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Banks scale back Zimbabwe dollar lending
BANKS have significantly reduced lending in the local currency ever since monetary authorities hiked interest rates last year to prevent rent-seeking behaviour by individuals and corporates, Reserve B...Published: 14 hrs ago | 36 | by Staff reporter
Zimdollar in spectacular crash
THE Zimbabwe dollar crashed by a whopping 60% against the United States dollar in May alone, underlining a raging economic crisis that has wiped salaries and sent prices soaring.Zimbabwe's eco...Published: 02 Jun 2023 at 06:48hrs | 1563 | by Staff reporter
Mangudya rules out dollarisation
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday claimed that past experiences, rather than basic economic issues, were to blame for the country's exchange rate volatility, as he ruled ...Published: 02 Jun 2023 at 06:46hrs | 342 | by Staff reporter
EcoCash posts $4,76bn loss
ECOCASH Holdings Zimbabwe Limited (EHZL) has posted a $4,76 billion loss for its financial year ended February 28, 2023 owing to monetary exchange losses worth $30,1 billion linked to its failure to r...Published: 02 Jun 2023 at 06:44hrs | 239 | by Staff reporter
RBZ clarifies new forex surrender policy
THE Reserve Bank of Zimbabwe (RBZ) is set to meet with the Bankers Association of Zimbabwe (BAZ) and Accountant General with a view to map the way forward on the use of foreign exchange from the 25 pe...Published: 02 Jun 2023 at 06:40hrs | 171 | by Staff reporter
'Dump Zimdollar'
ECONOMIC analysts have said Finance minister Mthuli Ncube's new measures introduced on Monday have very little chance of saving the Zimbabwe dollar from collapse.They instead advised Ncube to ...Published: 01 Jun 2023 at 06:47hrs | 1040 | by Staff reporter
Mealie-meal shortage hits Zimbabwe?
ILLICIT deals involving some unscrupulous suppliers and traders have been blamed for creating artificial shortages of mealie-meal in formal shops while the commodity is being diverted to the streets a...Published: 01 Jun 2023 at 06:42hrs | 373 | by Staff reporter
ConCourt backs RBZ on US dollar conversion
The 2018 decision by the Reserve Bank of Zimbabwe (RBZ) to convert all US dollar balances in Zimbabwean bank accounts to local currency was quite constitutional the Constitutional Court ruled yesterda...Published: 01 Jun 2023 at 06:40hrs | 268 | by Staff reporter
Zimbabwe govt to cushion workers' salaries
Civil servants salaries will soon be reviewed to cushion them from price hikes as the Government remains resolute in supporting and improving the welfare of its workers, a Cabinet Minister has said....Published: 01 Jun 2023 at 06:39hrs | 428 | by Staff reporter
ConCourt sets aside RTGS/US$ High Court ruling
THE Constitutional Court (ConCourt) has set aside a landmark ruling by High Court judge Justice Joseph Mafusire who ordered CABS Bank to pay a local businessman US$142 000, which it had converted to R...Published: 31 May 2023 at 07:02hrs | 1315 | by Staff reporter
Mthuli Ncube says currency manipulators won't rest
Currency manipulators and economic saboteurs will always be lurking about looking for opportunities and loopholes to unjustly profiteer but authorities will also be always ready to institute measures ...Published: 31 May 2023 at 06:58hrs | 332 | by Staff reporter
Zimdollar not going anywhere
THE Treasury has assured the market of continued usage of the local currency and that deliberate steps are being taken to strengthen its value so as to restore consumer purchasing power and buttress t...Published: 29 May 2023 at 06:32hrs | 368 | by Staff reporter
Mthuli Ncube tours Bulawayo shops, chides business for hiking prices
Continued unjustified fluctuation of prices of goods in supermarkets will force people to import basic commodities from outside the country, Finance Minister Professor Mthuli Ncube has stated....Published: 28 May 2023 at 16:52hrs | 974 | by Staff reporter
Mthuli Ncube confronts Osiphatheleni
THERE was drama around Tredgold Building, which houses the Bulawayo Magistrate Courts yesterday, as illegal money changers ran away at the sight of the Minister of Finance and Economic Development, Pr...Published: 28 May 2023 at 08:03hrs | 385 | by Staff reporter
Zimbabwe's FIU to probe businesses inflating prices for USD bank transfers
THE Reserve Bank of Zimbabwe's Financial Intelligence Unit (FIU) has said it will investigate unethical behaviour exhibited by various businesses after it emerged that they are forcing customers to pa...Published: 28 May 2023 at 08:00hrs | 56 | by Staff reporter
Zimdollar collapse a harbinger of worse things to come
THE Zimdollar this week recorded its biggest single day drop off since its reintroduction in June 2019 of 26% to $1 888,01, against the United States dollar on the official market.On the paral...Published: 27 May 2023 at 09:16hrs | 1356 | by Staff reporter
Zimbabwe police raid illegal forex dealers, retrieve 11 POS machines
POLICE in Bulawayo have raided illegal foreign currency dealers and arrested six suspects linked to the abuse of Point of Sale (POS) machines to carry out illicit transactions.Bulawayo provinc...Published: 23 May 2023 at 21:16hrs | 962 | by Staff reporter
ZCBTA statement on scrapping of duty on basic commodities
The Zimbabwe Cross Border Traders Association (ZCBTA) commends the Minister of Finance for taking appropriate steps to protect ordinary citizens and other vulnerable groups in Zimbabwe from negative i...Published: 23 May 2023 at 14:33hrs | 255 | by Erick Matotoba
Are Zimbabwe retailers dumping goods on the streets?
