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IMF projects 6% growth for Zimbabwe
THE International Monetary Fund (IMF) has predicted that Zimbabwe's economy will grow by 6% this year, but warned that uncertainty remains high and the outlook will depend on the Covid-19 pandemic's e...Published: 18 Jun 2021 at 13:07hrs | 485 | by Staff reporter
Firms fingered in abusing forex auction fight back
COMPANIES which were this week accused by the Reserve Bank of Zimbabwe (RBZ) of abusing the funds obtained from the foreign currency auction market have strongly refuted the allegations and are seekin...Published: 18 Jun 2021 at 13:03hrs | 1395 | 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 | 753 | by Staff reporter
IMF rules out Zimbabwe bailout
Fund International Monetary Fund (IMF) on Wednesday said it would not move an inch from its position that Zimbabwe did not qualify for financial bailouts even after clearing its debts to the global le...Published: 18 Jun 2021 at 07:24hrs | 1074 | by Staff reporter
RBZ goes for broke: names, shames forex abusers
THE Reserve Bank of Zimbabwe (RBZ) yesterday escalated plans to punish "outliers" including listed milling giant, National Foods, which it said were "abusing" foreign currency acquired through the auc...Published: 16 Jun 2021 at 08:29hrs | 2336 | by Staff reporter
18 forex abusers to pay penalties
The Reserve Bank of Zimbabwe yesterday listed the first 18 firms facing civil penalties under the new Statutory Instrument 127 after being caught abusing the foreign exchange auction system, with Zimb...Published: 16 Jun 2021 at 08:16hrs | 502 | by Staff reporter
RBZ names companies abusing foreign exchange auction system
THE Reserve Bank of Zimbabwe has named 18 companies that have been abusing the foreign exchange auction system. The RBZ released a statement and said the companies that were found out by the F...Published: 15 Jun 2021 at 18:21hrs | 1120 | by Staff reporter
Zimbabwe mines, banks in crunch talks over US sanctions
ZIMBABWE'S mines said on Friday they had kicked-off crunch meetings with banks, government and the Minerals Marketing Corporation of Zimbabwe (MMCZ) to find a solution after operators reported that th...Published: 13 Jun 2021 at 07:26hrs | 1001 | by Staff reporter
Security agents stalk war veteran
THE fight for control of Caps Holdings Limited (CHL) has turned nasty, with war veteran and businessman Frederick Mutanda alleging that State security agents were involved in a plot to assassinate him...Published: 11 Jun 2021 at 07:30hrs | 870 | by Staff reporter
Mangudya clashes with World Bank
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday clashed with the World Bank representatives as he vehemently disputed their projected annual inflation rate.This played out at t...Published: 11 Jun 2021 at 06:40hrs | 2901 | by Staff reporter
Security forces deep in gold smuggling: Report
MEMBERS of the security forces and Reserve Bank of Zimbabwe (RBZ) officials tasked to maintain order and security in the mining sector have been accused of the smuggling of the precious mineral outsid...Published: 11 Jun 2021 at 06:38hrs | 875 | by Staff reporter
'Chinese influential players in Zimbabwe illicit gold trade' - why not, milking their colony to death
"Chinese Now Influential Players In Illicit Gold Trade: Study!" screamed the headlines in New Zimbabwe."The presence and influence of Chinese nationals in the Zimbabwe gold sector has signific...Published: 08 Jun 2021 at 17:16hrs | 641 | by Patrick Guramatunhu
Mangudya plays down forex crisis
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has down-played fears of an industrial bloodbath in the aftermath of government's move two weeks ago to effect far reaching reforms to stem the ab...Published: 06 Jun 2021 at 10:00hrs | 1007 | by Staff reporter
RBZ mulls more stringent currency measures
GOVERNMENT is looking at adding more stringent currency measures to rein in the runaway exchange rate amid an outcry over the promulgation of Statutory Instrument 127 which business says will fuel inf...Published: 05 Jun 2021 at 09:20hrs | 1128 | by Staff reporter
RBZ, business set for showdown over Statutory Instrument 127 of 2021
The Confederation of Zimbabwe Industries (CZI) wants the government to suspend the "heavy handed" decree promulgated last week as it has the potential to kill market confidence. Statutory Inst...Published: 03 Jun 2021 at 08:38hrs | 2944 | by Staff reporter
Zimbabwe gold receipts plunge 35%
Zimbabwe's gold export receipts have plunged 35% to US$78.4m in May from US$120m achieved in the prior comparative period as the yellow metal deliveries to the country's sole buyer and marketer, Fidel...Published: 03 Jun 2021 at 08:34hrs | 540 | by Staff reporter
Hit and run economics haunting Mthuli Ncube
The prices of basic commodities have gone up and the cost of living is sky rocketing because of this ridiculous Statutory Instrument 127 of 2021 recently introduced by Minister of Finance Dr Mth...Published: 01 Jun 2021 at 07:58hrs | 832 | by Leonard Koni
