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'Mthuli Ncube, Mangudya refusing to cooperate with fuel cartels investigations'
Energy and Power Development deputy minister Magna Mudyiwa has told Parliament that the finance ministry and the Reserve Bank of Zimbabwe (RBZ) are refusing to release information that is critical in ...Published: 28 Jul 2021 at 08:58hrs | 2860 | by Staff reporter
Zimbabwe inflation takes a tumble, exports rise
Zimbabwe's annual rate of inflation declined to double digit level for the first time in nearly two years this month, hitting 56,37 percent, with President Mnangagwa noting the fall marked yet another...Published: 28 Jul 2021 at 07:34hrs | 329 | by Staff reporter
Zimbabwe annual inflation slows down to 56,37%
ZIMBABWE'S annual inflation for the month of July 2021 slowed down to 56,37 percent, latest data show.The decline, which reflects a 50,27 percentage points from the June 2021 figures of 106,64...Published: 27 Jul 2021 at 18:02hrs | 1133 | by Staff reporter
Challenges facing Zimbabwe's foreign exchange auction
IT is clear that the auction for foreign exchange is in trouble. The arrears now stand at over US$200 million. That is equivalent to nearly Z$18 billion and the delays are having a serious impact on c...Published: 27 Jul 2021 at 07:16hrs | 1007 | by Eddie Cross
RBZ concerned over notes rejection
The Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya has voiced concern over unscrupulous traders who are reportedly rejecting small local currency denominations.This comes as $10 and ...Published: 26 Jul 2021 at 18:26hrs | 1467 | by Staff reporter
Wutawunashe in GMB Soya Bean inputs scam
Public Service Commission (PSC) Secretary, Ambassador Jonathan Wutawunashe has been fingered in a scam after he received Soya Bean inputs worth over $150 thousand and failed to plant the seed, TellZim...Published: 26 Jul 2021 at 17:55hrs | 1040 | 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 | 896 | by Staff reporter
Retailers rejecting $10-dollar notes
The transacting public has been urged to report all business entities rejecting the 10-dollar notes to the Financial Intelligence Unit of the Reserve Bank of Zimbabwe.Barely two weeks after th...Published: 22 Jul 2021 at 17:39hrs | 3367 | by Staff reporter
Forex pricing SI haunts Mnangagwa's govt
ZIMBABWE'S Senate yesterday said the controversial statutory instrument (SI) promulgated in May spelling out restrictions on trade in foreign currency had turned businesses into "saboteurs" after the ...Published: 22 Jul 2021 at 07:59hrs | 1201 | by Staff reporter
PPC receives US$11,2 million legacy debt payment from RBZ
CEMENT maker, PPC Zimbabwe, has acknowledged receipt of US$11,2 million from the Reserve Bank of Zimbabwe under the legacy debts repayment facility.The debt accrued as a result of cash flows g...Published: 20 Jul 2021 at 18:47hrs | 1444 | by Staff writer
Diaspora inflows top US$1 billion
Zimbabwe's Diaspora remittances jumped 58 percent last year, to about US$1 billion, a development that helped the country to cover gaps left by trade disruptions caused by the Covid19 pandemic. ...Published: 20 Jul 2021 at 08:11hrs | 223 | by Staff reporter
Nature of Government deals must be made public!
