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Zimbabwe's biggest threat to business formalisation is currency

Zimbabwe's biggest industry body has urged government to abandon its aggressive campaign against the informal economy, warning that heavy-handed tax raids on backyard businesses amount to a futile war on survivalist hustles.The informal ec…

Published: 19 Sep 2025 at 19:08hrs | 2237 | by Staff reporter

Zimbabwe sets 2030 deadline for mono-currency regime

The Reserve Bank of Zimbabwe (RBZ) has announced that the country is on course to adopt a mono-currency system by 2030, with the Zimbabwe Gold (ZiG) set to become the sole legal tender for all domestic transactions.At present, Zimbabwe ope…

Published: 04 Sep 2025 at 07:28hrs | 334 | by Staff reporter

Zimbabwe hits US$44,9bn in digital transactions

Zimbabwe's financial sector has marked a major milestone in its digital transformation, processing a record 381 million electronic transactions worth ZiG1,2 trillion (US$44,9 billion) in the first half of 2025.The surge reflects the countr…

Published: 12 Aug 2025 at 08:32hrs | 7 | by Staff reporter

'ZiG outperforms regional peers'

The Reserve Bank of Zimbabwe (RBZ) has lauded the Zimbabwe Gold (ZiG) currency for its sustained stability and strong performance compared to several regional currencies within the Southern African Development Community (SADC) and beyond.I…

Published: 08 Aug 2025 at 13:02hrs | 72 | by Staff reporter

RBZ reveals strategy towards shift to mono-currency

Zimbabwe's central bank is stepping up efforts to build up foreign currency reserves in preparation for a planned transition to a mono-currency regime by 2030, Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has said.In an exclus…

Published: 25 Jul 2025 at 18:01hrs | 811 | by Staff reporter

Zimbabwe's plan to make ZiG sole currency faces sharp criticism

Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu has recently suggested making the local currency, the Zimbabwe Gold coin (ZiG), the sole legal tender in the country. Despite Mushayavanhu's claims of ZiG's growing stability, econo…

Published: 18 Jul 2025 at 08:52hrs | 1202 | by Staff reporter

Zimbabwe gold makes currency history

Welcome Mavingire, managing consultant at INTELLEGO Investment Consultants, has hailed the Zimbabwe Gold (ZiG) currency's recent stability as the longest sustained period for a domestic currency in the country's recent history. Speaking at…

Published: 14 Jul 2025 at 08:10hrs | 737 | by Staff reporter

Zimbabwe currency reserves backing ZiG climb to record

Gold and foreign-currency reserves backing Zimbabwe's bullion-linked monetary unit rose to a record in June, the central bank said.The reserves climbed to $731 million from $639 million in May and $276 million in April last year, when the …

Published: 11 Jul 2025 at 08:55hrs | 964 | by Staff reporter

Zimbabwe's businesses sound alarm over volatile ZiG

Zimbabwe's business leaders have expressed deep concern over the persistent volatility of the Zimbabwe Gold (ZiG) currency, warning that ongoing instability is crippling industrial growth and eroding business confidence nationwide.The warn…

Published: 26 Jun 2025 at 11:21hrs | 1079 | by Staff reporter

ZiG ranked second worst performing currency

 In a stark contrast of fortunes, Ghana's Cedi has emerged as the world's strongest-performing currency in 2025, gaining nearly 50% against the United States dollar, while Zimbabwe's Zimbabwe Gold (ZiG) ranks as the second worst, havi…

Published: 11 Jun 2025 at 11:26hrs | 1060 | by Staff reporyter

Zimbabwe's ZiG currency risks extinction stoked by policy choices

Zimbabwe's ZiG is heading toward failure, not through rapid devaluation, but through growing irrelevance, according to Imara Asset Management, the country's oldest independent brokerage.Unlike past currency collapses, which were driven by …

Published: 16 Apr 2025 at 22:45hrs | 88 | by Staff reporter

US dollar suffocates the ZiG

A liquidity crunch in Zimbabwe is deepening the economy's embrace of the US dollar and undermining the bullion-backed currency introduced by the government almost a year ago.The ZiG, short for Zimbabwe Gold, which began trading on April 8,…

Published: 06 Apr 2025 at 11:38hrs | 3608 | by Staff reporter

RBZ to swoop on currency hoarders

The Reserve Bank of Zimbabwe (RBZ) is set to crack down on businesses and individuals hoarding money in cash deposit boxes at banks, homes, and business premises. Authorities are concerned that such practices result in idle funds, deprivin…

