Search / Currency devaluation
Zimbabwe's monthly inflation eases to 0.3%
Zimbabwe's month-on-month inflation rate eased to 0.3% in June 2025, shedding 0.6 percentage points from the May figure of 0.9%, according to data released by the Zimbabwe National Statistics Agency (...Published: 30 Jun 2025 at 09:03hrs | 250 | by Staff reporter
Mushayavanhu under fire for outdated monetary assumptions
Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu is facing mounting criticism over his persistent claim that the ZiG, Zimbabwe's embattled local currency, can only be strong if it is backed b...Published: 20 Jun 2025 at 16:32hrs | 487 | by Staff reporter
'Zimbabwe gold-backed currency stable' but ...
Zimbabwe's gold-backed currency now has more than 100% reserve cover and is stable, according to the central bank, but doubts over its credibility remain, underscored by a persistent premium in the pa...Published: 18 Jun 2025 at 18:30hrs | 343 | by Staff reporter
ZiG inflation rises to 92%
Zimbabwe's annual inflation measured in the local currency (ZiG) surged to 92.1% in May 2025, up from April's 85.7%, signaling growing challenges for the Reserve Bank of Zimbabwe (RBZ) in containing t...Published: 31 May 2025 at 14:04hrs | 1102 | by Staff reporter
Pick n Pay writes off entire Zimbabwe investment
South African retail giant Pick n Pay Group Limited has reported an unrecognised loss of R51 million from its Zimbabwean associate, TM Supermarkets, for the 53 weeks ending March 2, 2025 - marking a d...Published: 30 May 2025 at 12:13hrs | 72803 | by Staff reporter
Poor remuneration of academic staff at state universities a national crisis
THE poor remuneration and deplorable conditions of service for academic staff at Zimbabwe's state universities, which has led to the highly publicised indefinite strike by the teaching staff at the Un...Published: 26 Apr 2025 at 10:14hrs | 740 | by Prof Jonathan Moyo
Zimbabwe's GDP takes US$12bn knock
Zimbabwe's gross domestic product (GDP) has sharply fallen to US$35 billion in November, a staggering 25% decline from US$47 billion in April. The sharp contraction highlights the dire economic challe...Published: 14 Dec 2024 at 10:35hrs | 197 | by Staff reporter
Zimbabwe cuts some spending items as ZiG drop hits budget
Zimbabwe's currency devaluation is forcing the government to cut spending on certain budget items.The country's Treasury asked government departments to prioritize their spending commitments f...Published: 18 Nov 2024 at 15:08hrs | 157 | by Staff reporter
There're now two Zimbabwes: One for a small elite and the other for millions of poor Zimbabweans
Over the past few years, Zimbabwe has reportedly experienced steady economic growth. According to government statistics, GDP growth rates have shown positive movement, suggesting that the coun...Published: 13 Nov 2024 at 22:05hrs | 585 | by Tendai Ruben Mbofana
Gold glitters as Caledonia's profit after tax jumps 872%
Caledonia Mining Corporation Plc, listed on the Victoria Falls Stock Exchange, has reported a remarkable 872% rise in profit after tax to US$16.45 million for the nine months ending September 30, 2024...Published: 12 Nov 2024 at 10:57hrs | 136 | by Staff reporter
Bonuses for civil servants will be paid starting Friday next week
Starting Friday next week, Zimbabwean public sector employees will begin receiving their 2024 annual bonuses, with the first 50 percent instalment to be paid alongside November salaries and the remain...Published: 03 Nov 2024 at 10:05hrs | 1471 | by Staff reporter
Potraz approves tariff increase for Zimbabwe telecoms sector
The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has approved a tariff adjustment for local telecommunications companies in response to the recent devaluation of the Zimbabw...Published: 21 Oct 2024 at 14:01hrs | 1773 | by Staff reporter
Zimbabwean Mine Workers Demand Cost of Living Adjustments Amid Economic Crisis
Harare, Zimbabwe - The National Employment Council for the mining industry has received a petition calling for immediate cost of living adjustments to mine workers' salaries. The plea comes in respons...Published: 16 Oct 2024 at 17:03hrs | 837 | by Stephen Jakes
'RBZ's monetary policy not the root cause of ZiG devaluation'
Recent findings by an anonymous economist suggest that the Reserve Bank of Zimbabwe's (RBZ) monetary policy may not be the root cause of the depreciation of the Zimbabwean dollar (Zig). The analysis e...Published: 02 Oct 2024 at 11:36hrs | 1363 | by Staff reporter
MPs demand explanation from Mthuli Ncube
WEDZA North MP Itai Ndudzo has formally demanded that Finance Minister Mthuli Ncube provide a ministerial statement addressing the recent devaluation of Zimbabwe's new gold-backed currency, the Zimbab...Published: 02 Oct 2024 at 07:57hrs | 1251 | by Staff reporter
Zimbabwe shops impose limits amid panic-buying?