Vendors in the country's major cities and towns have literally invaded all strategic points, including verandas of big retail shops, selling a variety of goods including basic commodities in foreign c...Published: 23 May 2023 at 06:41hrs | 633 | by Staff reporter
To see the saboteur, Mr President, look in the mirror
NewsdayHAVE we seriously gone back to blaming ghosts and shadows for the economy bottoming out?Are we going to be turning every stone, nook, and cranny looking for perceived "saboteurs...Published: 23 May 2023 at 06:40hrs | 1209 | by Staff reporter
Forex speculators to face disciplinary action
THE market should expect significant restoration of stability in the pricing of basic goods in response to comprehensive Government measures while disciplinary action will be swiftly meted against bus...Published: 23 May 2023 at 06:34hrs | 417 | by Staff reporter
Money changers hijack POS machines for big transactions
DECKED out in trendy designer wear, clutching energy drink cans and munching take-aways while engaging in high-pitched conversations, illegal money changers, popularly known as osiphatheleni who have ...Published: 22 May 2023 at 06:35hrs | 1113 | by Staff reporter
Zimbabwe central bank confident of price stability
ABOUT $40 billion, some of which could have found its way onto the black market, has been mopped up from the market in less than 10 months through gold coins and gold-backed digital tokens, in a devel...Published: 14 May 2023 at 11:32hrs | 134 | by Staff reportetr
Zera slashes gas price by 14,9%
LIQUEFIED petroleum gas (LPG) users will pay 14,9 percent less this month after the Zimbabwe Energy Regulatory Authority reduced the retail price for the commodity in foreign currency.The reta...Published: 12 May 2023 at 21:31hrs | 1283 | by Staff reporter
Mthuli Ncube scrambles to rescue Zimdollar
FINANCE minister Mthuli Ncube has removed duty on all basic commodities to combat the rampant price increases in a slew of desperate measures to save the collapsing Zimbabwe dollar.Over the pa...Published: 12 May 2023 at 06:06hrs | 1010 | by Staff reporter
Zimbabwe govt lifts import restrictions on basics
GOVERNMENT has lifted all restrictions on the importation of basic commodities to boost market supplies and granted 100 percent retention of domestic foreign currency earnings, with a further fine-tun...Published: 12 May 2023 at 06:00hrs | 385 | by Staff reporter
Mnangagwa's govt to investigate the latest spate of basic commodity price hikes
A CABINET committee has been set up to investigate the latest spate of basic commodity price increases as Government moves to ensure corrective measures are taken to protect consumers. The int...Published: 10 May 2023 at 05:57hrs | 267 | by Staff reporter
Outcry over school fees hike
SCHOOLS open today for the second term with parents and guardians raising concerns over sharp increases in fees amid economic turmoil.The unaffordable fees demanded by schools follow revelatio...Published: 09 May 2023 at 06:05hrs | 203 | by Staff reporter
Schools 'sewing' uniform scandal
School authorities in Bulawayo and other areas are fleecing parents by forcing them to buy uniforms from schools at double the price charged by retailers although Government has said such conduct is i...Published: 09 May 2023 at 06:04hrs | 340 | by Staff reporter
Ministry engages industry over price hikes
The Government is engaging the manufacturing and retail sectors with a view of establishing their operational challenges and arresting business malpractices causing unprecedented consumer price hikes....Published: 09 May 2023 at 06:01hrs | 128 | by Staff reporter
Outcry over school fees hike
SCHOOLS open today for the second term with parents and guardians raising concerns over sharp increases in fees amid economic turmoil.The unaffordable fees demanded by schools follow revelatio...Published: 08 May 2023 at 06:13hrs | 572 | by Staff reporter
Zimbabwe parents cry foul over forex fees
SCHOOLS open for the second term of the year today amid high hopes of smooth learning while parents have expressed concern over the increase in prices and fees by some boarding schools, which are now ...Published: 08 May 2023 at 06:10hrs | 289 | by Staff reporter
Intercity buses turn Bulawayo CBD into a Mbare
CALL it lawlessness or chaos. This is what several long-distance bus operators plying intercity routes are turning Bulawayo city centre into.For sometime, there has been rampant illegal pickin...Published: 08 May 2023 at 06:09hrs | 478 | by Staff reporter
Zera cuts US-dollar diesel price
THE Zimbabwe Energy Regulatory Authority (Zera) has announced a drop in the price of diesel in forex terms for this month while blend petrol remains at the same price in line with the trends on the in...Published: 06 May 2023 at 06:31hrs | 378 | by Staff reporter
Zimbabwe cost of living up by 11%