Published: 02 Apr 2025 at 08:47hrs | 575 | by Staff reporter

Zimbabwe's foreign currency reserves surge by 87%

The Reserve Bank of Zimbabwe (RBZ) has reported a significant increase in its foreign currency reserves, which have surged by 87% to reach US$550 million as of January 2025. This marks a substantial growth from the US$285 million recorded …

Published: 08 Feb 2025 at 12:49hrs | 3942 | by Staff reporter

Zimbabwe central bank widens blitz on defiant business

The Reserve Bank of Zimbabwe (RBZ) has announced an expanded blitz targeting businesses across the country that are refusing to comply with government directives on the use of the multicurrency system, including acceptance of the Zimbabwea…

Published: 05 Feb 2025 at 11:42hrs | 354 | by Staff reporter

Why Zimbabweans keep watching their money go up in smoke

It was 10 p.m. when a frantic pounding on Modester Nyangoni's door dragged her out of a deep sleep.That hot October day, she had been on her feet manning her stall at the largest market in Zimbabwe's capital, a bustling maze of businesses …

Published: 25 Dec 2024 at 08:24hrs | 3086 | by Staff reporter

Ecocash loses ZWG 148,7 million in conversion to new currency

Ecocash Holdings Zimbabwe Limited, a leading diversified digital solutions group, has reported a loss of ZWG 148.7 million following the transition to the newly introduced ZWG currency, which was introduced by the Reserve Bank of Zimbabwe …

Published: 21 Nov 2024 at 06:35hrs | 1941 | by Staff reporter

Confidence in Zimbabwe gold currency hits historic low

Confidence in the Zimbabwe Gold (ZiG) currency has dropped to an all-time low, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee has admitted.Introduced in April this year, the ZiG was initially pegged at ZiG13.50 to…

Published: 14 Nov 2024 at 09:52hrs | 1857 | by Staff reporter

High interest rates choking Zimbabwe currency borrowing

Listed clothing retailer, Edgars Stores Limited, has reported a resilient performance for the half-year period ending July 7, 2024, despite the ongoing economic setbacks and high interest rates that continue to burden local currency debtor…

Published: 10 Nov 2024 at 11:02hrs | 187 | by Staff reporter

Zimbabwe's gold-backed ZiG extends rare advance against dollar

Zimbabwe's gold-backed currency, which has been battered on foreign exchange markets since its April debut, rose against the dollar for a second day on the back of tighter monetary policy.The ZiG, short for Zimbabwe Gold, strengthened 4% t…

Published: 06 Nov 2024 at 07:04hrs | 815 | by Staff reporter

ZiG struggles persist

The woes surrounding the Zimbabwe Gold (ZWG) currency show no signs of abating, as retailers continue to implement a three-tier pricing system for products, complicating consumer transactions and undermining confidence in the local currenc…

Published: 15 Oct 2024 at 08:39hrs | 2793 | by Staff reporter

Currency crisis piles more misery on fragile Zimbabwe economy

Leading economists have raised concerns over the potential economic impact of the recent waves of price hikes and currency volatility, which threaten to further destabilize an already fragile economy. The warnings come as Zimbabwe slashed …

Published: 20 Sep 2024 at 13:12hrs | 3502 | by Staff reporter

After ditching the dollar, Zimbabwe now rushing for it at a steeper cost

NEARLY five months after changing its currency to arrest inflation, Zimbabwe is back in familiar territory as the new local unit has started losing ground.The problem seems to be based on how the country tried to ditch the US dollar, now r…

Published: 26 Aug 2024 at 08:11hrs | 3930 | by Staff reporter

ZiG manipulators face stiff sentences

Cabinet considered the report on basic commodities prices and availability and issues constraining local industry as presented by the Honourable Vice President Gen (Rtd) Dr CGDN Chiwenga. On modalities to operationalise the ZiG currency as…

Published: 07 Aug 2024 at 11:24hrs | 370 | by Staff reporter

ZiG acceptance grows across Zimbabwe economy

The Reserve Bank of Zimbabwe (RBZ) has observed a growing acceptance of the local currency, ZiG, by both businesses and individuals, which aligns with the central bank's efforts to stabilize the economy. Speaking at an Institute of Charter…

