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Zimbabwe govt sinks in deep financial hole
The recent 43% devaluation of Zimbabwe's Zimbabwe Gold (ZiG) currency has exacerbated the government's financial crisis, leaving it struggling to meet its obligations while civil servants and other pu...Published: 19 Nov 2024 at 13:38hrs | 6577 | by Staff reporter
Confidence in Zimbabwe gold currency hits historic low
Confidence in the Zimbabwe Gold (ZiG) currency has dropped to an all-time low, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee has admitted.Introduced in April this ye...Published: 14 Nov 2024 at 09:52hrs | 1780 | by Staff reporter
'Sovereignty ego maintaining Zimbabwe's ailing ZiG'
Zimbabwe is facing a profound economic crisis largely rooted in its insistence on maintaining currency sovereignty, even as the nation clings to a failing local currency, experts warn. Nkanyezi Ndlovu...Published: 30 Oct 2024 at 10:36hrs | 891 | by Staff reporter
Mnangagwa's govt paying lip service to ZWG
In a critical assessment of Zimbabwe Gold (ZWG), industry experts predict that the future post-mortem will reveal the government's own policies as the primary culprit behind the currency's struggles. ...Published: 20 Sep 2024 at 08:02hrs | 460 | by Staff reporter
Zanu-PF panics over ZiG collapse
ZANU-PF spokesperson Christopher Mutsvangwa has expressed alarm over the devaluation of the Zimbabwe Gold currency (ZWG) and is urging President Emmerson Mnangagwa to take decisive action. Mutsvangwa ...Published: 13 Sep 2024 at 08:12hrs | 3502 | by Staff reporter
Guard nabbed for insulting Mnangagwa
A 35-year-old security guard from Beitbridge, Ezekiel Chiradza, has been arrested for allegedly accusing President Emmerson Mnangagwa of economic mismanagement. Chiradza also criticized the n...Published: 06 Sep 2024 at 07:21hrs | 139 | by Staff reporter
Zimbabwe's currency will remain fully backed by gold reserves
Zimbabwe's government will stick to what it promised when it launched a new currency in April by ensuring it remains fully backed by reserves, the central bank governor told Reuters on Wednesday, addi...Published: 18 Jul 2024 at 09:20hrs | 748 | by Staff reporter
Mnangagwa confirms structure to 'drip feed' ZWG into economy
Deputy Minister of Finance, Economic Development, and Investment Promotion, David Mnangagwa, acknowledged that the introduction of the Zimbabwe Gold (ZWG) currency in April has been characterized by a...Published: 01 Jul 2024 at 13:34hrs | 9 | by Staff reporter
Hackers fleece NetOne during transition to ZiG
Two men from Kambuzuma, Harare, Martin Learnmore Gona (31) and Uwen Gonyora (34), were reported by NetOne (Pvt) Limited for allegedly hacking into its system and stealing over ZiG1 million last month ...Published: 13 Jun 2024 at 07:03hrs | 6 | by Staff reporter
Only 30% of Zimbabwe Gold (ZiG) released to the market
The Reserve Bank of Zimbabwe (RBZ) has disbursed ZiG46 million in notes and coins to banks, but only 30% has been released to the market due to a cash crisis. Introduced on April 5 to replace ...Published: 05 Jun 2024 at 07:22hrs | 93 | by Staff reporter
Zimbabwe govt threatens to sanction businesses
The government has issued a warning to businesses found pricing their goods and services above the official exchange rate in a bid to stabilize the newly introduced currency, Zimbabwe Gold (ZiG)....Published: 28 May 2024 at 10:17hrs | 6 | by Staff reporter
Mthuli Ncube pleads for patience on ZiG
FINANCE minister Mthuli Ncube has pleaded for patience with the recently introduced Zimbabwe Gold (ZiG) currency amid an uproar from the public over the disruptions it has caused to transactions....Published: 12 Apr 2024 at 09:51hrs | | by Staff reporter
'Bond notes, Zimdollar had no backing'
BOND notes and the Zimdollar (ZWL$) did not have any backing during their tenure, the central bank has said, raising questions on the facilities that were bandied to be supporting the local currency....Published: 12 Apr 2024 at 09:49hrs | 2 | by Staff reporter
'ZiG difficult to accept in US$-dominated market'
RESPECTED businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback.The Reserve B...Published: 11 Apr 2024 at 08:45hrs | | by Staff reporter
Mthuli Ncube summoned over ZiG
FINANCE minister Mthuli Ncube has been summoned to Parliament to explain how the Zimbabwe Gold (ZiG) currency introduced on Friday will work.Legislators also want Ncube to amend the Finance Ac...Published: 11 Apr 2024 at 08:45hrs | 1 | by Staff reporter
RBZ pleads for ZiG acceptance as informal traders insist on US dollar
The Reserve Bank of Zimbabwe on Wednesday said the Zimbabwe dollar remains legal tender until April 30 following reports that informal traders are refusing to accept the currency for fear it will be w...Published: 10 Apr 2024 at 21:55hrs | | by Staff reporter
Zimdollar remains legal tender until month-end
