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Zimdollar further depreciates US$
THE Zimbabwe dollar has continued its freefall against the greenback, with results from the Reserve Bank of Zimbabwe (RBZ)'s foreign currency auction on Tuesday showing that it is trading at $732 to t...Published: 19 Jan 2023 at 07:31hrs | 1286 | by Staff reporter
Zimdollar loses grip against USD
THE local dollar lost its grip against the United States dollar at the Reserve Bank of Zimbabwe (RBZ)'s auction system, which resumed on Tuesday with the official exchange rate now pegged at US$1: $70...Published: 12 Jan 2023 at 07:38hrs | 2147 | by Staff Reporter
Zimdollar plunges to record low
Zimbabwe's currency plunged to a record in the unauthorised market on Monday after the government urged suppliers not to buy foreign currency with payments recently received from the government....Published: 10 Jan 2023 at 18:25hrs | 3490 | by Staff reporter
'Reserve Bank of Zimbabwe's forex auction shutdown inconsequential'
THE end of year closure of the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction for close to a month will not affect the market because most companies are self-sustaining, analysts said yesterd...Published: 14 Dec 2022 at 06:39hrs | 471 | by Staff reporter
RBZ clears forex allotment backlog
THE forex allotment backlog worth millions of dollars from the first 93 auctions on the Reserve Bank of Zimbabwe (RBZ)'s foreign currency auction has been cleared, deputy governor Innocent Matshe has ...Published: 09 Dec 2022 at 05:12hrs | 191 | by Staff reporter
Mthuli Ncube raises VAT, restores duty on basics
Finance minister Mthuli Ncube unveiled his 2023 budget on Thursday, raising value added tax (VAT) in a move the main opposition Citizens Coalition for Change (CCC) described as "an attack on working p...Published: 25 Nov 2022 at 05:21hrs | 10515 | by Staff reporter
RBZ allocates US$3 billion to businesses
THE Reserve Bank of Zimbabwe says US$3 billion has been allotted to businesses through the RBZ forex auction since its inception in 2020.In a statement yesterday, RBZ Governor, John Mangudya s...Published: 11 Nov 2022 at 05:15hrs | 244 | by Staff reporter
Calls for probe into Parly US$9 264,48 laptops saga
CIVIL society organisations (CSOs) and legislators have called on Auditor-General Mildred Chiri to carry out a forensic audit on how Parliament approved acquisition of 173 laptops and 79 desktops whic...Published: 21 Sep 2022 at 06:04hrs | 385 | by Staff reporter
Zanu-PF stretching the truth on prices
YOU know we are in the election season when the Zanu-PF government starts lauding itself over non-existent economic improvements.The latest self-praise comes from the Treasury, the Reserve Ban...Published: 19 Sep 2022 at 06:01hrs | 501 | by Staff reporter
Treasury blows whistle on plot to loot public funds
ZIMBABWE'S Treasury has exposed a calculated plot to loot public funds through an inflated tender awarded by Parliament to two companies which are charging astronomical prices for the supply of laptop...Published: 18 Sep 2022 at 16:57hrs | 953 | by Staff reporter
Zimdollar slides to $604.2 against US dollar
THE Reserve Bank of Zimbabwe (RBZ) has allotted a combined US$15, 625 million to the main and Small and Medium Enterprise (SMEs) foreign exchange platforms this week, a slight increase from last week'...Published: 14 Sep 2022 at 05:46hrs | 456 | by Staff reporter
Zimbabwe has 2nd highest rising food prices, claims WB
THE World Bank says Zimbabwe has the second highest food prices in the world after it recorded a real food inflation annual rate of 52.In an update dated August 11, 2022, released on Sat...Published: 05 Sep 2022 at 06:40hrs | 793 | by Staff reporter
Mangudya defends new currency measures
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says recent official exchange rate adjustments will help in mopping excess liquidity in the market and stabilise the currency and inflation....Published: 03 Jul 2022 at 09:30hrs | 876 | by Staff reporter
Gold coins: Broadening and cementing economic confusion
THE Reserve Bank of Zimbabwe really loves to lie to the people and then start believing its own lies.This thing of gold coins to preserve value does not make any economic logic and I will say ...Published: 01 Jul 2022 at 07:24hrs | 577 | by Brian Sedze
WorldRemit closes transfers to Zimbabwe banks
British-based digital payments service, WorldRemit has announced its removal of direct bank transfers to Zimbabwean accounts in favour of mostly cash transactions.This came a month after Zimba...Published: 18 Jun 2022 at 07:28hrs | 1048 | by Staff reporter
Forex auction props up industry revival
The foreign exchange auctions have disbursed over US$3,2 billion to productive sectors since they opened in 2020, a development that resulted in the growth of local industry's capacity utilisation to ...Published: 17 Jun 2022 at 08:17hrs | 63 | by Staff reporter
Bank workers appeal to Mthulisi Ncube for tax relief