Published: 24 Jul 2024 at 08:54hrs | 2085 | by Staff reporter

FIU targets informal sector ZiG manipulators

The Financial Intelligence Unit (FIU), part of the Reserve Bank of Zimbabwe (RBZ), is intensifying efforts against the informal sector to combat currency manipulation aimed at undermining the Zimbabwe Gold (ZiG). While compliance from reta…

Published: 26 Jun 2024 at 07:14hrs | 4 | by Staff reporter

Zimbabwean currency poised to strengthen further

The Zimbabwean currency, Zimbabwe Gold (ZiG), is expected to strengthen against major currencies in the official market due to increased demand as companies prepare to meet their quarterly corporate income tax obligations. By law, companie…

Published: 16 Jun 2024 at 09:04hrs | 32 | by Staff reporter

Microfinance sector dumps local currency

In the first quarter of 2024, the United States dollar loan portfolio in Zimbabwe's microfinance sector surged by nearly 8% to reach US$48.63 million, up from US$45.1 million in the previous quarter. This significant increase reflects the …

Published: 12 Jun 2024 at 06:43hrs | 15 | by Staff reporter

Zimbabwe authorities mix charm with force to shore up ZiG

THE introduction of the world's newest currency in April inspired a reggae artist to record a song praising the ZiG, or Zimbabwe Gold.The catchy tune, titled "Zig Mari," received generous play on state television and radio. The musician, R…

Published: 27 May 2024 at 09:56hrs | 7 | by Associated Press

Zimbabweans are distraught by financial trauma

GOOD day, President Emmerson Mnangagwa.Your Excellency, as I see it, Zimbabweans are emotionally drained. They are overwhelmed by the severity of deprivation caused by the collapse of currencies. Verily, citizenry are distraught by financi…

Published: 22 May 2024 at 09:52hrs | 21 | by Cyprian Muketiwa Ndawana

Zimbabwe police to conduct blitz on street traders manipulating ZiG currency

Finance Minister Mthuli Ncube has announced plans for law enforcement crackdowns on black market traders accused of manipulating Zimbabwe's new structured currency, the Zimbabwe Gold (ZiG). This initiative follows closely on the heels of R…

Published: 11 Apr 2024 at 18:31hrs | 3 | by Staff reporter

Zimbabwe's new currency chaos

ZIMBABWEAN consumers were yesterday left stranded after businesses suspended trading using the Zimbabwe dollar following the introduction of a new currency on Friday.Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu on Friday unvei…

Published: 07 Apr 2024 at 10:35hrs | 8 | by Staff reporter

We need restoration of economic confidence not new currency

ActionAid Zimbabwe stands firm in its commitment to the economic well-being of Zimbabweans.We have closely monitored the recent announcement regarding the introduction of the new structured currency called Zimbabwe Gold (ZiG) with deep con…

Published: 07 Apr 2024 at 10:28hrs | 4 | by ActionAid Zimbabwe

Zimbabwe's new currency notes out this week

ZIMBABWEANS were transacting exclusively in United States dollars yesterday as the country began transitioning to the new currency â€” Zimbabwe Gold (ZiG) â€” following unveiling of the new gold-backed unit by the Reserve Bank of Zimbabwe …

Published: 07 Apr 2024 at 10:06hrs | 4 | by Staff reporter

Zimbabwe's new currency requires bold measures to succeed

JOHN Mushayavanhu, the new Reserve Bank of Zimbabwe (RBZ) governor, yesterday put his head on the block declaring that "not under my watch" will the apex stray from its core functions as he launched a structured currency seen as the last-d…

Published: 06 Apr 2024 at 08:10hrs | 8 | by Staff reporter

Zimbabwe set to announce fate of Zimdollar

Zimbabwe's currency plunged to yet another record low as citizens rushed to the safety of the US dollar amid speculation an announcement from the central bank on the fate of the local unit is imminent.The Zimbabwe dollar traded at 22 476 a…

Published: 04 Apr 2024 at 06:03hrs | 4 | by Staff reporter

Zimbabwe's structured currency launch on Friday

IN a bid to address currency volatility and exchange rate-driven inflation badly battering the economy amid arbitrage, the Zimbabwean government will next week launch a "structured currency" which the market has been waiting for to pick th…

Published: 31 Mar 2024 at 20:50hrs | 6 | by Staff reporter

Zimdollar crashes to lowest since its 2019 revamp

A fresh plunge in the value of the Zimbabwean dollar means that everyone in the country with US$100 is now a millionaire in local-currency terms. Again.The local unit on Tuesday weakened past 10 160 per US dollar in the spot market for the…

