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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: 18 hrs ago | 665 | 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 | 348 | 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 | 426 | by Staff reporter
Zimbabweans in the diaspora remitted US$1 billion in 2020
ZIMBABWEANS in the diaspora last year sent home a total of US$1 billion, the highest ever contribution made to the local economy.Addressing journalists in Bulawayo over the last weekend, Finan...Published: 04 May 2021 at 07:38hrs | 710 | by Staff reporter
Telecoms want more forex
Telecommunication companies are facing a shortage of foreign currency that has made it difficult for them to acquire equipment and upgrade their networks to improve service delivery. The perma...Published: 04 May 2021 at 06:18hrs | 186 | by Staff reporter
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 | 1190 | 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 | 132 | 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 | 12325 | 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 | 509 | 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 | 733 | by Staff reporter
Ministry explains SI89 - Importation of used cars that are more than 10 years old
PRESS STATEMENT BY THE MINISTRY OF INDUSTRY AND COMMERCE ON STATUTORY INSTRUMENT 89 OF 20211. Following the promulgation of Statutory Instrument 89 of 2...Published: 22 Apr 2021 at 11:24hrs | 6063 | 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 | 485 | by Staff reporter
Chombo, Chipanga, Hamandishe case deferred
Harare magistrate Mr Stanford Mambanje has deferred the matter of former Public Works and National Housing Minister Ignatius Chombo and ex-Zanu-PF youth leaders —Kudzanayi Chipanga, Innocent Hamandi...Published: 21 Apr 2021 at 14:52hrs | 1463 | by Staff reporter
Biti's pessimism over RBZ forex auction defied by listed companies
LISTED companies reporting their latest financials have effectively defied claims made by former finance minister, Tendai Biti the Reserve Bank of Zimbabwe foreign exchange auction system was a rigged...Published: 21 Apr 2021 at 06:59hrs | 699 | by Staff reporter
Unresolved economic issues for 2021
The Zimbabwean economy has experienced a period of relative stability since October 2020, even though multiple reforms have to be implemented to attain sustained economic growth. To a larger extent th...Published: 19 Apr 2021 at 09:05hrs | 643 | by Victor Bhoroma
Zanu-PF MPs cry foul over forex accounts
Zanu-PF legislators say they are finding it increasingly difficult to conduct business because banks are rejecting their applications for foreign currency-dominated accounts citing sanctions by wester...Published: 18 Apr 2021 at 09:28hrs | 2023 | 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 | 963 | by Staff reporter
'Zanu-PF MPs blocking from opening nostro accounts'
BUHERA South MP, Joseph Chinotimba says he and some other Zanu-PF officials were struggling to find a bank that could allow them to open nostro accounts due to sanctions imposed on them by the United ...Published: 18 Apr 2021 at 08:55hrs | 356 | by Staff reporter
Why Zimbabwe must dollarise again
THE Reserve Bank of Zimbabwe (RBZ)'s new Monetary Policy Committee (MPC) hit the ground running on March 26, announcing a raft of policy measures to sustain the fragile stability that has seen inflati...Published: 15 Apr 2021 at 07:32hrs | 3338 | by Taurai Mangudhla
Ex-RBZ guards back at court
The labour dispute pitting the Reserve Bank of Zimbabwe (RBZ) and security guards it retrenched nine years ago is back at the Labour Court, for the second time in four years, with the former workers d...Published: 13 Apr 2021 at 06:23hrs | 241 | by Staff reporter
'Funeral insurers overcharge clients'
Zimbabwe's funeral insurance players may be overcharging clients, the latest sector report from the Insurance and Pensions Commission suggests. The regulator has noted significant incongruity between ...Published: 13 Apr 2021 at 06:21hrs | 408 | by Staff reporter
We're coming for you: Mnangagwa warns financial sector sharks
GOVERNMENT is going to decisively deal with sharks in the financial sector who are profiteering at the expense of the public, President Mnangagwa has said. In an interview ahead of the country...Published: 12 Apr 2021 at 06:56hrs | 770 | 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 | 744 | by Staff reporter
Zimdollar maintains stability
THE Zimbabwe dollar continues to maintain stability on the official weekly foreign currency exchange auction system with marginal fluctuations against the greenback exhibiting market confidence in the...Published: 08 Apr 2021 at 08:42hrs | 600 | by Staff reporter
Zera opens fuel import licence applications
THE Zimbabwe Energy Regulatory Authority (Zera) is now accepting applications for fuel importation licences for 2021, outlawing 2019 fuel procurement licences that were still in use.In a state...Published: 05 Apr 2021 at 16:55hrs | 353 | by Staff reporter
'Zimbabwe hurtling towards stagflation'