THE Zimbabwe National Statistics Agency (ZimStat) has said $33 044 could adequately sustain a consumer's basic needs last month, which at today's official exchange rate translates to just US$31,54....Published: 01 May 2023 at 08:10hrs | 499 | by Staff reporter
Haruzivishe takes Sikhala's case to British Parliament
EXILED opposition activist Makomborero Haruzivishe took the matter of Job Sikhala's prolonged political imprisonment to the British Parliament on 19 April 2023, hoping to increase international awaren...Published: 28 Apr 2023 at 20:22hrs | 1395 | by Staff reporter
Ncube frets over runaway forex rate
FINANCE minister Mthuli Ncube this week threatened to hike Zimbabwe's policy rate beyond 200%, if companies continue to dabble into parallel market activities.The Treasury chief, who spoke dur...Published: 28 Apr 2023 at 07:04hrs | 2090 | by Staff reporter
Businesses ditch Zimdollar
GOVERNMENT yesterday threatened to unleash the Financial Intelligence Unit (FIU) on retailers refusing payment in the local currency or limiting the number of items consumers can buy in Zimdollar, whi...Published: 28 Apr 2023 at 07:04hrs | 1237 | by Staff reporter
Zimbabwe govt appears stumped by latest Zimdollar slide
VICE-PRESIDENT Constantino Chiwenga told attendees at the Zimbabwe International Trade Fair (ZITF) International Business Conference this week, essentially, not to worry about the economy.Spec...Published: 28 Apr 2023 at 07:02hrs | 667 | by Staff reporter
Attempt to dupe political victims backfires
A plan to dupe the Citizens Coalition for Change (CCC) Gutu political violence victims who were brutalized by suspected Zanu-PF members last year by Masvingo town based activists backfired after one o...Published: 16 Apr 2023 at 09:01hrs | 1664 | by Staff reporter
Aspiring Zanu-PF MP spends weekend in jail over money laundering
Zanu-PF Makoni West constituency aspiring candidate Moses Ruwona will spend the weekend behind bars after Harare regional magistrate Stanford Mambanje postponed his bail ruling to tomorrow.Ruw...Published: 16 Apr 2023 at 08:33hrs | 312 | by Staff reporter
Access Forex loses US$260K while 'laundering' money
HARARE - Financial services firm Access Forex was accused of money laundering in court on Thursday after it emerged the company hired an aspiring Zanu PF MP to make huge foreign payments on its behalf...Published: 14 Apr 2023 at 12:32hrs | 2695 | by Staff Reporter
'Inflation is not on paper, you feel it'
Reserve Bank of Zimbabwe governor John Mangudya says inflation is "felt" by consumers and not on paper, as official statistics are being challenged by independent experts.For years, the Zimbab...Published: 10 Apr 2023 at 07:28hrs | 467 | by Staff reporter
Kombis fares now range between $600 and $1 000 for a single trip
COMMUTER omnibus operators in Bulawayo have increased fares in local currency.The new fares range between $600 and $1 000 for a single trip, depending on the time one boards the vehicles and t...Published: 08 Apr 2023 at 10:19hrs | 154 | by Staff reporter
Kombi operators hike fares
COMMUTER omnibus operators in Bulawayo have increased fares in local currency by almost 100 percent.This has drawn condemnation from commuters who feel the hike is unjustified given that the p...Published: 07 Apr 2023 at 09:11hrs | 263 | by Staff reporter
More contractors blacklisted over illegal foreign currency deals
The crackdown on companies that channel funds to the illegal foreign currency market has been widened, with 13 more firms being blacklisted for their involvement.In November last year, 19 comp...Published: 04 Apr 2023 at 06:21hrs | 181 | by Staff reporter
Zimbabwe manufacturing sector on rebound
The Reserve Bank of Zimbabwe (RBZ) says the country's manufacturing sector is on a massive expansion push after consuming roughly 70% of all foreign currency injected into the economy last year....Published: 02 Apr 2023 at 11:02hrs | 172 | by Staff reporter
Zimbabwe forex inflows breach US$1,78 billion mark
ZIMBABWE has received US$1,78 billion in foreign currency receipts in the first three months of this year, 31% up from the same time last year, central bank governor John Mangudya has said.Dur...Published: 31 Mar 2023 at 07:46hrs | 370 | by Staff reporter
Zed Koudounaris fingered in forex externalisation?
FORMER cabinet minister Jonathan Moyo has fingered Zimbabwean mogul Zinona Koudounaris, commonly known as Zed Koudounaris in a foreign currency externalisation scheme.Zed is a Zimbabwean entre...Published: 29 Mar 2023 at 16:51hrs | | by Staff reporter
Demand for Zimdollar still high
ZIMBABWE'S central bank says demand for the local currency remains high despite increased use of foreign currency across economic sectors.The country legalised the dual monetary system to tame...Published: 17 Mar 2023 at 18:59hrs | 1671 | by Staff reporter
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