Some shops across Zimbabwe have imposed "one item per person" rules for products such as milk to fend off panic-buying triggered by a new loss of faith in the country's latest currency.Last we...Published: 02 Oct 2024 at 07:57hrs | 1182 | by Staff reporter
'Govt must adjust ZiG salaries following currency devaluation'
The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) has called on Finance Minister Mthuli Ncube and the government to take immediate action in adjusting salaries following the official devaluatio...Published: 27 Sep 2024 at 17:52hrs | 1881 | by Staff reporter
ZiG sabotage
The introduction of the Zimbabwe Gold currency (ZiG) nearly five months ago has contributed to noticeable stability and low inflation, largely due to the Reserve Bank of Zimbabwe's (RBZ) rigorous meas...Published: 10 Sep 2024 at 08:49hrs | 6536 | by Staff reporter
Revolt at MTN over CEO's 'female favourite'
An ugly battle is brewing at MTN over the direction Africa's biggest mobile network operator is taking under group CEO Ralph Mupita, with executives threatening to quit en masse over his leadership st...Published: 01 Sep 2024 at 11:58hrs | 4670 | by Staff reporter
MTN reports a monster loss
MTN Group, Africa's biggest wireless carrier by revenue, posted its first loss since 2016 after the devaluation of the Nigerian naira crimped income from one of its key markets.The group repor...Published: 19 Aug 2024 at 07:47hrs | 515 | by Staff reporter
Tackling Zimbabwe's property price surge
The Zimbabwean property market is facing significant challenges, marked by skyrocketing property prices that seem incongruous when compared to those in neighbouring South Africa.These challeng...Published: 24 Jun 2024 at 10:13hrs | 99 | by Dr Bekithemba Mpofu
IMF calls Zimbabwe's switch to ZiG an 'important' step
The International Monetary Fund (IMF) has commended Zimbabwe's recent adoption of a new gold-backed currency, known as ZiG, viewing it as a positive development. This marks the IMF's first substantive...Published: 24 May 2024 at 08:20hrs | 3 | by Staff reporter
Zimdollar worse off since 2022
THE local currency, the Zimbabwean dollar, has continued to depreciate against the United States dollar on an unrestrained trajectory, despite various measures implemented by the Reserve Bank of Zimba...Published: 03 Dec 2023 at 19:20hrs | 12 | by Tinashe Duma
Cost of living rises as Zimdollar slips
The cost of living has surged by an additional 4.8% to reach ZWL$95,462.53 per person in September, driven by the ongoing depreciation of the Zimbabwean dollar against the US dollar. The count...Published: 29 Sep 2023 at 06:22hrs | | by Staff reporter
Zimdollar rates race to 3,000
In a significant blow to Zimbabwe's economy, the country's dollar experienced a sharp decline of 26 percent during Tuesday's foreign-exchange auction, a Bloomberg report said. The official exchange ra...Published: 24 May 2023 at 17:12hrs | | by Staff reporter
Are investors in African equities poised for wins amidst global turmoil?
