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Medium-scale commercial farming in Zimbabwe post-land reform programme: A new picture is emerging
WE have a new open access paper out in the Journal of Modern African Studies "Medium-scale commercial agriculture in Zimbabwe: The experience of A2 resettlement farms".Contrary to assertions t...Published: 01 Mar 2021 at 05:02hrs | 617 | by Ian Scoones
Foreign direct investment dries up
FOREIGN investment inflows to Zimbabwe last year fell by 23.7% to US$40.06 million compared to the same period in the previous year, with analysts attributing the decline to the outbreak of Covid-19 p...Published: 28 Feb 2021 at 15:33hrs | 1071 | by Staff reporter
Zimbabwe govt treasury surplus exceeds $6bn
Public finances have been in perfect health for a good period now, amid revelations that Treasury has maintained surpluses in excess of $6 billion on its accounts at the Reserve Bank of Zimbabwe (RBZ)...Published: 28 Feb 2021 at 10:30hrs | 623 | by Staff reporter
RBZ backtracks on farmers' forex retention thresholds
THE Reserve Bank of Zimbabwe (RBZ) has been forced to raise foreign currency retention thresholds for tobacco producers by 10% following pressure from farmers.RBZ also scrapped the compulsory ...Published: 28 Feb 2021 at 08:51hrs | 694 | by Staff reporter
'Gold to Zimbabwe what oil is to Nigeria, can turn around our fortunes' - not whilst US$1.2b p.a. lost to smugglers
On 3 March 2016 President Mugabe admitted that the nation had lost $15 billion worth of diamonds because of the looting and plunder in Marange and Chiadzwa."This kind of plunder must immediate...Published: 27 Feb 2021 at 09:42hrs | 470 | by Patrick Guramatunhu
Plans to repeal crippling taxation on cards
THE Ministry of Mines and Mining Development is currently engaged in major discussions with fiscal and monetary authorities to address the issues of the punitive tax regime and surrender thresholds th...Published: 26 Feb 2021 at 06:55hrs | 1427 | by Staff reporter
RBZ chief warms up to fintech
THE Reserve Bank of Zimbabwe (RBZ) says it will create a financial technology (fintech) regulatory sandbox that is likely to transform the banking sector.According to Investopedia, fintech is ...Published: 26 Feb 2021 at 06:48hrs | 779 | by Staff reporter
Family monthly basket shoots to $25 935
THE monthly cost of living for an ordinary family of five rose again this February to record $25 935, the Zimbabwe National Statistics Agency (ZIMSTAT) has reported.The agency Thursday reporte...Published: 26 Feb 2021 at 06:43hrs | 719 | by Staff reporter
'Auction rate is the real market rate'
THE auction exchange rate represents the proper market trends contrary to the contrived perception that the parallel market signifies the "real exchange rate", a senior Treasury official has said. &nb...Published: 26 Feb 2021 at 06:30hrs | 233 | by Staff reporter
Liquidity squeeze hits Zimbabwe
Zimbabwe's central bank is in the market mopping up excess liquidity using savings bonds as a deliberate action to regulate the quantity of money in circulation in addition to dealing with an exacerba...Published: 25 Feb 2021 at 16:19hrs | 1707 | by Staff reporter
Zimbabwe's exchange rates band to narrow
The gap between the official and parallel market exchange rates is expected to narrow further from the current 20% by the end of the year owing to the containment of reserve money, good agriculture se...Published: 25 Feb 2021 at 16:19hrs | 1642 | by Staff reporter
Mangudya in shock claims
Zimbabwe's central bank governor, John Mangudya, this week claimed the southern African country does not need "anyone's money" to extricate itself from its economic woes.The country, which is ...Published: 25 Feb 2021 at 16:19hrs | 3654 | by Staff reporter
Chombo remanded in custody
Former Local Government Minister Ignatius Chombo, arrested on Tuesday on charges of illegally parcelling out land in Harare and Zvimba, will hear today whether his application for bail is successful a...Published: 25 Feb 2021 at 06:20hrs | 707 | by Staff reporter
RBZ warns against rejecting $5 notes
THE Reserve Bank of Zimbabwe has assured the transacting public that the $5 note was still legal tender, and warned businesses against rejecting the currency.In a statement on Tuesday, the cen...Published: 24 Feb 2021 at 21:52hrs | 809 | by Staff reporter
Amplats warns Zimbabwe
ZIMBABWE'S decision to compel exporters to surrender more of their foreign currency earnings may leave miners unable to fund operations, Anglo American Platinum (Amplats), one of the country's biggest...Published: 24 Feb 2021 at 21:45hrs | 401 | by Staff reporter
Zimdollar remains steady
THE Zimbabwean dollar remains steady against the United States at 1:83 this week with the Reserve Bank of Zimbabwe (RBZ) saying it has resolved the issue of delayed settlement of foreign currency auct...Published: 24 Feb 2021 at 17:01hrs | 966 | by Staff reporter
RBZ resolves auction payment glitches