RBZ comes up with parameters in motor vehicle clearance
THE Reserve Bank of Zimbabwe (RBZ) has come up with Exchange Control parameters for consideration in the motor vehicle clearance process in line with Statutory Instrument 89 of 2021 on licensing requi...Published: 30 May 2021 at 08:40hrs | 317 | by Staff reporter
US$ remains legal tender, says Mangudya
THE United States dollar remains legal tender in the country and the newly gazetted regulations requiring businesses accessing foreign currency through the Reserve Bank of Zimbabwe (RBZ) foreign excha...Published: 30 May 2021 at 08:29hrs | 119 | by Staff reporter
Profiteering supermarkets peg prices at parallel market rates
SUPERMARKETS are profiteering by pegging prices of basic commodities at the black market rate and transacting United States dollar purchases using the government instituted foreign currency auction ra...Published: 28 May 2021 at 07:58hrs | 1486 | by Staff reporter
RBZ's $389m headache
The Reserve Bank of Zimbabwe (RBZ) will today disburse $66 million owed to cotton farmers with bank accounts for the crop delivered to Cottco last season, followed by $436,6 million to be paid via mob...Published: 28 May 2021 at 07:36hrs | 174 | by Staff reporter
Banks to roll out incentives for depositors
The Reserve Bank of Zimbabwe and the banking sector are coming up with the nuts and bolts of interest payments on demand deposits to encourage people to deposit money in banks, rather than bury it und...Published: 26 May 2021 at 06:19hrs | 502 | by Staff reporter
Government suspends maize imports
ZIMBABWE will this year save over US$300 million following the move by Government to suspend maize imports on the back of a bumper harvest the country has achieved this year. Due to successive...Published: 18 May 2021 at 06:43hrs | 345 | by Staff reporter
US$120m forex allotments backlog cleared
The bulk of the US$120 million backlog in the foreign currency auction allotments has been cleared with the Reserve Bank of Zimbabwe (RBZ) last week releasing US$100 million, Governor Dr John Mangudya...Published: 18 May 2021 at 06:41hrs | 368 | by Staff reporter
Honeymoon is over: Zacc warns bigwigs
THE Zimbabwe Anti-Corruption Commission (Zacc) has submitted 32 dockets to the National Prosecuting Authority (NPA), nine of which are high-profile, as the dragnet closes in on senior government, poli...Published: 07 May 2021 at 06:30hrs | 2164 | by Staff reporter
Zimbabwe inflation to fall below 55%, says RBZ
THE Reserve Bank of Zimbabwe (RBZ) says it is targeting a slide in the annual inflation to below 55% by July this year, underpinned by its disinflationary strategy that has been credited for calming m...Published: 06 May 2021 at 05:47hrs | 737 | by Staff reporter
RBZ approves $500 million MSMEs facility
THE Reserve Bank of Zimbabwe (RBZ) has approved a $500 million facility for micro, small and medium enterprises (MSMES) to stimulate economic growth.In a statement yesterday, the RBZ said the ...Published: 05 May 2021 at 07:18hrs | 356 | by Staff reporter
Zimbabwe's inflation rate now at 194%
THE annual inflation rate will continue falling and year-on-year inflation will be below 55 percent in July, the Reserve Bank of Zimbabwe's Monetary Policy Committee (MPC) says, confirming trends. ...Published: 05 May 2021 at 07:13hrs | 470 | by Staff reporter
Mnangagwa has taken us back to 2008
PRESIDENT Emmerson Mnangagwa's administration is plunging Zimbabwe back into the 2008 era when the regime survived on peddling lies. Let us unpack some of the lies and confront them for answers....Published: 04 May 2021 at 06:23hrs | 626 | by Isaac
The paradox of Zimbabwe's rising prices and falling inflation
FOLLOWING months of scepticism over Zimbabwe's ability to achieve its targeted annual inflation rate, some of the country's leading analysts are beginning to change theirview.Now, they fee...Published: 03 May 2021 at 06:24hrs | 1218 | by Staff reporter
RBZ to blacklist auction forex abusers
Importers that do not acquit bills of entry to prove proper use of foreign currency from the auction system shall be blacklisted, according to Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya....Published: 02 May 2021 at 08:50hrs | 140 | by Staff reporter
Grace Mugabe's huge daily cash withdrawals exposed
FORMER first lady Grace Mugabe allegedly made multiple United States dollar cash withdrawals amounting to US$300 000 per day in 2019 from her CBZ Bank account at a time ordinary Zimbabweans were allow...Published: 23 Apr 2021 at 07:31hrs | 12537 | by Staff reporter
RBZ intensifies probe on forex auction violators
THE Reserve Bank of Zimbabwe (RBZ) has launched a crackdown on businesses that violated exchange control rules, demanding import and export acquittal records for the past five years.Informatio...Published: 23 Apr 2021 at 07:29hrs | 517 | by Staff reporter
Market welcomes forex auction relaxation