It has been a tumultuous first quarter of 2023, and African equities have not been spared.Global markets started the year on a very positive note, with the S&P 500 up 9.0% at its peak in e...Published: 12 May 2023 at 11:17hrs | 17 | by Rami Hajjar, portfolio manager of the Allan Gray Africa ex-SA Equity Fund
'Mnangagwa's govt likely to print money to fund deficit'
ONE of Zimbabwe's top financial institutions, FBC Holdings Limited (FBC) says the 2023 National Budget announced last week will likely be funded by money printing, amid dwindling revenue options for T...Published: 29 Nov 2022 at 05:21hrs | 4 | by Staff reporter
Flour price goes up
THE price of bread is likely to go up after flour prices rose by 10% yesterday.This comes after the Grain Marketing Board increased its wheat prices to millers by 8% from $239 360 to $258 416 ...Published: 13 Jul 2022 at 07:21hrs | 3 | by Staff reporter
Brace for bread price hike: GMAZ
Consumers should brace for the imminent bread price hike, the Grain Miller's Association of Zimbabwe (GMAZ) has said in a statement.GMAZ said the latest development is caused by the continued ...Published: 12 Jul 2022 at 16:17hrs | 10 | by Shelton Muchena and Desmond Nleya
Mnangagwa to compensate 160,000 more war veterans, ex-detainees
The Zimbabwe government plans to pay one-off gratuities and monthly pensions to a new batch of 160,000 war veterans, war collaborators and ex-political prisoners who missed out during the first round ...Published: 22 May 2022 at 11:15hrs | 8 | by Staff reporter
Nssa to increase pension pay-outs
NATIONAL Social Security Agency (Nssa) has promised to increase pension pay-outs starting from next month and it will be backdated to this month.In an interview with Daily News on Sunday yeste...Published: 27 Apr 2022 at 12:57hrs | | by Staff reporter
Scandalous data cost a violation of rights
THE rate at which data costs have continued to rise in Zimbabwe will leave a lot of people behind and will widen inequality between the rich and the poor, with devastating generational implications, e...Published: 15 Feb 2022 at 17:46hrs | | by Staff reporter
A look into the incentives for exports and investment growth 'Exporting retention changes'
On the 10th of May 18, 2021, Hon Prof Mthuli Ncube published a statement on incentives for exports and investment growth, which changed the exporting companies’ retention threshold. Prima facie, the...Published: 18 May 2021 at 11:20hrs | 2 | by Tryson G Dube
How South Africa can nudge Zimbabwe toward stability
What's new? As Zimbabwe's political and economic crises worsen, South Africa is moving beyond its policy of "quiet diplomacy" with its northern neighbour and applying more pressure on Harare to open...Published: 18 Dec 2020 at 06:42hrs | 1 | by crisisgroup
Econet hikes mobile data tariffs
Econet Wireless Zimbabwe (Econet), the country's largest mobile telecom operator, has adjusted data bundle tariffs by 60 percent after receiving the go-ahead from the industry regulator early this mon...Published: 01 Sep 2020 at 15:35hrs | 2 | by Staff reporter
Currency devaluation slashes Zimbabwe wages by 90%
Zimbabwe's rulers are finding that two decades of economic mismanagement and brutal repression have led them into a trap, from which there's little chance of escape.If they implement the polit...Published: 22 Aug 2019 at 07:41hrs | 1 | by Bloomberg
Migration to solar costs Econet US$60m
ECONET Wireless Zimbabwe says it requires more than US$60 million to upgrade its equipment and convert all its sites to solar power. The move to embrace solar energy comes on the back of cripp...Published: 31 Jul 2019 at 07:46hrs | | by Staff reporter
'A coup against Mnangagwa is about to explode'
The November 2017 military coup which forced tyrant Robert Mugabe from power is still haunting Zimbabwe almost 18 months down the line. The remnants of the coup and its footprints will not disappear s...Published: 16 Jul 2019 at 16:59hrs | 12 | by Blessing Ivan Vava