We have so many deals, apparently, which Government of Zimbabwe, has signed with several countries, we have been briefed of MOUs, signed on behalf of the country, which have never been disclosed to th...Published: 19 Jul 2021 at 12:05hrs | 616 | by Tinashe Eric Muzamhindo
Foreign currency deposits rise 778%
FOREIGN currency deposits held by banks have risen by 778,9 % inside a year on the back of economic reforms and increasing confidence levels in the banking sector among other factors.The lates...Published: 17 Jul 2021 at 15:47hrs | 1251 | by Staff reporter
Tagwirei's vast tentacles grip Zimbabwe government
KUDAKWASHE Tagwirei's influence on government in recent years has been unmatched.The shadowy businessman has emerged one of the biggest beneficiaries of the November 2017 military coup which o...Published: 17 Jul 2021 at 15:26hrs | 2270 | by Staff reporter
Diaspora vote remains a pipe dream ahead of 2023 polls
While citizens of some Southern African countries such as South Africa, Mozambique and Malawi enjoy the right to vote in national elections while domiciled in other countries, for millions of Zimbabwe...Published: 16 Jul 2021 at 13:32hrs | 772 | by Staff reporter
'Mnangagwa has fulfilled only 2% of 2018 pledges'
PRESIDENT Emmerson Mnangagwa's Zanu-PF government has fulfilled only 2% of its 2018 election promises, independent research body Sivio Institute has said.Statistics released yesterday by Sivio...Published: 15 Jul 2021 at 09:38hrs | 486 | by Staff reporter
Reserve money drops to $23,53 billion
RESERVE money, which refers to local banks' balances sitting with the Reserve Bank of Zimbabwe (RBZ), dropped by $917,13 million to $23,53 billion during the week ending July 2, mainly due to payment ...Published: 14 Jul 2021 at 09:37hrs | 235 | by Staff reporter
Zimbabwe yet to enact laws to curb mineral smuggling
WHILE deliberations continue over joining an international group formed to reduce corruption in mining countries, Zimbabwe continues to lose billions of dollars from the smuggling of extracted resourc...Published: 14 Jul 2021 at 09:35hrs | 80 | by Staff reporter
Zimbabwe imports increase by 17,6%
Zimbabwe imported goods worth US$2,27 billion in the six months to June 2021, which reflects a 17,6 percent increase on the external sector payments conducted by the country over the same period last ...Published: 14 Jul 2021 at 09:25hrs | 183 | by Staff reporter
SI 127 ghost still haunting economy
After passing Statutory Instrument (SI) 127 of 2021 on the 26th of May 2021, the Zimbabwean government made a quick summersault on the new regulations through a press statement issued by the Reserve B...Published: 14 Jul 2021 at 08:47hrs | 509 | by Victor Bhoroma
Zimbabwe's new $50 can't buy bread
LAST week, the Zimbabwean central bank introduced a $50 note, the country's highest denomination since a return to Zimbabwean dollars as the main currency in 2019.It joins other denominations ...Published: 13 Jul 2021 at 09:15hrs | 2174 | 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 | 691 | by Staff Reporter
SI127 working well to stop cheats
THE civil penalty system introduced in Statutory Instrument 127 allowing the Reserve Bank of Zimbabwe to hit abusers of foreign currency, and especially the foreign currency auction system, where it h...Published: 11 Jul 2021 at 08:28hrs | 877 | 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 | 293 | by Staff reporter
Illicit financial flaws daunt RBZ
THE central bank is facing a gigantic task in curbing illicit financial flows with exporters having devised complex ways of evading high retention thresholds as swap deals top the list of their illega...Published: 09 Jul 2021 at 12:09hrs | 341 | by Staff reporter
Biti says the introduction of $50 note is criminal
TOP economists are confident that the new $50 notes, introduced by the Reserve Bank of Zimbabwe Tuesday, will not trigger inflationary pressures.However, former Finance Minister Tendai Biti di...Published: 07 Jul 2021 at 16:30hrs | 5803 | by Staff reporter
RBZ probes Pakistani tycoon's gold licence
RESERVE Bank Governor John Mangudya Monday said the central bank would investigate circumstance under which controversial Pakistani tycoon, Ali Mohamad managed to renew his gold-buying licence at a ti...Published: 07 Jul 2021 at 10:55hrs | 608 | by Staff reporter
RBZ introduces new ZW$50 note