THE Zimbabwe Banks and Allied Workers Union (Zibawu) has urged Finance minister Mthuli Ncube to raise the income tax free threshold in both foreign and local currencies in line with inflation and curr...Published: 05 Jun 2022 at 09:17hrs | 1424 | by Staff reporter
Zimbabwe's forex currency crisis worsens
An outlet in Harare's Graniteside industrial area has been turning away customers using local currency through point of sale (POS) platforms on the pretext that they are experiencing network failure....Published: 05 Jun 2022 at 09:16hrs | 2722 | by Staff reporter
Zimdollar tanks to $308,5 against USD at forex auction
THE Zimbabwean dollar further weakened against the United States dollar at the weekly forex auction system on Tuesday where it traded at $308,5 to the green back.Last week the local curr...Published: 02 Jun 2022 at 06:43hrs | 273 | by Staff reporter
Panic as fuel shortages loom in Zimbabwe
A FUEL crisis is looming as major dealers say they are struggling to stock up because of foreign currency shortages, which they say are threatening their viability.Fuel dealers say they may be...Published: 26 May 2022 at 06:27hrs | 2311 | by Staff reporter
Forex auction allots US$107 million
The Reserve Bank of Zimbabwe (RBZ) says a total of US$107,8 million was allocated to companies under the foreign exchange auction system in April.The auction system was established in 2020 to ...Published: 17 May 2022 at 06:37hrs | 358 | by Staff reporter
Foreign banks troop to Zimbabwe forex auction
UNITED States-based multinational investment outfit JP Morgan was among global lenders that repatriated a combined US$30 million through the Reserve Bank of Zimbabwe (RBZ)'s forex auction system by th...Published: 13 May 2022 at 19:10hrs | 699 | by Staff reporter
RBZ threatens to 'name, shame' borrowers
THE Reserve Bank of Zimbabwe (RBZ), in a bid to stem the spiralling parallel market rates for the United States (US) dollar, has threatened to name and shame individuals who have borrowed large sums o...Published: 12 May 2022 at 06:30hrs | 522 | by Staff reporter
Zimdollar tanks against US dollar
THE Zimbabwean dollar further weakened against the United States dollar at the weekly forex auction system on Tuesday, trading at Z$165,99 to the green back.Last week, the local currency trade...Published: 04 May 2022 at 20:06hrs | 2172 | by Staff reporter
Ziyambi Ziyambi challenged over PVOs Bill
JUSTICE minister Ziyambi Ziyambi has been challenged to provide evidence on political interference by non-governmental organisations and that some charities are conduits for sponsoring terrorism and o...Published: 03 May 2022 at 16:02hrs | 612 | by Staff reporter
Chamisa tells Mnangagwa to throw away the Zimdollar
OPPOSITION Citizens Coalition for Change (CCC) leader Nelson Chamisa yesterday told President Emmerson Mnangagwa to throw away the Zimbabwe dollar as a matter of urgency."Stop the auction syst...Published: 30 Apr 2022 at 16:25hrs | 808 | by Staff reporter
Zimbabwe's resurgent inflation pushes cost of living up
RESURGENT inflationary pressures have pushed the cost of living up with monthly inflation gaining 9,2 percentage points to 15,5 percent this month, according to the Zimbabwe National Statistics Agency...Published: 28 Apr 2022 at 08:58hrs | 159 | by Staff reporter
Mnangagwa unleashes Financial Intelligence Unit on currency speculators
President Emmerson Mnangagwa has reportedly instructed securocrats to work closely with the Financial Intelligence Unit to root out currency saboteurs.Sources privy to the Monday security brie...Published: 26 Apr 2022 at 16:24hrs | 6153 | by Nkosana Maphosa
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 | 161 | by Staff reporter
Mthuli Ncube cornered over 'broken' forex system
FINANCE minister Mthuli Ncube was this week quizzed over why the government was insisting on a broken forex auction system that is costing the country over US$2 billion a year amid fears the move coul...Published: 15 Apr 2022 at 19:21hrs | 1810 | by Staff reporter
New ZWL100 banknotes: Much ado about Nothing: Zimcodd
Zimbabwe Coalition of Debt and Development has described the new Zimbabwe $1000 bills as a lot of nothing.In the week under review the Minister of Finance and Economic Development, Prof. Mthul...Published: 13 Apr 2022 at 12:27hrs | 594 | by Stephen Jakes
Zesa, Zesco struggle hits ZRA project
THE Zambezi River Authority (ZRA) is struggling to settle its US$144 million loan to finance the Kariba Dam Rehabilitation Project due to failure by Zesa Holdings and Zambia Electricity Supply Corpora...Published: 08 Apr 2022 at 12:10hrs | 267 | by Staff reporter
Zimdollar continues to lose value against US$
THE official exchange rate at the forex auction system moved to US$1:$142,4 on Tuesday from US$1 to $138,2 last week.There is, however, a huge margin between the official exchange rate and the...Published: 31 Mar 2022 at 08:48hrs | 519 | by Staff reporter
RBZ issues ZW$2,1bn Treasury Bill
