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Zimbabwe's banking sector sees surge in US dollar deposits
Zimbabwe's banking sector has experienced a remarkable increase in confidence, with foreign currency deposits rising by 13% to US$2.64 billion in October 2024, compared to the same period in 2023. Thi...Published: 14 Dec 2024 at 12:35hrs | 2125 | by Staff reporter
Time Bank offers war vets US$3,5bn
TIME Bank has offered a US$3.5 billion compensation package to Zimbabwe's liberation war veterans as part of its broader US$38 billion loan proposal to the government. This development follows signifi...Published: 14 Dec 2024 at 12:33hrs | 388 | by Staff reporter
Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 296 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's errant bankers must be punished
Vocal Harare political activist and business advocate, Engineer Jacob Mutisi, has called for stringent accountability for bankers and financial institutions involved in the mismanagement and fraudulen...Published: 05 Dec 2024 at 09:19hrs | 1400 | by Staff reporter
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 606 | by Eng. Jacob Kudzayi Mutisi
CABS bank manager accused of stealing depositors' funds
A manager at the CABS Highlands branch, Raymond Chikonyora, faced court last week on serious charges related to the unauthorized withdrawal of funds from clients' accounts. The allegations have raised...Published: 03 Nov 2024 at 10:17hrs | 5344 | by Staff reporter
Local Bank proposes US$35bn loan to Zimbabwe Government
Time Bank of Zimbabwe has proposed a US$35 billion syndicated loan to the government to address compensation obligations for various groups, including previous farm owners and foreign lenders, as part...Published: 27 Aug 2024 at 12:42hrs | 3109 | by Staff reporter
Zimbabweans told to approach banks for ZiG, USD
The Reserve Bank of Zimbabwe has enough reserves to satisfy the foreign currency requirements of all legitimate businesses and no company needs to go to the black market to pay for imports, RBZ Govern...Published: 12 Apr 2024 at 09:47hrs | | by Staff reporter
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 | | by Staff reporter
A Tale of Corporate Fraud, the contrasting Cases of South Africa and Zimbabwe
Corporate fraud has plagued both South Africa and Zimbabwe, with high-profile cases shedding light on the flaws in their respective financial systems. Thi...Published: 23 Mar 2024 at 07:10hrs | 9 | by Jacob Kudzayi Mutisi
Mnangagwa govt is getting crazier
IF you are a Zimbabwean citizen or resident and still want to live on, you need super strong shock absorbers because the Mnangagwa administration is capable of crazy things that can easily kill you....Published: 11 Feb 2024 at 21:07hrs | | by Staff reporter
RBZ withdraws Avis Bank's licence for failing to start operations
The Reserve Bank of Zimbabwe (RBZ) has cancelled Avis Bank Limited licence after the financial institution failed to commence operations as per registration requirements.According to Legal Ide...Published: 25 Nov 2023 at 07:50hrs | 7 | by Staff reporter
Banks failing Zimbabweans
National police spokesperson Assistant Commissioner Paul Nyathi has accused Zimbabwean banks of failing the nation by not attracting depositors who are now opting to keep their money at home and busin...Published: 30 Oct 2023 at 17:41hrs | | by Staff reporte
'If Zimdollar is abandoned markets and financial institutions will recover'
As the Zimbabwean dollar continues to battle for its survival under severe pressure from the United States dollar despite its recent recovery rally, John Legat, Imara Asset Management (Zimbabw...Published: 21 Jul 2023 at 07:56hrs | | 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 | 12 | by Martin Majaji
RBZ in bid to calm run on banks over currency fears
The Reserve Bank of Zimbabwe on Friday sought to calm a run on banks, insisting that depositors' funds were safe.Thousands of panicky Zimbabweans lined up in bank queues to withdraw their Unit...Published: 10 Jun 2023 at 17:53hrs | 1 | 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 | | by Staff reporter
Mangudya warns against forex loans
In a situation where there is little foreign currency in the market despite the banking sector having US$2,5 billion in nostro deposits, Reserve Bank of Zimbabwe governor John Mangudya has warned agai...Published: 12 Mar 2023 at 06:37hrs | 5 | by Staff Reporter