The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW$50 banknote issued on 6 July 2021 through Statutory Instrument 196 of 2021 will be introduced into circulation on 7 July...Published: 06 Jul 2021 at 15:48hrs | 2721 | by Staff Reporter
Zimbabwe gold deliveries in massive surge
GOLD deliveries to Fidelity Printers and Refineries (Fidelity) by small-scale miners increased by more 1 000kgs in June compared to May deliveries, the Reserve Bank Governor (RBZ) John Mangudya said M...Published: 06 Jul 2021 at 10:37hrs | 868 | by Staff reporter
Raw minerals dominate Zimbabwe's exports
RAW minerals continue to dominate Zimbabwe's export list amid calls by experts for the government to expedite value addition and beneficiation of the precious commodities.The Reserve Bank of Z...Published: 03 Jul 2021 at 21:31hrs | 226 | by Staff reporter
Zimbabwe annual inflation drops by 55,3pc
THE country's annual rate of inflation for the month of June 2021 dropped by about 55,3 percent to 106,64 percent from 162 percent, the Zimbabwe National Statistics Agency (Zimstat) has revealed. ...Published: 29 Jun 2021 at 12:05hrs | 899 | by Staff Reporter
Mangudya freaks out over RBZ balcony cuddlers
RESERVE Bank of Zimbabwe (RBZ) has thrown its employees captured sharing an intimate moment at its building under the bus after receiving backlash on social media.This comes after social media...Published: 22 Jun 2021 at 17:10hrs | 2672 | by Staff reporter
RBZ orders banks to pay interest on deposits
THE Reserve Bank of Zimbabwe (RBZ) has ordered banks to pay interest on deposits to entice locals to save.RBZ governor John Mangudya said starting next month, banks should offer 5% and 10% int...Published: 22 Jun 2021 at 17:02hrs | 659 | by Staff reporter
Reserve bank dismisses fake forex ban reports
THE Reserve Bank of Zimbabwe (RBZ) has dismissed reports circulating on social media alleging that the country has banned transacting in foreign currency on local transactions. RBZ Governor, D...Published: 22 Jun 2021 at 14:22hrs | 1951 | by Staff Reporter
Zanu-PF can win elections anytime - survey
Most Zimbabweans would vote for Zanu-PF in any elections from now with measures taken by the Government to curb the spread of Covid-19 also resonating with the population, a survey by Afrobarometer re...Published: 21 Jun 2021 at 06:00hrs | 497 | by Staff reporter
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 | 507 | 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 | 1520 | by Staff reporter
Has the Zimbabwe dollar really stabilised against the US unit?
There is a strong debate among economic analysts pertaining to whether the Zimbabwean dollar (ZW$) has stabilised against the American dollar (US$) or not. There is a section which believes that the l...Published: 18 Jun 2021 at 13:00hrs | 728 | by Respect Gwenzi
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 | 823 | 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 | 2354 | 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 | 700 | 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 | 1146 | 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 | 1041 | by Staff reporter
Legislators raise forex alarm
MPs have raised alarm over delays in foreign currency payments to companies under the Reserve Bank of Zimbabwe auction facility saying it was taking up to two months for them to get their dues....Published: 11 Jun 2021 at 07:31hrs | 924 | 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 | 876 | 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 | 2942 | 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 | 898 | by Staff reporter
RBZ steps up liquidity mopping
The Reserve Bank of Zimbabwe (RBZ)'s decision to trade non-negotiable certificates of deposits in exchange for excess liquidity held by local financial institutions is in line with authorities' contra...Published: 11 Jun 2021 at 06:28hrs | 247 | by Staff reporter
Official exchange rate slightly eases to 1:85
THE Zimbabwe dollar has eased to trade at 85,07 against the United States dollar at this week's foreign currency auction from 84,76 last week.According to data provided by the Reserve Bank of ...Published: 09 Jun 2021 at 18:19hrs | 203 | by Staff reporter
Zimbabwe back to trillion-figure era
THE Reserve Bank of Zimbabwe (RBZ) says the value of transactions processed through the national payment systems hit the $1,24 trillion mark during first quarter of this year, rising by 9% from $1,13 ...Published: 09 Jun 2021 at 07:18hrs | 2621 | by Staff reporter
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