staff reporter
Zimbabwe gold digital tokens to hit market on Monday
THE Reserve Bank of Zimbabwe (RBZ)'s will release its gold-backed digital tokens into the market on Monday to serve as both an instrument for store of value and transacting.The bank has since ...Published: 05 May 2023 at 20:22hrs | 4 | by Staff reportr
Bread price jumps 109% in Zimbabwe
THE average price of a standard loaf of bread shot to $1 800 which is equivalent to US$1,70 at the official exchange rate of $1 059,60 to the greenback.This represents a 109% hike on the $860 ...Published: 03 May 2023 at 06:07hrs | 2 | by Staff reporter
Zimbabwe's digital tokens out next month
THE Reserve Bank of Zimbabwe (RBZ) yesterday said it would start issuing gold-backed digital tokens on May 8 as one of its several measures to save the free-falling local currency.In July last...Published: 29 Apr 2023 at 07:52hrs | 4 | by Staff reporter
Why RBZ introduced the Gold-backed digital currency
With the local currency on a free-fall and Zimbabwe already a digital economy, ninety six percent of our transactions traded on digital platforms. The digital currency was long overdue. Zimbabwe is on...Published: 29 Apr 2023 at 07:07hrs | 4 | by Jacob Kudzayi Mutisi
Ncube frets over runaway forex rate
FINANCE minister Mthuli Ncube this week threatened to hike Zimbabwe's policy rate beyond 200%, if companies continue to dabble into parallel market activities.The Treasury chief, who spoke dur...Published: 28 Apr 2023 at 07:04hrs | 12 | by Staff reporter
'Zimbabwe central bank selling gold coins at a loss'
THE Reserve Bank of Zimbabwe (RBZ) is making a huge loss by selling gold coins in local currency using the official rate as the Zimbabwean dollar continues on a free fall, a local think tank has said....Published: 27 Apr 2023 at 06:32hrs | 4 | by Staff reporter
'Black market rates to fall,' dreams RBZ
THE Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to be used as legal tender for transacting in the country as part of interventions to stabilise the local currency...Published: 23 Apr 2023 at 07:48hrs | | by Staff reporter
Zimbabwe central bank introduces gold-backed digital currency
THE Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to be used as legal tender for transacting in the country as part of interventions to stabilise the local currency...Published: 23 Apr 2023 at 07:47hrs | 4 | by Staff reporter
Mnangagwa should thank us, says Polad
PRINCIPALS under the Political Actors Dialogue (Polad) have claimed that they rescued the country from total economic collapse after President Emmerson Mnangagwa, after the finance ministry and the Re...Published: 17 Apr 2023 at 06:20hrs | | by Staff reporter
RBZ boss speaks on looming exit
The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says his top priorities are to leave behind a sound financial system, strong central bank, and stable prices as his two terms come to an end....Published: 16 Apr 2023 at 08:32hrs | | by Staff reporter
Zimdollar hits new low
Prices of nearly all basic goods skyrocketed this week as the Zimbabwe dollar plunged in value to a record low, leaving disposable incomes dwindled, Business Times can report.The jump in price...Published: 08 Apr 2023 at 12:38hrs | 5 | by Staff reporter
Political plot to corrupt Zimbabwe's judiciary?
CORRUPT government officials are maneuvering to manipulate an anticipated investigation into allegations of misconduct and corruption against High Court judge Webster Chinhamora as he is seen to be pr...Published: 02 Apr 2023 at 11:12hrs | 1 | by Staff reporter
Mnangagwa preside over Zimbabwe implosion
WHILE President Emmerson Mnangagwa claimed that the majority of his ministers were doing well - with three outstanding and two being a dismal failure - the reality on the ground is different: Zimbabwe...Published: 20 Mar 2023 at 15:05hrs | 1 | by Staff reporter
When all friendship ceases!
Von Hornick's nine principles on National EconomyIn 1684, an Austrian lawyer-turned-civil servant, Philipp Wilhelm von Hornick, published nine principal rules of a National Economy.The...Published: 04 Mar 2023 at 07:57hrs | | by Jamwanda
Travellers can now take out US$10 000 cash
THE Reserve Bank of Zimbabwe yesterday doubled the amount of foreign currency in cash someone can physically carry on their person or in their baggage out of the country to US$10 000.Far large...Published: 02 Mar 2023 at 05:45hrs | 2 | by Staff reporter
Judge dismisses depositor's US$179,000 debt claim from CABS
A local pensioner, Duncan Hugh Cocksedge, is counting his losses after his US$179,000 bank balance which was being held in a CABS account was wiped out after being wholly converted to local currency t...Published: 28 Feb 2023 at 19:53hrs | 4 | by Staff reporter
'Zimbabwe gold coins a masterstroke,' claims Mnangagwa
THE introduction of gold coins by the Reserve Bank of Zimbabwe (RBZ) has been a masterstroke, as it has brought the equivalent of US$27,5 million into the formal system and helped in the economic turn...Published: 13 Feb 2023 at 05:15hrs | 5 | by Staff reporter
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