Populist policies can only suffocate Zupco more
THE government this week slashed Zimbabwe United Passenger Company (Zupco) bus fares to 50 cents and 75 cents from $1 and $1,50, at a time when fuel prices shot up to almost $5 from $3,38.Whil...Published: 24 May 2019 at 07:34hrs | | by Faith Zaba
Rebirth of the Zimdollar
Zimbabwean central bank authorities have a traceable record of overnight monetary policy changes. Memories of the former Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono era of monetary policy hip-...Published: 19 Apr 2019 at 11:09hrs | 2 | by Paddington Masamha
Financial Expert Shalom Govero shares insight into earning and saving money
This past week, the world celebrated Global Money Week, an initiative by Child and Youth Finance International (CYFI) which is an annual financial awareness campaign built to inspire children and youn...Published: 30 Mar 2019 at 18:57hrs | 6 | by Shalom Govero
Zimbabwe's new currency, a maxi-devaluation
Until February 20, Zimbabwe produced a quasi-currency. It was dubbed a "Zollar". On February 20, the quasi-currency became Zimbabwe's official currency. This new currency is called RTGS dollars and co...Published: 08 Mar 2019 at 07:13hrs | 11 | by Steve H Hanke
Zimbabwe devaluation sees return of market sense
Zimbabwe's currency devaluation last week has led to a more realistic exchange rate, yet thin trading implies the new official interbank market isn't as free as officials suggested.The central...Published: 03 Mar 2019 at 00:49hrs | | by Bloomberg
Truworths wades into devaluation debate
A number of Zimbabwean economic players have called for currency devaluation, with some pressing for "steep devaluation" of between 50 percent and 60 percent. Devaluation basically refers to the decis...Published: 05 Oct 2018 at 07:51hrs | | by Staff reporter
Fixing Zimbabwe doable but ‘very hard', experts say
THE job to rebuild Zimbabwe's broken economy is achievable, although it will take time and sacrifice from all stakeholders, analysts and Reserve Bank of Zimbabwe governor John Mangudya say.Thi...Published: 27 Sep 2018 at 14:05hrs | 2 | by Staff reporter
Frank Buyanga unveils $1bn gold backed certificate
THE African Medallion Group (AMG) has introduced a $1 billion gold-backed bond certificate, in a development that is expected to consolidate the company's status in the yellow metal sector.The...Published: 11 Apr 2018 at 07:22hrs | 6 | by Staff reporter
Central bank dismisses Zimdollar report
THE Reserve Bank of Zimbabwe allayed fears over the return of the local currency after panic gripped the banking public yesterday following a fake message circulating on social media platforms which s...Published: 22 Dec 2015 at 08:22hrs | | by Business Reporters
Strive Masiyiwa knocked out of Forbes Africa's top 50 richest list
ECONET Wireless Zimbabwe founder, Strive Masiyiwa, has dropped out of Forbes Africa's top 50 richest figures as a result of declining revenues in the listed company.Masiyiwa was among the seve...Published: 25 Nov 2015 at 05:40hrs | 1 | by Staff reporter
Where Zimbabwe goes from here, writes Tsvangirai
Zimbabweans were sincere in congratulating Nigeria in becoming Africa's leading economy earlier this year. We applauded its citizens and its leadership for overseeing the successful restructuring of ...Published: 11 Jun 2014 at 06:54hrs | 1 | by Morgan Tsvangirai, Special to CNN
Zim near bottom of wealth list for Africa
JOHANNESBURG - Zimbabweans are among the poorest people in Africa, with the country's controversial indigenisation laws expected to further erode their wealth, while South Africa tops the continent's ...Published: 09 Jan 2014 at 12:01hrs | | by Staff Reporter
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