THE Reserve Bank of Zimbabwe has begun selling foreign currency to registered bureau de change to improve the accessibility of forex for small businesses."Pursuant to the resolution of the mon...Published: 23 Apr 2021 at 07:24hrs | 741 | by Staff reporter
'Bureaux de-change to bridge forex needs'
THE Reserve Bank of Zimbabwe (RBZ) has approved the selling of foreign currency to registered bureaux de-change operators for on-selling to their clients as part of measures to increase formal access ...Published: 22 Apr 2021 at 06:15hrs | 511 | by Staff reporter
Zimbabwe breaks law for US$50m Covid-19 vaccines loan
Zimbabwe has contracted yet another US$50 million loan from the Africa Export-Import Bank (Afreximbank) to finance its Covid-19 vaccination programme despite government claims it is using internal res...Published: 18 Apr 2021 at 09:15hrs | 1032 | by Staff reporter
'Zimbabwe's financial sector needs to be harmonised,' says Mangudya
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says the country must establish a Financial Sector Development Plan (FSDP) as part of efforts to coordinate the operations of companies working in...Published: 09 Apr 2021 at 07:36hrs | 777 | by Staff reporter
RBZ holds policy rate at 40%
THE Reserve Bank of Zimbabwe (RBZ) says the recently appointed monetary policy committee (MPC) agreed to maintain the bank's policy rate at 40%, as it fights to avoid a recession through a rate hike t...Published: 01 Apr 2021 at 07:25hrs | 978 | by Staff reporter
Mthuli Ncube refuses to increase cash withdrawal limits
FINANCE minister Mthuli Ncube says there is no need to increase the weekly $2 000 bank withdrawal limit for individuals as a move to combat the black market. This comes as the Treasury chief a...Published: 28 Mar 2021 at 16:25hrs | 1936 | by Staff reporter
Matemadanda fired for 'verbal diarrhoea decimating MDC A' - demand now is for credible opposition
"Zanu PF has relieved Victor Matemadanda from the political commissar post over incompetence and his verbal diarrhoea remarks on the decimation of the opposition MDC Alliance," reported Bulawayo24....Published: 27 Mar 2021 at 06:43hrs | 1552 | by Patrick Guramatunhu
RBZ raps pharmaceutical secor for abusing forex
The pharmaceutical industry is abusing foreign currency auctions privileges by selling imported drugs using black market rates, and the Reserve Bank of Zimbabwe does not have the legal powers to stop ...Published: 23 Mar 2021 at 06:11hrs | 212 | by Staff reporter
Govt probes fuel companies
THE government has ordered a probe into oil companies accused of abusing a Reserve Bank of Zimbabwe (RBZ) foreign currency facility that allows them to secure fuel - but which they are now allegedly s...Published: 22 Mar 2021 at 15:40hrs | 489 | by Staff reporter
RBZ, tobacco transporters strike forex deal
The Reserve Bank of Zimbabwe (RBZ) has given the Tobacco Transporters Trust of Zimbabwe (TTTZ) a green light to charge for their services in United States dollars, a few weeks after logistics firms wa...Published: 22 Mar 2021 at 06:13hrs | 645 | by Staff reporter
RBZ warns banks
The Reserve Bank of Zimbabwe (RBZ) has warned banks which offer overdrafts to companies to buy foreign currency from the auction system saying such a move creates speculation in the market and promote...Published: 18 Mar 2021 at 06:42hrs | 3021 | by Staff rpeorter
'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 | 974 | by Staff reporter
Zimbabwe dominates Sadc remittances
ZIMBABWE received the largest remittances in southern Africa, underpinned by high migration of citizens who fled a two decade-long economic crisis, the latest African Development Bank (AfDB) data show...Published: 12 Mar 2021 at 06:46hrs | 807 | by Staff reporter
'Banks must pay interest on deposits'
THE Zimbabwe Coalition on Debt and Development (Zimcodd) has rejected claims by banks that they cannot pay interest on deposits because they are not making profit, arguing domestic financial instituti...Published: 11 Mar 2021 at 06:26hrs | 1938 | by Staff reporter
RBZ allays money supply growth fears
GOVERNMENT needs $60 billion to buy maize from farmers this marketing season but this will not trigger money supply growth in the economy, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has ...Published: 11 Mar 2021 at 06:13hrs | 362 | by Staff reporter
Chamisa 2021 Agenda demanding 'comprehensive reforms' - yet will, for umpteenth, contest 2023 with no reforms
Zimbabwe is in serious economic and political trouble because the nation has been stuck with a corrupt, incompetent and tyrannical ruling party, Zanu-PF, and an equally corrupt and incompetent opposit...Published: 10 Mar 2021 at 06:56hrs | 716 | by Wilbert Mukori
RBZ shuts out undisciplined businesses
THE Reserve Bank of Zimbabwe (RBZ) says it is moving in to flush out unscrupulous businesses participating at the weekly Foreign Currency Trading System over their indisciplined behaviour. The...Published: 09 Mar 2021 at 06:20hrs | 947 | by Staff reporter
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