THE Reserve Bank of Zimbabwe (RBZ) yesterday issued a ZW$2,1 billion Treasury Bill seeking to raise funding from the market to support development programmes and public cashflow management.Tre...Published: 24 Mar 2022 at 05:20hrs | 100 | by Staff reporter
US$800m regime change kitty at risk in 2022 NGOs Bill
THE Private Voluntary Organisations Amendment Bill could cost Zimbabwe close to US$800 million in development funding this year – with devastating social and economic consequences – if the governm...Published: 20 Mar 2022 at 06:34hrs | 1109 | by Staff reporter
Mthuli Ncube sends mixed signals on fuel
FINANCE minister Mthuli Ncube this week sent mixed signals over the country's neo-liberal policy on fuel subsidy as policy inconsistency remains one of the major sources of concern for investors....Published: 19 Mar 2022 at 07:19hrs | 1788 | by Staff reporter
ZSE inches closer to $2 trillion
MARKET capitalisation on the Zimbabwe Stock Exchange (ZSE) inched closer to $2 trillion on Monday, after gaining 40% since the beginning of the year, according to official data.As of yesterday...Published: 09 Mar 2022 at 07:01hrs | 126 | by Staff reporter
Currency sabotage: 350 nabbed
OVER 200 local businesses were slapped with severe sanctions by the Financial Intelligence Unit (FIU) for manipulating the foreign currency exchange rate through illicit black market currency trading ...Published: 06 Mar 2022 at 08:20hrs | 184 | by Staff reporter
Taskforce to clampdown on currency manipulators
THE Reserve Bank of Zimbabwe (RBZ) is setting up a taskforce consisting of various law enforcement units to enhance capacity to arrest the indiscipline in the financial system. This comes after the Jo...Published: 04 Mar 2022 at 17:41hrs | 299 | by Staff reporter
Zimdollar retreats again
THE Zimbabwe dollar has again weakened against the United States dollar at the weekly forex auction system on Tuesday where it traded at US$1: $127,3. Last week, the local currency traded at $...Published: 03 Mar 2022 at 05:41hrs | 847 | by Staff reporter
RBZ clears US$200m auction forex backlog
The Reserve Bank of Zimbabwe (RBZ) says it has cleared the nearly US$200 million ring-fenced foreign currency backlog on the auction system.Governor, Dr John Mangudya said in an interview that...Published: 28 Feb 2022 at 05:18hrs | 165 | by Staff reporter
Exchange rate moves to 1:124 at auction platform
THE official exchange rate moved to US$1:$124 this week in favour of the greenback, which is continuing to firm when compared to last week's local currency value of $120,5.In its latest weekly...Published: 24 Feb 2022 at 05:39hrs | 333 | by Staff reporter
Charges withdrawn for Simba Makoni
The State has withdrawn charges before plea against former Finance Minister Simba Makoni who was facing allegations of violating the Exchange Control Act after trading products at his Power Speed Elec...Published: 17 Feb 2022 at 18:30hrs | 1300 | by Staff reporter
Zimdollar slides against US$
THE Zimbabwean dollar further weakened against the United States dollar at the weekly forex auction system on Tuesday where it traded at Z$120,5 to the green back.According to an update by Res...Published: 16 Feb 2022 at 17:39hrs | 1647 | by Staff reporter
Forex auction market a perfect looting front for the connected
BUSINESSES finally had enough and told the Reserve Bank governor John Mangudya that the Zimbabwe dollar was done as a sustainable currency. They do not want it.Last Wednesday, at a review of t...Published: 14 Feb 2022 at 05:29hrs | 805 | by Staff reporter
Inflation target likely to be missed
FAILURE to implement tight monetary policy and a raft of confidence-building measures will see Zimbabwe missing its inflation target of 32.6% in 2022, a manufacturing sector lobby group has said in it...Published: 07 Feb 2022 at 21:19hrs | 156 | by Staff reporter
Mthuli Ncube defends crumbling Zimdollar
FINANCE minister Mthuli Ncube has ruled out a return to dollarisation, as he maintained that huge pockets of the market required the free falling domestic unit.In an interview with Standardbus...Published: 06 Feb 2022 at 06:57hrs | 1234 | by Staff reporter
Zimdollar slides against US$ at forex auction
THE Zimbabwean dollar yesterday further weakened against the United States dollar at the weekly forex auction system where it traded at Z$116,7 to the green back.The forex auction system resum...Published: 02 Feb 2022 at 17:46hrs | 1635 | by Staff reporter
RBZ resumes forex auction
THE weekly Foreign Currency Auction Trading System resumed activity this Tuesday after the festive season break with the Zimbabwe dollar trading at 112,82 against the United States dollar.The ...Published: 20 Jan 2022 at 05:33hrs | 242 | by Staff reporter
Zimdollar tanks as RBZ forex auction resumes
THE weekly Foreign Currency Auction Trading System resumed activity yesterday after the festive season break with the Zimbabwe dollar trading at 112,82 against the United States dollar.The Res...Published: 19 Jan 2022 at 19:57hrs | 1004 | by Staff reporter
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