Search / Depreciation
African Sun to Sell Monomotapa Hotel
The Zimbabwe Stock Exchange-listed hospitality group, African Sun Limited, has announced plans to sell its flagship property, the Monomotapa Hotel Crowne Plaza in Harare. The move comes as part of a s...Published: 01 Nov 2024 at 06:27hrs | 273 | by Sgtaff reporter
Weak currency key to economic growth, says Mthuli Ncube
Finance, Economic Development and Investment Promotion Minister Mthuli Ncube has defended Zimbabwe's weak domestic currency, asserting that it has played a crucial role in fostering economic growth. S...Published: 31 Oct 2024 at 06:52hrs | 636 | by Staff reporter
Economy registers three-year growth, says Prof Ncube
Zimbabwe has sustained robust economic growth over the past three years, averaging an impressive 6.8 percent annually, despite significant currency fluctuations, Finance, Economic Development, and Inv...Published: 31 Oct 2024 at 06:48hrs | 89 | by Staff reporter
'Sovereignty ego maintaining Zimbabwe's ailing ZiG'
Zimbabwe is facing a profound economic crisis largely rooted in its insistence on maintaining currency sovereignty, even as the nation clings to a failing local currency, experts warn. Nkanyezi Ndlovu...Published: 30 Oct 2024 at 10:36hrs | 888 | by Staff reporter
Devaluation fails to halt ZiG free-fall
Zimbabwe's new local currency, the Zimbabwe Gold (ZiG), has taken another hit, losing an additional 11% of its value in under a month following a substantial 43% "devaluation" announced by monetary au...Published: 29 Oct 2024 at 13:49hrs | 4487 | by Staff reporter
ZiG inflation rate now pegged at 37.2%
Zimbabwe's inflation rate for the Zimbabwe Gold (ZWG) currency surged to 37.2% in October, according to the latest data from the Zimbabwe National Statistics Agency (Zimstat). This sharp increase, ref...Published: 26 Oct 2024 at 12:48hrs | 270 | by Staff reporter
Zimbabwe needs alternative to US$
Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe's (RBZ) Monetary Policy Committee, has underscored the urgent need for alternatives to the US dollar as a store of value, highlighting c...Published: 25 Oct 2024 at 14:40hrs | 562 | by Staff reporter
'ZiG must go'
The Zimbabwe Gold (ZiG) currency is facing mounting pressure from the business community, which is advocating for its removal due to increasing volatility, despite the Reserve Bank of Zimbabwe's (RBZ)...Published: 24 Oct 2024 at 08:02hrs | 2159 | 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 | 1703 | by Staff reporter
Zimbabwe govt keeps civil servants' salaries at 12% of GDP
The Zimbabwean government has announced that it will maintain civil servants' salaries at 12% of the gross domestic product (GDP), using GDP growth as the benchmark for future salary improvements. Thi...Published: 18 Oct 2024 at 08:52hrs | 2615 | by Staff reporter
ZiG devaluation amid rising gold prices raises lots of questions
Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi faced tough questions in Parliament on Wednesday regarding the recent devaluation of the Zimbabwe Gold currency (ZiG) despite soaring ...Published: 18 Oct 2024 at 08:47hrs | 255 | by Staff reporter
Taxes, fees to be paid in ZiG
The Zimbabwean Treasury is set to implement new measures requiring most taxes and fees to be paid exclusively in the Zimbabwe Gold (ZiG) currency, a move aimed at increasing demand and stabilizing its...Published: 17 Oct 2024 at 09:05hrs | 2509 | by Staff reporter
Potraz raises red flag over impact of power cuts on telcos
The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has expressed serious concerns regarding the ongoing power outages that threaten to disrupt the country's telecommunications...Published: 17 Oct 2024 at 08:58hrs | 84 | by Staff reporter
Mthuli Ncube assures Zimbabweans amid ZiG volatility concerns
Finance Minister Mthuli Ncube has reassured Zimbabweans that there is no cause for alarm regarding potential volatility of the Zimbabwe Gold (ZWG) currency, citing the country's balanced local currenc...Published: 12 Oct 2024 at 11:22hrs | 376 | by Staff reporter
Zimbabwe teachers suffer setback in salary demands
Teachers in Zimbabwe have faced a significant setback in their quest for improved salaries and working conditions, following the High Court's dismissal of their joint application against the governmen...Published: 09 Oct 2024 at 07:48hrs | 973 | by Staff reporter
Open letter to President Mnangagwa
His Excellency Emmerson Mnangagwa President of the Republic of Zimbabwe Dear President Mnangagwa, I hope this letter finds you in good health and spirits. I write to you today ...Published: 08 Oct 2024 at 09:55hrs | 1407 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe decentralises teachers' recruitment