Published: 31 Jan 2024 at 04:56hrs | 8 | by Staff reporter

'Zimbabwe's hastened currency shift won't end lending crisis'

Economists suggest that the recent issuance of a Statutory Instrument (SI) extending the use of multiple currencies in Zimbabwe until 2030 may have revealed the extent of President Emmerson Mnangagwa's discretionary powers to change polici…

Published: 03 Nov 2023 at 14:55hrs | 16 | by Staff reporter

'Zimbabwe to revert to local currency'

President Mnangagwa has declared that Zimbabwe is poised to shift back to employing its local currency as the exclusive legal tender, abolishing the multi-currency system. He underlined the significance of a nation possessing its own curre…

Published: 13 Oct 2023 at 06:24hrs | 1177 | by Staff reporter

Mnangagwa reiterates call for mono-currency

President Mnangagwa has announced that Zimbabwe will transition back to using its local currency as the exclusive legal tender, discontinuing the multi-currency system. He emphasized that a country's development relies on having its own cu…

Published: 13 Oct 2023 at 06:12hrs | 13 | by Staff reporter

Zimbabwe targeting Zimdollar return in 5 years

Zimbabwe will continue to put in place measures to entrench the use of the domestic currency because having its own currency forms the basis for sustainable economic growth and development, President Mnangagwa has said.The President said t…

Published: 06 Sep 2023 at 19:09hrs | 6 | by Staff reporter

Zimbabwe foreign currency receipts up US$5,5 billion

ZIMBABWE's foreign currency receipts reached US$5, 5 billion in the first half of 2023 driven by exports and diaspora remittances among other top earners, the Reserve Bank of Zimbabwe (RBZ) latest Monetary Policy Statement (MPS) has reveal…

Published: 27 Aug 2023 at 09:51hrs | 6 | by Staff reporter

Brics+ plans gold-backed currency

WORLD countries coalescing under the banner of the Brics alliance which brings together Brazil, Russia, India, China, and South Africa are preparing to strike a blow against the United States dollar's hegemony by launching a trading curren…

Published: 16 Jul 2023 at 13:53hrs | 17 | by Staff reporter

It's time for a new Zimbabwe currency

ZIMBABWE'S official month-on-month inflation  figure for May was reported at 75,4%  (CPI), by the Zimbabwe National Statistics Agency (ZimStats).The annual inflationary pressures for the same month were 175%. Since the statutory …

Published: 08 Jul 2023 at 09:57hrs | 13 | by Kevin Tutani

Zimbabwe in race to introduce digital currency

Zimbabwe is in the race to become one of the first African countries to introduce a central bank digital currency (CBDC).Nigeria became the first country in Africa to issue a CBDC, the eNaira, in 2021 while several African countries such a…

Published: 04 Mar 2023 at 10:25hrs | 9 | by Staff reporter

Zimbabwe explores central bank digital currency

The Reserve Bank of Zimbabwe (RBZ) says it is moving ahead with plans to create Zimbabwe's own Central Bank Digital Currency (CBDC) on a phased approach.RBZ Governor Dr John Mangudya said the bank's intention to explore the CBDC was pursua…

Published: 24 Aug 2022 at 06:37hrs | 12 | by Staff reporter

Zimbabwe currency speculators cornered?

THE retreat of the recent inflation spiral is expected to accelerate, and purchasing power increase in light of recent pay rises without matching price rises, as speculative market forces are being contained by tough corrective macro-econo…

Published: 15 Aug 2022 at 06:38hrs | 4 | by Staff reporter

Zimbabwe's cash-rich govt suppliers fuel currency volatility

GOVERNMENT procurement and service providers - who include public works contractors and suppliers of goods and services - are destabilising the foreign exchange market by offloading part of their staggering monthly payments fuelling spiral…

Published: 10 Aug 2022 at 08:40hrs | 2 | by Staff reporter

Believing Zimbabwe regime promises akin to believing spam emails!

Usually, I simply delete any spam in my email, without even bothering to read them - as, quite frankly, I find those messages not only irritating, but also extremely childish and silly.Nonetheless, just out of interest's sake - having igno…

Published: 13 Dec 2021 at 13:52hrs | 13 | by Tendai Ruben Mbofana

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