Analysis of the 2023 national budget
The Zimbabwean government presented a ZW$4.5 trillion budget (21% of 2021 GDP) for the 2023 fiscal year. The government expects to collect revenues totaling ZW$3.9 billion (18% of GDP), thus resulting...Published: 16 Dec 2022 at 00:15hrs | 11 | by Victor Bhoroma
Tough foreign exchange regime suffocating economy
Zimbabwe's broad money supply has grown from just under ZW$364,60 billion as of September 2021 to more than ZW$1,920 trillion as of September 2022. This represents growth of over 426% over a period of...Published: 16 Dec 2022 at 00:02hrs | | by Victor Bhoroma
Zimbabwe police move to raid Tetrad Bank directors
THE Criminal Investigation Department (CID) Asset Forfeiture Unit has obtained a warrant of search and seizure against Tetrad Investment Bank (TIB) management and directors in a case of fraud and mone...Published: 09 Dec 2022 at 17:53hrs | 4 | by Staff reporter
Shareholders fight directors over Tetrad Bank control and assets
TETRAD Investment Bank (TIB) shareholders are locked in a heated row with its directors for the control of the defunct financial institution's US$13 million assets. TIB has properties and othe...Published: 12 Oct 2022 at 18:49hrs | 2 | by Agencies
Mnangagwa says Zimbabweans must stop parroting foreign narratives
ZIMBABWEANS should believe in themselves despite the continued imposition of sanctions on the country and be inspired by the national interest to work harder to develop their own country rather than "...Published: 14 Aug 2022 at 07:21hrs | | by Staff reporter
Ex-DPC boss charged for 'looting' spree
FORMER Deposit Protection Corporation (DPC) chief executive officer Vusulizwe Vuma has been charged with criminal abuse of office after the Zimbabwe Anti-Corruption Commission (Zacc) exposed how he al...Published: 12 Jun 2022 at 09:17hrs | 8 | by Staff reporter
IMF warns against Zimbabwe war veterans compensation
THE International Monetary Fund (IMF) has warned that the government's decision to compensate war veterans could have a major strain on the country's debt overhang.This comes after the governm...Published: 27 May 2022 at 20:17hrs | | by Staff reporter
Mnangagwa guns for economic hitmen
PRESIDENT Emmerson Mnangagwa's administration has launched a massive clampdown on some big corporates suspected of conniving with local banks to borrow billions of Zimbabwean dollars which they used t...Published: 13 May 2022 at 19:14hrs | | by Staff reporter
Govt cracks down on speculators
GOVERNMENT is clamping down on big corporates, which borrowed billions of Zimbabwe dollars and used the money for speculative activities while taking advantage of exchange rate movements to push up pr...Published: 13 May 2022 at 19:02hrs | 1 | by Staff reporter
Bank lending freeze targets big corporates enjoying 'arbitrage profits'
HARARE - The Zimbabwe government is clamping down on big corporates which borrowed billions in Zimbabwean dollars and allegedly used the money for speculative activities.Authorities say the co...Published: 13 May 2022 at 14:50hrs | 5 | by Staff Reporter
Money transfer agents warn of massive transaction fee hike
PRESIDENT Emmerson Mnangagwa's recent imposition of a mandatory 4% Intermediate Monetary Transfer Tax (IMTT) on domestic foreign currency transfers has the potential to double transaction fees being p...Published: 12 May 2022 at 06:29hrs | 1 | by Staff reporter
Govt moves to compensate depositors
MILLIONS of taxpayers' money will be channelled into reimbursing depositors whose United States dollar bank balances were wiped out in 2019 when the Zimbabwe dollar was reintroduced.Finance mi...Published: 10 May 2022 at 07:46hrs | | by Staff reporter
RBZ initiates think tank to assess banking products
THE Reserve Bank of Zimbabwe (RBZ) has created a think tank to examine new banking products and innovations prior to their launch, to assess their viability.The revelation came a day after the...Published: 25 Apr 2022 at 09:01hrs | 2 | by Staff reporter
RBZ rubishes CZI claims
THE Reserve Bank of Zimbabwe (RBZ) has dismissed calls by the Confederation of Zimbabwe Industries (CZI) for the suspension of the official foreign exchange auction system and scoffed at claims that t...Published: 25 Apr 2022 at 08:48hrs | | by Staff reporter
Towards a market driven foreign exchange market
