Search / Multicurrency system
Zimbabwe govt to clear pre-2009 pensions backlog
The Zimbabwean Government is finalizing amendments to Statutory Instrument (SI) 162 of 2023 to fast-track compensation payments to private sector pensioners who lost significant value in their s...Published: 01 Jul 2025 at 08:23hrs | 455 | by Staff reporter
Zimbabwe's ZiG currency risks extinction stoked by policy choices
Zimbabwe's ZiG is heading toward failure, not through rapid devaluation, but through growing irrelevance, according to Imara Asset Management, the country's oldest independent brokerage.Unlike...Published: 16 Apr 2025 at 22:45hrs | 85 | by Staff reporter
I'm not prepared to continue suffering until 2030!
Zimbabwe, under President Emmerson Mnangagwa, has sank deeper into poverty.Granted, when President Emmerson Mnangagwa took power in November 2017 through a military coup, Zimbabwe was already ...Published: 10 Feb 2025 at 22:56hrs | 1193 | by Tendai Ruben Mbofana
Zimbabwe central bank widens blitz on defiant business
The Reserve Bank of Zimbabwe (RBZ) has announced an expanded blitz targeting businesses across the country that are refusing to comply with government directives on the use of the multicurrency system...Published: 05 Feb 2025 at 11:42hrs | 351 | by Staff reporter
Windfall for 33,000 pensioners
The Mining Industry Pension Fund (MIPF) is preparing to compensate pensioners who lost benefits during Zimbabwe's hyperinflationary period between 2006 and 2009. The initiative comes amid reports that...Published: 04 Nov 2024 at 06:49hrs | 4341 | by Staff reporter
BRICs payment system being tested
A new digital payments system, BRICS Pay, debuted for live testing at this week's BRICS Business Forum at the International Trade Center in Moscow.During the trial - on 17 and 18 October - for...Published: 19 Oct 2024 at 15:54hrs | 1762 | 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 | 3928 | by Staff reporter
John II's mission impossible to save Zimbabwe economy clocks 100 days
Zimbabwe's new central bank Governor John Mushayavanhu has done the seemingly impossible in his first 100 days - created a stable currency and tamed price pressures in a nation that's been a poster-ch...Published: 08 Jul 2024 at 11:06hrs | 9 | by Staff reporter
How Mushayavanhu just removed zeroes from dying currency
Reserve Bank of Zimbabwe governor John Mushayavanhu has issued his maiden monetary policy statement, bringing with him a new gold-backed currency and promises to end the money-printing that tanked the...Published: 07 Apr 2024 at 10:19hrs | 3 | by Staff reporter
Zimbabwe teachers embark on 2-day working week
TEACHERS unions have declared that their members will only report for duty two days a week due to financial incapacitation.Schools reopened for the second term yesterday with educators under t...Published: 09 May 2023 at 06:05hrs | 6 | 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 | 1 | 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 | 1 | by Staff reporter
Headwinds ahead for Zanu-PF
NORTON Independent legislator Temba Mliswa remains a comical character but he is one you cannot afford to ignore.A rabble-rouser of note, he has been a thorn in the flesh of Zanu-PF ever since...Published: 21 Jan 2023 at 11:26hrs | 2 | by Staff reporter
Zimbabwe's education was once the envy of Africa. Not anymore!