The Reserve Bank of Zimbabwe (RBZ) says it has resolved the delayed settlement of foreign currency auction payments that occurred at the end of last year, as the authorities continue to refine the sys...Published: 24 Feb 2021 at 05:44hrs | 421 | by Staff reporter
New RBZ Monetary Policy Committee members named
Finance and Economic Development Minister, Professor Mthuli Ncube, on Sunday, appointed five new members to the Reserve Bank of Zimbabwe Monetary Policy Committee (MPC). The new members,...Published: 23 Feb 2021 at 06:42hrs | 1107 | by Staff reporter
Zimbabwe's $50 note imminent
Zimbabwe announced on Thursday that it would shortly introduce a $50 note, while raising cash withdrawal limits to Z$2,000 per day from Z$1,000.The central bank also lifted its main lending ra...Published: 21 Feb 2021 at 22:30hrs | 1659 | by Staff reporter
Top banker Jinya makes grand return
IT is an appointment that many least expected. But ex-Nedbank managing director (MD) Charity Jinya made a surprise return to the country's banking industry on Saturday after Finance minister Mthuli Nc...Published: 21 Feb 2021 at 21:43hrs | 1756 | by Staff reporter
Zimbabwean banks strike forex auction settlement deal
ZIMBABWE's banking system has agreed to settle funds allocated at the foreign currency auction system within two weeks, central bank governor John Mangudya has said.Introduced in June 2020 to ...Published: 21 Feb 2021 at 07:06hrs | 1253 | by Staff reporter
'Inflation will drop to 10% by December 2021' - not as long as Zimbabwe remains a Banana Republic
"The Reserve Bank of Zimbabwe (RBZ) yesterday forecast annual inflation to plummet to less than 10% this year, driven by a good agricultural season, fiscal and financial sector stability," reported Bu...Published: 20 Feb 2021 at 08:43hrs | 258 | by Nomusa Garikai
Zimbabwean expats keep country afloat, remits $1 billion
Diaspora remittances to Zimbabwe jumped a record 58 percent from US$635.7 million to US$1 billion in 2020, the central bank said on Thursday, highlighting the key role played by expatriates in keeping...Published: 19 Feb 2021 at 07:24hrs | 958 | by Staff reporter
RBZ projects inflation fall
THE Reserve Bank of Zimbabwe (RBZ) yesterday forecast annual inflation to plummet to less than 10% this year, driven by a good agricultural season, fiscal and financial sector stability.Zimbab...Published: 19 Feb 2021 at 07:16hrs | 382 | 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 | 7065 | by Staff reporter
RBZ probes shady tycoons and firms
THE Financial Intelligence Unit (FIU) - an arm of the Reserve Bank of Zimbabwe (RBZ) - has opened a fresh investigation into firms and individuals who are using shelf companies to siphon money from th...Published: 19 Feb 2021 at 07:03hrs | 1206 | by Staff reporter
Cash withdrawal limits, lending rates go up
THE Reserve Bank of Zimbabwe (RBZ) has increased withdrawal limits to $2 000 from $1 000 and reviewed upwards the bank policy and private sector lending rates as part of comprehensive measures to stre...Published: 19 Feb 2021 at 06:49hrs | 683 | by Staff reporter
RBZ raises key interest rate to 40%
Zimbabwe's central bank increased the benchmark interest rate to 40% from 35%, following its neighbours Zambia and Mozambique who also raised borrowing costs at their most recent rate decisions. ...Published: 18 Feb 2021 at 18:13hrs | 1366 | by Staff reporter
Forex auction apportions US$38 million to productive sector
OVER US$38 million was allotted to the productive sectors at yesterday's Reserve Bank of Zimbabwe (RBZ) weekly Foreign Currency Auction Trading System reflecting a 11,44 percent jump from last Tuesday...Published: 17 Feb 2021 at 15:04hrs | 636 | 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 | 804 | by Staff reporter
Zimbabwe borrowed US$1,4bn to prop up economy
ZIMBABWE borrowed US$1,4 billion from the African Export and Import Bank (Afreximbank) since 2017 to finance acquisition of strategic commodities, currency reforms and prop up the economy.Acco...Published: 16 Feb 2021 at 17:55hrs | 1560 | by Staff reporter
'Forex enough to stabilise rate'
The exchange rate of the Zimbabwean dollar against the US dollar will continue to hold steady on the weekly auction market because the country is earning enough forex to support critical imports, the ...Published: 12 Feb 2021 at 05:34hrs | 374 | by Staff reporter
'Forex auction eased liquidity crisis'
THE move by the Reserve Bank of Zimbabwe (RBZ to introduce the foreign currency auction system in June last year eased a liquidity crisis that swept through small-to-medium enterprises (SME), global r...Published: 11 Feb 2021 at 06:16hrs | 413 | by Staff reporter
Mnangagwa, Chiwenga-linked cartels take over public firms, mines, fuel sector - report
HIGHLY secretive cartels linked to President Emmerson Mnangagwa and Vice President Constantino Chiwenga are reported to have taken over the operations of key state-owned companies, including private f...Published: 10 Feb 2021 at 07:33hrs | 8101 | by Staff reporter
