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Chinese national faces deportation from Zimbabwe
Chinese businessman Haozuan Song is currently detained at Harare Remand Prison and faces possible deportation to China over an unspecified offense, while his mother, controversial businesswoman Li Son...Published: 16 Sep 2024 at 13:42hrs | 2904 | by Staff reporter
Mnangagwa to abandon RBZ's forex auction system?
President Emmerson Mnangagwa has hinted the Dutch forex auction floor system, which is under the control of the Reserve Bank of Zimbabwe, could be scrapped since it has served its purpose.The ...Published: 29 Jul 2023 at 12:46hrs | 9 | by Staff reporter
Zimbabwe experienced a significant increase in macroeconomic fluctuations in June 2023
Zimbabwe Coalition on Debt and Development has said Zimbabwe experienced a significant increase in macroeconomic fluctuations in June 2023, with the local currency losing over 55% of its value in both...Published: 25 Jul 2023 at 12:42hrs | 17 | by Stephen Jakes
Zimbabwe official bank rate latest
THE Zimbabwe Dollar slightly weakened against the United States dollar at the weekly forex auction system where it traded at Z$ 6 9296 to the greenback from US$1:ZW$5 978 last week.In an updat...Published: 20 Jun 2023 at 18:31hrs | 3 | by Staff reporter
'Shut down RBZ's irrelevant forex auction system'
ECONOMIC analysts this week said the central bank must close the foreign exchange auction system, saying it was no longer serving its purpose.The Reserve Bank of Zimbabwe (RBZ) last month limi...Published: 09 Jun 2023 at 06:33hrs | 5 | 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 | 12 | 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 | 1 | 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 | | 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 | 7 | 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 | 7 | 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 | 1 | 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 | 1 | 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 | 2 | 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 | 2 | 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 | | 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$2 billion a year amid fears the move coul...Published: 15 Apr 2022 at 19:21hrs | | by Staff reporter
Zimdollar continues to lose value against US$
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 | 2 | 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 | | 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 | 2 | 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 | | 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 $120,5.In its latest weekly...Published: 24 Feb 2022 at 05:39hrs | | by Staff reporter
Zimdollar slides against US$
THE Zimbabwean dollar further weakened against the United States dollar at the weekly forex auction system on Tuesday where it traded at Z$120,5 to the green back.According to an update by Res...Published: 16 Feb 2022 at 17:39hrs | | by Staff reporter
Mthuli Ncube defends crumbling Zimdollar
FINANCE minister Mthuli Ncube has ruled out a return to dollarisation, as he maintained that huge pockets of the market required the free falling domestic unit.In an interview with Standardbus...Published: 06 Feb 2022 at 06:57hrs | 3 | by Staff reporter
Zimdollar slides against US$ 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$116,7 to the green back.The forex auction system resum...Published: 02 Feb 2022 at 17:46hrs | | by Staff reporter
Air Force boss' daughter thrown out of school over US$ fees
Air Force of Zimbabwe Air Vice-Marshal Michael Moyo has taken Dominican Convent School to court for withdrawing an offer letter for his daughter after he refused to pay school fees in United States do...Published: 11 Nov 2021 at 06:22hrs | 1 | by Staff reporter
Zimbabwe's banks overwhelmed
ZIMBABWE'S banking system has been overwhelmed by rocketing demand for United States dollars on the foreign currency auction system, the central bank said on Tuesday, as it moved to adjust bidding lea...Published: 10 Nov 2021 at 05:34hrs | 9 | by Staff reporter
Electricity imports cost Zimbabwe US$200 million
ZIMBABWE will spend about US$200 million for power imports this year to bridge a gap stemming out of depleted internal production, a government official has said.Gloria Magombo, the permanent ...Published: 07 Nov 2021 at 07:52hrs | 12 | by Staff reporter
RBZ must keep tight lid on forex auction system
FOR a while the Reserve Bank of Zimbabwe (RBZ) has been "availing" United States dollars to businesses at a capped auction rate.This means RBZ funds are the cheapest as they are availabled at ...Published: 13 Oct 2021 at 06:12hrs | 1 | by Ndebele
RBZ's forex auction system faces imminent collapse?