The government has announced a significant decentralization of the teacher recruitment process to district levels, aiming to address the pressing need for more qualified educators in the country. This...Published: 08 Oct 2024 at 07:30hrs | 595 | by Staff reporter
Hichilema alarmed by prospects of defeat and prosecution for corruption
When Zambia experienced democratic backsliding between 2011 and 2021, the deliberate use of legal mechanisms to weaken opposition parties played a central role. Lawfare has been a constant theme of Za...Published: 07 Oct 2024 at 17:08hrs | 2620 | by Sishuwa Sishuwa
'ZiG defence plan doomed'
The introduction of Zimbabwe's gold-backed currency, Zimbabwe Gold (ZiG), has faced a series of severe setbacks, pushing the economy deeper into turmoil, according to a new report by the Confederation...Published: 05 Oct 2024 at 16:35hrs | 2630 | by Staff reporter
Mnangagwa warns forex dealers
In a bold move to stabilize the beleaguered Zimbabwe Gold (ZWG) currency, President Emmerson Mnangagwa announced on Wednesday that 50% of mining royalties will be allocated to bolster the currency's r...Published: 03 Oct 2024 at 08:58hrs | 1079 | by Staff reporter
Zimbabwe bankers warn of price increases
Bankers in Zimbabwe are raising alarms about potential price increases and shortages of basic commodities following the recent devaluation of the Zimbabwe Gold (ZiG) by over 40% by the Reserve Bank of...Published: 03 Oct 2024 at 08:56hrs | 299 | by Staff reporter
BAZ, central bank meet over policy interventions
The Bankers Association of Zimbabwe (BAZ) held a crucial meeting with the Reserve Bank of Zimbabwe (RBZ) governor, Dr. John Mushayavanhu, on Monday to address key policy changes from the Monetary Poli...Published: 03 Oct 2024 at 08:44hrs | 54 | by Staff reporter
'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 | 1354 | by Staff reporter
Zimbabwe's month-on-month inflation surges to 5.8% in September
Zimbabwe's month-on-month inflation rate accelerated to 5.8% in September, a sharp rise from 1.4% in August, according to the latest data from the Zimbabwe National Statistics Agency (ZimStat). The in...Published: 30 Sep 2024 at 07:41hrs | 326 | by Staff reporter
ZiG collapse linked to Mnangagwa SADC chairship?
During a recent Senate debate, Citizens Coalition for Change (CCC) Senator Cecil Zvidzai urged Zimbabweans to confront uncomfortable truths about national issues impacting citizens' well-being. His re...Published: 28 Sep 2024 at 12:14hrs | 2445 | by Staff reporter
An Open Letter to Finance Minister Mthuli Ncube
Dear Finance Minister Mthuli Ncube,As you navigate the complexities of Zimbabwe's economic landscape, a pressing matter deserves your urgent attention: the persistent depreciation of the Zimba...Published: 27 Sep 2024 at 22:51hrs | 840 | by Engineer Jacob Kudzayi Mutisi
RBZ raises bank policy rate to 35%
The Reserve Bank of Zimbabwe (RBZ) has announced significant measures to tackle resurgent exchange rate volatility and mitigate inflationary pressures. Effective immediately, the bank policy rate has ...Published: 27 Sep 2024 at 15:29hrs | 1308 | by Staff reporter
Zimbabwe's gold backed currency ZiG plummets by over 75%
The Reserve Bank of Zimbabwe (RBZ) today allowed the Zimbabwe Gold (ZiG) currency to fall by over 74% against the US dollar, following weeks of mounting pressure on the currency introduced in April. A...Published: 27 Sep 2024 at 13:56hrs | 953 | by Staff reporter
Zimra goes after businesses rejecting ZiG
The Zimbabwe Revenue Authority (ZIMRA) has launched a sweeping operation targeting businesses that are evading taxes and undermining the Zimbabwean currency (ZiG or ZWG) by rejecting the local currenc...Published: 27 Sep 2024 at 12:29hrs | 1395 | by Staff reporter
Steve Hanke celebrates the demise of Zimbabwe's ZiG
US-based economist and currency expert Steve Hanke has issued a stark warning about Zimbabwe's economic situation, claiming that the country's inflation rate has reached a staggering 880% per year, de...Published: 27 Sep 2024 at 08:28hrs | 21481 | by Staff reporter
Zimra launches crackdown on economic saboteurs
The Zimbabwe Revenue Authority (ZIMRA) has launched a nationwide blitz targeting businesses that evade taxes and undermine the local currency, the Zimbabwe Gold (ZiG), by either rejecting it or falsel...Published: 27 Sep 2024 at 08:16hrs | 142 | 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....Published: 20 Sep 2024 at 13:12hrs | 3491 | by Staff reporter
Mnangagwa's govt in a fix as ZiG is rejected