It wasn't just his well-fitted suit, the crisp shirt, and the neatly paired tie that caught everyone's attention. When Amos Mawoyo walked through the rural areas of Imbeza, a timber estate in the East...Published: 03 Nov 2022 at 05:10hrs | 2 | by Staff reporter
'Zimdollar volatility makes no sense'
The Reserve Bank of Zimbabwe (RBZ) believes disproportionate demand for the US dollar and lingering fears of hyperinflation are driving exchange rate volatility, as the country's currency should ordin...Published: 01 May 2022 at 11:05hrs | | by Staff reporter
Zimbabwe must abandon use of US$ immediately
ECONOMIST Eddie Cross, believes the best way to stabilise the prices of basic goods in the country and spur development is to end the use of the United States dollar in the economy. Speaking on 3Ktv p...Published: 27 Apr 2022 at 12:57hrs | 16 | 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 | 3 | by Staff reporter
Full Zimdollar return by 2027
THE Reserve Bank of Zimbabwe (RBZ) predicted yesterday that the domestic currency would completely run the economy in five years' time, with only pockets of the United States dollar complementing it....Published: 25 Feb 2022 at 07:41hrs | 2 | by Staff reporter
Industrialists warn Zimbabwe banks
LOCAL financial institutions came under the spotlight on Friday as the central bank and industrialists regrouped to review a series of issues they agreed on in October, when relations between the two ...Published: 26 Jan 2022 at 04:46hrs | 12 | by Staff reporter
Factoring 'animal spirits' into Zimbabwe's economic discourse
John Maynard Keynes is considered by many to be the most consequential economist of the past century. Perhaps one of his boldest contributions to economics was postulating, perhaps correctly, that the...Published: 18 Nov 2021 at 19:02hrs | 20 | by Simbarashe Bepete
Private sector-led growth
Two years ago, the new Minister of Finance in Zimbabwe, Mthuli Ncube brought together a small group of local business persons in an informal advisory group.I was privileged to be included. our...Published: 01 Apr 2021 at 07:23hrs | | by Eddie Cross
Ex-RBZ advisors under fire
THE Zimbabwe National Chamber of Commerce (ZNCC) has slammed the Reserve Bank of Zimbabwe (RBZ)'s "underachieving" outgoing monetary policy committee (MPC) saying it lacked depth and expertise to driv...Published: 05 Mar 2021 at 06:57hrs | 6 | by Staff reporter
Eddie Cross quits
LEADING economist Eddie Cross has quit his role as a member of the Reserve Bank of Zimbabwe (RBZ)'s Monetary Policy Committee (MPC) less than two years into the role, Zimbabwe Independent reported....Published: 19 Feb 2021 at 07:14hrs | 21 | 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
Firms evade remitting forex taxes
THE Zimbabwe Revenue Authority (Zimra) says it has detected a string of scams in which some companies charging for goods and services in foreign currency have evaded paying taxes in forex.This...Published: 04 Dec 2020 at 07:20hrs | | by Staff reporter
'Price stability to spill into 2021'
ECONOMISTS and captains of industry yesterday predicted a continued stability of prices of goods and services into next year.During a state of the economy report by Africa Economic Development...Published: 05 Nov 2020 at 19:27hrs | | by Staff reporter
RBZ dismisses reports of local US$ RTGS accounts
The Reserve Bank of Zimbabwe has dismissed social media reports that banks are opening new accounts referred to as "local USD RTGS transactions", describing the reports as "false and misleading", basi...Published: 15 Oct 2020 at 06:36hrs | 2 | by Staff reporter
Biti allegations are baseless
MDC-ALLIANCE co-vice-president Tendai Biti has on countless occasions made unsavoury and bald assertions, mainly to his gullible supporters, that "Zanu-PF may rig elections, but it cannot rig the econ...Published: 05 Oct 2020 at 06:41hrs | 3 | by Rutendo Jiri
'Austerity ends in 2019,' says Muthuli Ncube
While Government has instituted a batch of key macro-economic reforms since late last year, which analysts say have set the economy for recovery and sustainable growth, the chief architect of the chan...Published: 25 Aug 2019 at 08:42hrs | | by Staff reporter
Zimbabwe's foreign medical bills drain $400 million annually
ZIMBABWE is losing US$4 million every year through medical bills to cater for people referred outside the country for treatment, Finance and Economic Development Minister Professor Mthuli Ncube has sa...Published: 14 Aug 2019 at 07:41hrs | | by Staff reporter
Zimdollar introduction timely, says Mthuli Ncube
FINANCE and Economic Development Minister Professor Mthuli Ncube yesterday said the introduction of the Zimbabwe dollar was timely as the country has registered macro-economic fundamentals that will p...Published: 10 Aug 2019 at 08:54hrs | | by Staff reporter
Jonathan Moyo 'exposes' Mthuli Ncube and Sibusiso Moyo?