Tycoon Tagwirei's hold on Zim gold
BUSINESS kingpin Kudakwashe Tagwirei has long had a commanding position in Zimbabwe's US$100m-a-month fuel import market, and owns major stakes in banking, telecoms and the country's largest platinum ...Published: 10 Feb 2021 at 06:25hrs | 3030 | by Staff reporter
Fuel, mines and banks the Tagwirei method
TAGWIREI has built up his wealth in large part through a long-standing partnership with major commodities trader Trafigura, which has been trying to distance its operations from him as he faces intern...Published: 10 Feb 2021 at 06:23hrs | 2154 | by Staff reporter
Tagwirei tightens hold on Zim gold
AFTER buying more mines and banks, the mogul could become the country's top gold buyer. Business kingpin Kudakwashe Tagwirei, under United States sanctions since August, aims to expand his commanding ...Published: 10 Feb 2021 at 05:48hrs | 1307 | by Staff reporter
RBZ still optimistic about low inflation
Reserve Bank of Zimbabwe Governor, Dr John Mangudya, remains confident authorities will be able to maintain a lid on prices to curtail potential relapse into runaway inflation, following worrying incr...Published: 10 Feb 2021 at 05:29hrs | 211 | by Staff reporter
Zimbabweans fume as fraud-accused Shava is appointed Foreign Minister
ZIMBABWEANS have been left fuming following President Emmerson Mnangagwa's shock Monday appointment of Frederick Shava as the new Foreign Minister.Shava replaces the late Sibusiso Moyo who suc...Published: 09 Feb 2021 at 06:57hrs | 4112 | by Staff reporter
Mliswa's ex-lover has a son with SB Moyo?
Susan Mutami who has been trending for claiming Temba Mliswa is engaged in homophobic affairs and is seeking to end July Moyo, has reportedly made sensational claims that she has a son with the late F...Published: 06 Feb 2021 at 18:14hrs | 4017 | by Staff reporter
Investors shun Zimbabwe due to poor governance, says UK minister
THE United Kingdom's minister for Africa James Duddridge has said British investors are "shunning" Zimbabwe due to a poorly managed currency, abuse of property rights and other legal concerns....Published: 05 Feb 2021 at 06:55hrs | 850 | by Staff reporter
Record US$36m allotment at auction
A record US$36,32 million was allotted at yesterday's 31st foreign currency auction of the Reserve Bank of Zimbabwe, but for the second week running all bids below $82 were rejected so the Zimbabwe do...Published: 03 Feb 2021 at 05:54hrs | 288 | by Staff reporter
RBZ 'officials' arrested
Police in Midlands have arrested two Harare men driving around the country with fake Reserve Bank of Zimbabwe identity cards, swindling businesses after accusing them of using the wrong foreign exchan...Published: 02 Feb 2021 at 06:31hrs | 2932 | by Staff reporter
Mobile money clampdown erodes 2c tax earnings
THE clampdown on mobile money transfer services is negatively impacting on the Intermediated Money Transfer Tax (IMTT) popularly known as 2c tax, which contributed poorly to revenue performance in the...Published: 01 Feb 2021 at 19:25hrs | 806 | by Staff reporter
Zacc probes pharmacies in Covid-19 drug scam
SOME pharmacies are allegedly diverting onto the black market drugs bought using foreign currency allotted on the Reserve Bank of Zimbabwe auction facility and then resold for much higher prices in fo...Published: 01 Feb 2021 at 05:32hrs | 490 | by Staff reporter
Chamisa wants 2% tax scrapped
MDC Alliance President Nelson Chamisa Thursday called for the immediate scrapping of the government's contentious 2% tax to spur business growth before he went on to criticise the state for failing to...Published: 30 Jan 2021 at 06:02hrs | 1239 | by Staff reporter
State entities dominate forex allocations, says Cross
STATE firms and government departments are collecting a significant amount of funds allocated at the Reserve Bank of Zimbabwe (RBZ)'s foreign currency auction system weekly, crowding out the private s...Published: 29 Jan 2021 at 07:03hrs | 803 | by Staff reporter
Conversations must go beyond the forex auction and focus on production
Driving through Zimbabwe's once vibrant industrial hubs in Belmont (Bulawayo), Paulington (Mutare), Southerton, Graniteside, Working, Msasa (all in Harare), and elsewhere, one gets the sense that the ...Published: 28 Jan 2021 at 22:06hrs | 602 | by Andrew Lampard
Conversations must go beyond the forex auction and focus on production
Driving through Zimbabwe's once vibrant industrial hubs in Belmont (Bulawayo), Paulington (Mutare), Southerton, Graniteside, Working, Msasa (all in Harare), and elsewhere, one gets the sense that the ...Published: 28 Jan 2021 at 16:57hrs | 420 | by Andrew Lampard
Mr Cross: Silence cannot be misquoted
In September 2019, Finance and Economic Development Minister, Professor Mthuli Ncube, appointed a nine-member Monetary Policy Committee (MPC) to influence the Reserve Bank of Zimbabwe (RBZ)'s monetary...Published: 25 Jan 2021 at 08:28hrs | 3884 | by Dr Tim Rainhard
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