The Zimbabwean government's efforts to promote the use of the Zimbabwe Gold (ZWG) currency have hit a major hurdle, as wheat farmers have refused to accept payment in local currency for their deliveri...Published: 18 Sep 2024 at 08:30hrs | 5439 | by Staff reporter
ZiG exchange premium skyrockets
Leading research firms have raised alarm this week over the ballooning exchange premium for the Zimbabwe Gold (ZiG) currency, with parallels being drawn to the collapse of the Zimbabwe dollar. The rap...Published: 13 Sep 2024 at 16:03hrs | 7515 | by Staff reporter
Shops dump ZiG official rate for two-tier pricing system
Just like other Zimbabwean currencies introduced since the year 2000, the Zimbabwe Gold (ZiG) currency is already showing signs of instability barely half a year after its introduction, with many shop...Published: 08 Sep 2024 at 13:51hrs | 9558 | by Staff reporter
Chiwenga talks tough over falling ZiG
Vice-President Constantino Chiwenga has announced that the government is closely monitoring financial markets to address the recent decline in the value of the local currency on the parallel mark...Published: 05 Sep 2024 at 07:21hrs | 989 | 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 ...Published: 26 Aug 2024 at 08:11hrs | 3922 | by Staff reporter
Illegal gold miners invade Bulawayo suburbs
Certain suburbs in Bulawayo are experiencing severe land degradation due to illegal gold mining activities. This destructive mining, which includes both open cast and deep shaft operations, ha...Published: 22 Aug 2024 at 07:14hrs | 909 | by Staff reporter
ANC of Ramaphosa: Obliterating, political cleansing of left leaning socialists
South Africa is witnessing a significant shift in its political landscape after the African National Congress (ANC), under President Cyril Ramaphosa, lost its majority in Parliament. This development ...Published: 23 Jul 2024 at 07:18hrs | 232 | by Marshall Ndlela
Fintechs fly planes of cash into Zimbabwe
At least once a month - and sometimes as often as three times a week - a private plane lands in a secure part of Robert Gabriel Mugabe International Airport on the outskirts of the Zimbabwean capital,...Published: 17 Jul 2024 at 17:11hrs | 6712 | by Staff reporter
ZSE to list on own bourse
The Zimbabwe Stock Exchange (ZSE) is preparing to self-list on its own platform in the upcoming year, marking a significant milestone in its history. This move, aimed at accessing better risk-adjusted...Published: 22 Jun 2024 at 11:37hrs | 1 | by Staff reporter
Competition for Zimbabwe's internet, data providers tightens
The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) reported a significant influx of licence applications during the first quarter of the year under the converged licensing reg...Published: 16 Jun 2024 at 09:21hrs | 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 i...Published: 16 Jun 2024 at 09:04hrs | 22 | by Staff reporter
Zimbabwe rated Africa's most expensive economy
Zimbabwe was recently identified as Africa's most expensive country according to a comprehensive study by the African Development Bank (AfDB). The study assessed power purchasing parities (PPPs) and e...Published: 15 Jun 2024 at 11:13hrs | 59 | 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. ...Published: 12 Jun 2024 at 06:43hrs | 8 | by Staff reporter
Econet voice traffic up 47% on AI usage
Econet Wireless Zimbabwe (Econet) credits artificial intelligence (AI) as pivotal in achieving a 47% growth in voice usage during the financial year ending February 29, 2024. Despite a signifi...Published: 08 Jun 2024 at 17:34hrs | 19 | by Staff reporter
Zimbabwe's crackdown against ZiG street dealers is good news
A monthlong-drive by Zimbabwean authorities to stifle the unofficial market in their new gold-backed currency is driving the business off the streets and into the bank.Zimbabwe has imposed fin...Published: 06 Jun 2024 at 08:34hrs | 3 | by Staff reporter
Zimbabwe's ZiG gamble backfires?
In late May, monitoring the ZiG currency against other currencies revealed a divergence between the government-regulated exchange rate and the market-determined parallel rate. Introduced on Ap...Published: 04 Jun 2024 at 13:50hrs | 11 | by Staff reporter
Zimbabwe govt threatens to sanction businesses
The government has issued a warning to businesses found pricing their goods and services above the official exchange rate in a bid to stabilize the newly introduced currency, Zimbabwe Gold (ZiG)....Published: 28 May 2024 at 10:17hrs | 6 | 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...Published: 27 May 2024 at 09:56hrs | 4 | by Associated Press
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