The Zimbabwe dollar remains legal tender for all domestic transactions until April 30, when the Zimbabwe Gold (ZiG) notes and coins will come into circulation, the Reserve Bank of Zimbabwe (RBZ) has s...Published: 10 Apr 2024 at 06:02hrs | 1 | by Staff reporter
'ZiG difficult to accept in US$-dominated market'
Businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback.The Reserve Bank of Zim...Published: 10 Apr 2024 at 06:02hrs | 1 | by Staff reporter
Zimbabwe's new ZiG spins markets into trading disruptions and uncertainty
Zimbabwe's newly introduced ZiG currency is causing market disruptions and transaction bottlenecks despite central bank assurances that it is backed by gold and foreign currency reserves, amid sceptic...Published: 09 Apr 2024 at 06:24hrs | | by Staff reporter
Govt blitz as traders dump Zimdollar
THE Consumer Protection Commission together with the police and the Financial Intelligence Unit has launched a blitz on businesses refusing to accept the Zimdollar following the launch of a new curren...Published: 09 Apr 2024 at 06:22hrs | | by Staff reporter
Zimbabweans urged to have confidence in new currency
Measures announced by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu in his maiden monetary policy statement on Friday should go a long way in containing prices and reducing inflation, a...Published: 08 Apr 2024 at 10:43hrs | | by Staff reporter
RBZ boss appointment challenged in court
PRESIDENT Emmerson Mnangagwa's appointment of veteran bank John Mushayavanhu as the new Reserve Bank of Zimbabwe (RBZ) governor has been challenged by two university students, who allege that it contr...Published: 07 Apr 2024 at 10:33hrs | | by Staff reporter
ZiG is putting lipstick on a pig, says Biti
The Reserve Bank of Zimbabwe (RBZ) on Friday introduced a new currency to be known as the ZiG, which stands for Zimbabwe Gold.RBZ governor John Mushayavanhu said the ZiG would be structured an...Published: 07 Apr 2024 at 10:31hrs | 18 | by Staff reporter
New currency without public confidence won't solve crisis
The government of Zimbabwe through the Reserve Bank of Zimbabwe (RBZ) has launched a new currency, which it calls the Zimbabwe Gold (ZiG).We have been here before and it is key to understand i...Published: 07 Apr 2024 at 10:29hrs | | by Mlondolozi Ndlovu
Zimbabwe currency crisis: Time to face the truth
THERE is, of course, no such thing as "a shortage of foreign currency".In open and disciplined markets, all that such a claim reflects is an over-valued local currency, whose managers resist t...Published: 07 Apr 2024 at 10:26hrs | 1 | by Obert Nyandoro
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 | | by Staff reporter
Zimbabwe's new currency greeted with pessimism
The new currency introduced by the Reserve Bank of Zimbabwe (RBZ) on Friday has been branded old wine in new bottles by economists and financial experts who doubt that it will stand the test of time....Published: 07 Apr 2024 at 10:18hrs | 1 | by Mthandazo Nyoni
Econet platforms switch to new currency
ECONET Wireless Zimbabwe yesterday suspended trading in Zimbabwe dollars to facilitate the changeover to the new ZiG currency on its various product platforms.The ZiG was unveiled on Friday wh...Published: 07 Apr 2024 at 10:14hrs | | by Staff reporter
Econet announces preps for changeover from Zimdollar to ZiG
Econet Wireless Zimbabwe has announced that it has suspended trading in the ZWL currency as it works to configure the changeover from ZWL to the new ZiG currency on its various product platforms. ...Published: 07 Apr 2024 at 10:08hrs | | by Staff reporter
Service providers stop trading in Zimdollars
A MAJORITY of service providers and shops in the country were yesterday rejecting payments in local currency arguing that they were migrating to the new Zimbabwe Gold (ZiG) currency in a development t...Published: 07 Apr 2024 at 10:07hrs | 1 | by Staff reporter
Anti-Zimbabwe economist says ZiG is old wine in new bottles
Prominent Zimbabwean economist and financial analyst Professor Gift Mugano says the new local currency launched today - unimaginatively named Zimbabwe Gold (ZiG) amid noisy claims by government offici...Published: 06 Apr 2024 at 13:20hrs | | by Staff reporter
Zimbabwe's new currency requires bold measures to succeed
JOHN Mushayavanhu, the new Reserve Bank of Zimbabwe (RBZ) governor, yesterday put his head on the block declaring that "not under my watch" will the apex stray from its core functions as he launched a...Published: 06 Apr 2024 at 08:10hrs | | by Staff reporter
RBZ adopts market-based exchange rate
THE Reserve Bank of Zimbabwe (RBZ) has adopted a market-determined system for setting exchange rates, with the auction system being replaced by a refined interbank foreign exchange market which connec...Published: 06 Apr 2024 at 08:06hrs | | by Staff reporter
Here is how to convert your Zimdollar balances to Zimbabwe Gold (ZiG)
To convert your ZWL balances to ZiG, the formula is dividing the interbank forex rate conversion into ZWL by the foreign currency exchange rate into ZiG given on any day within the 21 days period....Published: 05 Apr 2024 at 21:49hrs | 1 | by Staff reporter