The Monetary Policy Committee (MPC) of the central bank made a press statement on the 1st of April to address the depreciation of the local currency and manage the rate of inflation in the economy. Th...Published: 12 Apr 2022 at 16:46hrs | 7 | by Victor Bhoroma
Companies must use banking services, period
EXPERTS say although banks do many things, their primary role is to take in funds—called deposits—from those with money, pool them, and lend them to those who need funds.In essence, banks ...Published: 03 Apr 2022 at 08:23hrs | | by Staff reporter
'No US dollar comeback'
Government will not re-dollarise the economy because it's not possible to grow it riding on other economies currencies, Finance and Economic Development Minister, Professor Mthuli Ncube said yesterday...Published: 05 Mar 2022 at 08:14hrs | | by Staff reporter
Bank deposits jump 30%
Zimbabwe's banking sector registered a 29,79 percent growth in deposits to $476 billion in 2021, latest statistics from the Reserve Bank of Zimbabwe (RBZ) show.This comes as the sector has mai...Published: 11 Feb 2022 at 05:38hrs | | by Staff reporter
'$5,000 withdrawal limit not enough'
DEPOSITORS have said the $5 000 weekly withdrawal limit was not enough as the amount does not meet their cash needs such as daily transport cost for members and cash rentals being demanded by landlord...Published: 10 Feb 2022 at 05:31hrs | | by Staff reporter
Zimbabwe bank interest lures more deposits
Bank deposits for both foreign and local currencies have gone up significantly after these started attracting interest last year, a top banking industry official said yesterday.Since July, ban...Published: 03 Feb 2022 at 05:32hrs | | by Staff reporter
Zimdollar's second death seen as only a matter of time
When Zimbabwean businessman Nigel Chanakira asked 100 chief executive officers at a seminar in Harare on January 27 if they were willing to use the local currency, only one raised his hand.Tha...Published: 31 Jan 2022 at 16:18hrs | | by Staff reporter
Zimbabwe govt to pay US$ to depositors
THE Government has availed through Kuvimba Mining House, US$400 000 to the Deposit Protection Commission (DPC) to start the process of compensating small and vulnerable depositors who saw the value of...Published: 30 Jan 2022 at 08:21hrs | 9 | by Staff reporter
West casts sanctions net wider
LOCAL banks have raised concerns over capitalisation demands by the Reserve Bank of Zimbabwe (RBZ) compelling the financial institutions and deposit-taking micro-financefirms to meet their tar...Published: 21 Jan 2022 at 18:35hrs | 7 | by Staff reporter
Rogues wreak havoc on forex auction, says RBZ
ZIMBABWE'S foreign currency auction system is under siege from a cartel of rogue local and international companies externalising millions of United States dollars (USD) under a well-orchestrated schem...Published: 07 Jan 2022 at 19:40hrs | 7 | by Staff reporter
Forex bonus withdrawals overwhelm banks
SCORES of civil servants and pensioners continued to queue outside banking halls in Bulawayo yesterday seeking to withdraw their foreign currency, forcing some banks to seek police intervention to con...Published: 12 Dec 2021 at 19:56hrs | 8 | by Staff reporter
Pegged exchange rate unsustainable
Zimbabwe's export receipts for the first 9 months of 2021 jumped 38% to US$6.10 billion from US$4.43 billion realized in the same period in 2020. Notable improvements have been realized in internation...Published: 24 Nov 2021 at 10:37hrs | 9 | by Victor Bhoroma
Steward Bank profit up 263% to $252 million HY
STEWARD Bank Zimbabwe has shrugged the disruptive impact of the Covid-19 pandemic and inflationary pressures to report impressive half-year financial results to+ August 31, 2021.The bank, a su...Published: 23 Nov 2021 at 05:55hrs | 7 | 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 | | 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 | 1 | by Staff reporter
Fresh push for banks to pay interest
GOVERNMENT says it is scaling up confidence-building measures to boost deposits into the country's banking sector.Giving a keynote address during last night's 22nd edition of the Banks and Ban...Published: 22 Oct 2021 at 19:12hrs | | by Staff reporter
US$1,5 billion circulating in black market, says RBZ
FRESH evidence of plummeting confidence in Zimbabwe's banking sector has emerged, with central bank deputy chief Kuphukile Mlambo saying up to US$1,5 billion could be exchanging hands outside formal b...Published: 17 Oct 2021 at 09:08hrs | 5 | by Staff reporter
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