LAST week the CEO Africa Roundtable (CEOART) gathered some of Zimbabwe's best economists and industrialists to digest economic developments during the first quarter of 2021. What came out of the summi...Published: 04 Apr 2021 at 09:44hrs | 541 | by Staff reporter
ZCTU slams businesses for double dealing
THE Zimbabwe Congress of Trade Unions (ZCTU) has slammed some local businesses for enjoying access to foreign currency at the official rate while unfairly pricing their goods and services using parall...Published: 04 Apr 2021 at 09:01hrs | 107 | by Staff reporter
'Whipping system gags MPs'
THE whipping system in Parliament has deterred MPs from exercising their oversight role, rendering them ineffective in probing the Executive over opaque loan guarantees and quasi-fiscal activities by ...Published: 02 Apr 2021 at 09:19hrs | 102 | 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 | 967 | by Staff reporter
Mobile money transactions drop 23%
The total number of mobile money transactions processed in 2020 went down by 23 percent to record $1,5 billion from $1,96 billion recorded in 2019 as active mobile money subscriptions also took a dip....Published: 01 Apr 2021 at 06:58hrs | 281 | by Staff reporter
AfDB pegs Zimbabwe growth at 4,2%
ZIMBABWE'S economy contracted by 10% last year and is envisaged to grow by 4,2% in 2021 if effective measures are taken to stabilise foreign exchange and avoid excessive money creation, the African De...Published: 29 Mar 2021 at 06:26hrs | 354 | 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 | 1929 | by Staff reporter
800 companies benefit from Foreign Currency Auction
Close to 800 companies have benefited from the weekly Foreign Currency Auction Trading System where a total of US$639,5 million has been allotted since the introduction of the platform in June last ye...Published: 25 Mar 2021 at 05:36hrs | 215 | by Staff reporter
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 | 206 | 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 | 482 | by Staff reporter
Govt probes RBZ Zimdollar fuel facility abusers
GOVERNMENT has launched investigations to ascertain whether the Reserve Bank of Zimbabwe facility to avail foreign currency to oil companies to procure fuel was not being abused.This was revea...Published: 22 Mar 2021 at 06:15hrs | 1899 | 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 | 639 | by Staff reporter
Switch of bank accounts to Zimdollars valid, Supreme Court rules
Sums in accounts denominated in US dollars were legally converted to sums denominated in Zimbabwe dollars in terms of a Reserve Bank of Zimbabwe directive when the local currency was reintroduced, the...Published: 19 Mar 2021 at 05:58hrs | 809 | 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 | 3006 | 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 | 964 | by Staff reporter
Govt extends suspension of fungibility of Old Mutual and PPC shares
Finance and Economic Development Minister Professor Mthuli Ncube, has extended the suspension of financial services giant Old Mutual and cement maker PPC's fungibility by another 12 months. In...Published: 16 Mar 2021 at 06:20hrs | 351 | 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 | 1928 | 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 | 353 | by Staff reporter
RBZ issues $400 million Treasury Bills
THE Reserve Bank of Zimbabwe (RBZ) is seeking to raise $400 million through the issuance of 270-day Treasury Bills to fund Government programmes and cashflow management. The Central Bank float...Published: 10 Mar 2021 at 05:50hrs | 293 | by Staff reporter
Central bank and monetary policy independence
The government of Zimbabwe recently dissolved the inaugural Monetary Policy Committee (MPC) that had been appointed in September 2019 and swiftly appointed a new team to fill up the void. The committe...Published: 09 Mar 2021 at 22:34hrs | 476 | by Victor Bhoroma
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 | 930 | by Staff reporter
Ex-top banker speaks on daring escape
NMBZ Holdings founder James Mushore has spoken of how he evaded arrest and fled to exile over a decade ago after being accused of externalising foreign currency.Mushore (JM) told Alpha Holding...Published: 07 Mar 2021 at 08:12hrs | 2091 | by Staff reporter
What Zimbabweans must know about Retail Forex Trading
The forex market is the largest financial market in the world surpassing even the global stock markets. The BIS triennial survey of 2019 states that the global forex market generates nearly 6.6 trilli...Published: 06 Mar 2021 at 05:21hrs | 627 | by Staff writer
Zimbabwe's gold loses glitter
Zimbabwe's gold export receipts plummeted 46% to record US$53.1m in January 2021 from US$98.1m during the same month last year due to delays in payments and heavy rains, the Reserve Bank (RBZ) has sai...Published: 05 Mar 2021 at 17:44hrs | 824 | by Staff reporter
Zera board flies into fuel storm
THE new Zimbabwe Energy Regulatory Authority (Zera) board received a baptism of fire at its first meeting with oil firms on February 18, as indigenous operators rejected a requirement to raise a ZW$30...Published: 05 Mar 2021 at 06:59hrs | 1665 | by Staff reporter
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