Zimbabwe launches ‘gold' currency to replace dollar
Zimbabwe has introduced a new national currency aimed at stabilizing the economy and countering the devaluation of the local dollar in the southern African nation. Harare has also appealed to the Unit...Published: 05 Apr 2024 at 21:44hrs | 32 | by Staff reporter
Zimbabwe Abandons Weakened Dollar for Gold-Linked Currency
Reserve Bank of Zimbabwe (RBZ) Governor Dr. John Mushayavanhu unveiled the 2024 Monetary Policy Statement (MPS) this afternoon, outlining a comprehensive plan to stabilize the nation's currency. The p...Published: 05 Apr 2024 at 13:28hrs | 94 | by Staff Reporter
Zimbabwe set to announce fate of Zimdollar
Zimbabwe's currency plunged to yet another record low as citizens rushed to the safety of the US dollar amid speculation an announcement from the central bank on the fate of the local unit is imminent...Published: 04 Apr 2024 at 06:03hrs | | by Staff reporter
Price of mealie-meal has dropped, says CCZ
The Consumer Council of Zimbabwe (CCZ) says there has been a slight drop in the price of mealie-meal, with the commodity now readily available on the retail market.Prices of mealie-meal shot t...Published: 03 Apr 2024 at 18:45hrs | | by Staff reporter
Mnangagwa to declare drought state of disaster
ZIMBABWE is expected to declare the drought which is ravaging the country a state of disaster in a bid to marshal resources and avert possible starvation, NewsDay can reveal.President Emmerson...Published: 03 Apr 2024 at 06:05hrs | 10 | by Staff reporter
Zimbabwe's structured currency launch on Friday
IN a bid to address currency volatility and exchange rate-driven inflation badly battering the economy amid arbitrage, the Zimbabwean government will next week launch a "structured currency" which the...Published: 31 Mar 2024 at 20:50hrs | | by Staff reporter
All eyes on new RBZ boss
RESERVE Bank of Zimbabwe (RBZ) new governor John Mushayavanhu is facing a tough challenge as he is expected to immediately halt the freefall of the Zimbabwe dollar and stop the economic implosion blam...Published: 31 Mar 2024 at 16:36hrs | | by Staff reporter
Why Mnangagwa cut short Mangudya's Zimbabwe Reserve Bank stay
PRESIDENT Emmerson Mnangagwa was yesterday forced to retire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya a month earlier to give his successor room to come up with fresh measures to stabilise...Published: 29 Mar 2024 at 04:52hrs | 13 | by Staff reporter
Zimbabwe to keep Zimdollar
Zimbabwe plans to keep its local dollar, a currency that has lost value every single trading day of the year, even as fiscal and monetary authorities work on new plans to revamp the currency, accordin...Published: 26 Mar 2024 at 06:37hrs | 1 | by Staff reporter
Zimdollar rate decline signals move to Gold Standard
Zimbabwe, the poster child of hyperinflation, is allowing a free fall in its currency that it's no longer keen to defend and is instead working on a new exchange rate potentially backed by gold....Published: 21 Mar 2024 at 08:47hrs | 1 | by Staff reporter
Basics disappear from Zimbabwe shop shelves
ZIMBABWEAN retailers are struggling to restock locally produced goods using the local unit as manufacturers and wholesalers are turning them away in favour of those that pay in the United States dolla...Published: 15 Mar 2024 at 07:19hrs | 10 | by Staff reporter
'Parents can pay examination fees in Zimdollar'
The Zimbabwe Schools Examination Council has opened a one week window for parents and guardians to pay examination fees for the June 2024 Ordinary and Advanced Level examinations in local currency at ...Published: 15 Mar 2024 at 07:09hrs | | by Staff reporter
Gold set to anchor Zimbabwe dollar
GOLD has emerged as the most ideal instrument likely to be used to anchor the structured currency the Government is pursuing to stabilise the exchange rate and curtail persistent inflation.The...Published: 10 Mar 2024 at 06:23hrs | 9 | by Staff reporter
Mnangagwa says parastatals should consider receiving payments in Zimdollars
GOVERNMENT has warned departments and parastatals accused of charging for services exclusively in foreign currency, saying they are acting outside the law.Speaking in Parliament during a quest...Published: 09 Mar 2024 at 11:13hrs | | by Staff reporter
Mthuli Ncube sees $18bn debt talks on course despite US exit
Talks on the restructuring of Zimbabwe's $18 billion debt remain on track, even after the US paused its involvement in the discussions, Finance Minister Mthuli Ncube said.The discussions led b...Published: 07 Mar 2024 at 05:13hrs | | by Staff reporter
Zimbabwe must deal with currency volatility causes, not symptoms
THE United Nations Economic Commission for Africa (Uneca) executive secretary Claver Gatete this week said Zimbabwe should deal with the root causes of currency volatility not symptoms.Gatete ...Published: 07 Mar 2024 at 05:10hrs | 1 | by Staff reporter
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