A TOP economist has warned Zimbabwe's auction system introduced by the Reserve Bank of Zimbabwe (RBZ) is facing an imminent collapse after which dollarisation will prevail 100%.Addressing Parl...Published: 10 Oct 2021 at 06:31hrs | 3 | by Staff reporter
Big Zimbabwean companies are fingered in forex fiddle
TOP executives and directors from up to 20 big companies face imminent arrest following a Reserve Bank of Zimbabwe (RBZ) investigation into massive multi-million-dollar fraud involving the country's f...Published: 08 Oct 2021 at 18:58hrs | 14 | by Staff reporter
Govt to adequately fund forex auction system
The Second Republic will leave no stone unturned in its endeavour to turnaround the economy and will ensure that the foreign currency auction system is adequately funded and that the relevant authorit...Published: 08 Oct 2021 at 06:25hrs | 4 | by Staff reporter
US$70m released to clear forex auction backlog
GOVERNMENT has released US$70 million to speed up disbursement of funding and clear the backlog to businesses that participate at the Reserve Bank of Zimbabwe (RBZ)'s foreign currency auction system....Published: 27 Sep 2021 at 06:16hrs | | by Staff reporter
Fuel imports figures stunted, says Zera
RECURRENT foreign currency shortages, worsened by Covid-19 restrictions, are suppressing fuel imports with latest data from the Zimbabwe Energy Regulatory Authority (ZERA) showing stunted movements in...Published: 13 Aug 2021 at 06:51hrs | 16 | by Eben Mabunda
RBZ inks deal to save auction system
THE Reserve Bank of Zimbabwe (RBZ) has inked a US$150 million facility with the Africa Export Import Bank (Afreximbank) to ameliorate significant pressures being exerted on its under-fire foreign curr...Published: 06 Aug 2021 at 07:53hrs | 11 | by Staff reporter
RBZ forex auction system overwhelmed
THE Reserve Bank of Zimbabwe (RBZ)'s foreign currency auction system is overwhelmed as it struggles to meet growing demand, leading to a two-month delay in payment of successful bids.This has ...Published: 30 Jul 2021 at 07:29hrs | 10 | by Staff reporter
CABS taken to court over currency conversion
ARCHITECTURAL firm Stone/Beattie Studio has filed a High Court application seeking to recover US$142 000 from Central Africa Building Society (CABS) that was converted to the equivalent local unit fol...Published: 23 Jul 2021 at 08:58hrs | 2 | by Staff reporter
Zimra collects $108bn revenue
Zimra collected $108,93 billion in taxes and duties for the quarter of April to June this year surpassing its target by 15,96 percent, mainly due to intensified enforcement of tax laws and revenue enh...Published: 19 Jul 2021 at 06:38hrs | 2 | by Staff reporter
Naming, shaming, SI 127 key for market discipline
NAMING, shaming and imposing heavy penalties against entities caught abusing funds obtained from the auction will reinforce the platform's role as the preferred mechanism of distributing the scarce fo...Published: 13 Jul 2021 at 08:53hrs | 26 | by Staff Reporter
27 firms fined for abusing forex auction system
Twenty one more companies have now been found abusing the foreign currency auction system, bringing the total to 39, and of these, 27 have been assessed civil penalties while 12 others have been issue...Published: 10 Jul 2021 at 10:53hrs | 1 | by Staff reporter
Mthuli Ncube walks tightrope
ZIMBABWE'S industries have asked Treasury to inject funding into the central bank's forex auction system to help it clear backlogs of up to two weeks and clear market distortions.Confederation...Published: 09 Jul 2021 at 12:07hrs | 1 | by Staff reporter
Zimbabwe financial sector heads for crisis
THE financial services sector is headed for a major crisis, with bankers now saying they are struggling to manage their balance sheets following the Reserve Bank of Zimbabwe (RBZ)'s decision to compel...Published: 18 Jun 2021 at 12:58hrs | | by Staff reporter
Zanu-PF cajoles business for support
THE ruling party Zanu-PF says businesses owe President Emmerson Mnangagwa votes in the 2023 elections since his policies are responsible for their success and they should repay by supporting the presi...Published: 05 Jun 2021 at 09:17hrs | | by Staff reporter
Mnangagwa forex rules trigger chaos
President Emmerson Mnangagwa's move to introduce a host of changes that effectively banned the use of foreign currency in local transactions has left business in panic mode amid fears of steep price i...Published: 30 May 2021 at 09:14hrs | | by Staff reporter
Cost of living jumps to $32 540
THE average cost of living for a family of five increased to $28 853 this month, from $28 362 in April, as reports emerged that supermarkets had been computing prices based on parallel market rates....Published: 30 May 2021 at 08:47hrs | | by Staff reporter
Zimdollar maintains firm grip against US dollar
THE Zimbabwe dollar has maintained resilience against the United States dollar trading at 84,64 at this week's foreign currency auction system.The introduction of the foreign currency auction ...Published: 20 May 2021 at 06:00hrs | | by Staff reporter
More businesses benefit from RBZ forex auction system
THE Reserve Bank of Zimbabwe (RBZ) on Wednesday published a list of institutions and individuals that have accessed foreign currency from the auction system from June 2020 to April 2021. A tot...Published: 14 May 2021 at 08:23hrs | 3 | by Staff Reporter
'Banks complicit in forex fraud'
A RESERVE Bank of Zimbabwe (RBZ) statement released yesterday exposed how banks have sidestepped central bank policies to help companies access foreign currency without enough reserves to fund their b...Published: 18 Mar 2021 at 05:48hrs | | by Staff reporter
RBZ probes shady tycoons and firms
THE Financial Intelligence Unit (FIU) - an arm of the Reserve Bank of Zimbabwe (RBZ) - has opened a fresh investigation into firms and individuals who are using shelf companies to siphon money from th...Published: 19 Feb 2021 at 07:03hrs | 1 | by Staff reporter
Cash withdrawal limits, lending rates go up
THE Reserve Bank of Zimbabwe (RBZ) has increased withdrawal limits to $2 000 from $1 000 and reviewed upwards the bank policy and private sector lending rates as part of comprehensive measures to stre...Published: 19 Feb 2021 at 06:49hrs | 1 | by Staff reporter
Zimdollar will maintain a 'fragile stability' this year report
ZIMBABWE's currency will maintain a "fragile stability" this year, continuing from the volatilities that haunted the domestic unit even after the introduction of theforeign currency auction system...Published: 17 Feb 2021 at 06:11hrs | | by Staff reporter
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