Professor Jonathan Moyo says President Emmerson Mnangagwa and Professor Mthuli Ncube working with general Sibusiso Moyo and businessman Kuda Tagwirei are involved in a grand theft of public funds. ...Published: 06 Aug 2019 at 12:02hrs | 1 | by Mandla Ndlovu
Mthuli Ncube confirms new grand fiscal heist
FINANCE minister Mthuli Ncube yesterday unwittingly confirmed government committed a grand US$7 billion fiscal heist - by design or accident - when it banned without warning the multi-currency system ...Published: 02 Aug 2019 at 15:17hrs | 1 | by Staff reporter
Zimbabwe inflation calculation deferred till 2020
ZIMBABWE has suspended calculation and publication of annual inflation rates until February next year to rebase consumer prices indices, after reintroducing local currency, to ensure that the data ref...Published: 02 Aug 2019 at 08:17hrs | 1 | by Staff reporter
Mthuli Ncube happy with reforms progress
FINANCE and Economic Development Minister, Professor Mthuli Ncube, has expressed satisfaction with progress made in the economic reform process and the performance of the interbank market to date. ...Published: 30 Jul 2019 at 07:22hrs | 5 | by Staff reporter
Forex retention to stay, says RBZ
THE Reserve Bank of Zimbabwe (RBZ) says the prevailing foreign currency retention levels on gold export proceeds will remain in place to support the interbank market established to improve foreign cur...Published: 24 Jul 2019 at 08:07hrs | 1 | by Staff reporter
Jonathan Moyo spills more beans on Mnangagwa
Exiled former Cabinet Minister Professor Jonathan Moyo has written a Twitter thread exposing how President Emmerson Mnangagwa led his allies in stealing Treasury Bonds through various bogus projects i...Published: 08 Jul 2019 at 13:18hrs | 2 | by Mandla Ndlovu
Multi-currency was a disaster
Government says multi-currency system created fiscal and monetary challenges, stunting economic growth and making most industries in Zimbabwe uncompetitive. Treasury permanent-secretary George...Published: 08 Jul 2019 at 08:31hrs | 1 | by Staff reporter
'Multi-currency stifled Zimbabwe economic growth'
THE use of the multi-currency system since 2009 stifled growth as the country could not utilise monetary instruments to stimulate economic activity, Finance and Economic Development Minister, Prof Mth...Published: 08 Jul 2019 at 07:57hrs | 1 | by Staff reporter
Govt mulls scrapping forex duty for vehicles
TREASURY is considering scrapping the payment of duty for vehicles in foreign currency when it presents the mid-year fiscal policy at the end of this month, it has been revealed.On June 24, th...Published: 07 Jul 2019 at 21:30hrs | 1 | by Staff reporter
Zimbabwe dollar strengthens in parallel market
For Zimbabwe President Emmerson Mnangagwa, the re-introduction of the country's currency after a decade of US dollar dominance marks a return to normalcy.To many others, however, it heralded u...Published: 06 Jul 2019 at 10:32hrs | 3 | by The East African
Perverse opulence amid squalor likely to sink Zimbabwe
The late JK Galbraith, an influential economist in the US public sphere more than 60 years ago, described Americans' conspicuous consumption in his book The Affluent Society as "private opulence amids...Published: 05 Jul 2019 at 08:24hrs | 3 | by Staff reporter
Giving Mthuli Ncube's mono-currency a fighting chance
It is July 1, 1916, World War 1, the Battle of the Somme. The British Army had been planning for weeks and months for a massive assault on German positions dug in around Somme, to relieve pressure on ...Published: 04 Jul 2019 at 18:46hrs | 2 | by Joseph Mverecha
Zimbabweans told to snub profiteering retailers
COMMUNITY leaders have urged consumers to boycott buying goods from profiteering retailers as a way to protect themselves against wanton price hikes. Following Government's decision to s...Published: 29 Jun 2019 at 16:43hrs | | by Staff reporter
Cabinet approves currency reforms
Cabinet has approved currency reforms introduced by Treasury which culminated in the scrapping of the multi-currency system on local transactions saying the move would now bring normalcy in the econom...Published: 27 Jun 2019 at 06:30hrs | 2 | by Staff reporter
Reserve Bank scraps US$10 000 daily trading limit for bureaux de change
THE Reserve Bank of Zimbabwe (RBZ) has scrapped the US$10 000 daily trading limit for bureaux de change and the 2,5 percent maximum profit margin for banks, in a bid to make the interbank forex market...Published: 26 Jun 2019 at 07:07hrs | | by Staff reporter
Econet adjusts roaming, international tariffs
LEADING telecommunications company, Econet Wireless Zimbabwe, has announced an increase of between 10 and 40 percent in tariffs for roaming, international outbound calling and SMS services effective y...Published: 27 Feb 2019 at 06:31hrs | 1 | by Staff reporter
US$5 million traded on first day
Only five banks used the interbank foreign currency market on the first day of trade on Friday where at least US$5 million exchanged hands, it has been revealed.The Reserve Bank of Zimbabwe (R...Published: 24 Feb 2019 at 06:47hrs | 1 | by Staff reporter
Is RBZ shifting position?
THE Reserve Bank of Zimbabwe (RBZ) has given its clearest hint to date that the country is slowly re-dollarising after upgrading the Real Time Gross Settlement (RTGS) platform to include the United St...Published: 04 Feb 2019 at 15:09hrs | 11 | by Pauline Hurungudo
Re-dollarisation of economy: Wrong turn for Zimbabwe
There is an effervescence in the economy – an imperceptible but definite shift towards re- dollarisation of the economy.Initially a trickle, this will soon turn into a mighty tide in one dir...Published: 30 Dec 2018 at 10:06hrs | 1 | by Joseph Mverecha
Load More Stories
