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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 | 3760 | by Dr Tim Rainhard
Govt probes $25bn mobile money scam
Prosecutions on a wide range of financial crimes are likely as investigations continue inside and outside Zimbabwe into the huge pool of unregulated liquidity estimated at $25 billion created within t...Published: 23 Jan 2021 at 06:20hrs | 817 | by Staff reporter
Chiwenga mourns heroes
Acting President Dr Constatino Chiwenga has sent condolence messages to the families of three national heroes who died in the past week.Dr Chiwenga condoled with the Moyo family following the ...Published: 22 Jan 2021 at 16:12hrs | 1621 | by Staff reporter
'RBZ keeps black market guessing over $50 note'
ZIMBABWE'S markets are struggling to work out the full impact of a Reserve Bank of Zimbabwe (RBZ) move to inject a $50 note, which it sees as vital for stemming a dire liquidity crunch, according to r...Published: 22 Jan 2021 at 06:42hrs | 822 | by Staff reporter
'Zimbabwe printing $1 billion weekly to buy gold'
FORMER legislator and Monetary Policy Committee member Eddie Cross has made sensational claims that the Reserve Bank of Zimbabwe (RBZ) was printing $1 billion weekly mainly to buy gold.At the ...Published: 21 Jan 2021 at 06:46hrs | 3163 | by Staff reporter
State-assisted burial for Moyana
President Mnangagwa has directed that a State-assisted funeral be granted to Zimbabwe's first Governor of the Reserve Bank of Zimbabwe, Dr Kombo Moyana, who died on Monday.Dr Moyana reportedly...Published: 20 Jan 2021 at 17:51hrs | 2781 | by Staff reporter
Delta lager volumes up 48%
Delta Corporation reported a buoyant Christmas quarter with the key lager beer volumes rising 48% against the comparable year ago period, due to positives arising from the payment of end of year bonus...Published: 20 Jan 2021 at 17:38hrs | 877 | by Staff reporter
MDC Alliance: An opposition effort built on a foundation of lies
Last week some of the issues making rounds on both the mainstream and social media included the arrest of MDC-Alliance deputy chairperson, Job Sikhala, MDC-Alliance spokesperson, Fadzayi Mahere and ac...Published: 20 Jan 2021 at 06:45hrs | 274 | by Nobleman Runyanga
Exchange control regulations and export growth
The monetary policy committee for the Reserve Bank of Zimbabwe (RBZ) issued a circular with changes to export surrender requirements on the 7th of January 2021. The changes include immediately removin...Published: 20 Jan 2021 at 06:30hrs | 111 | by Victor Bhoroma
Kombo Moyana dies
Zimbabwe's first black central bank governor Kombo James Moyana has died.Moyana, who was at the helm of the Reserve Bank of Zimbabwe between 1983 and 1993, succumbed to Covid-19....Published: 19 Jan 2021 at 08:33hrs | 3628 | by Staff reporter
Army-linked Anjin grabs richest diamond claim
AN army-linked miner, Anjin Investments (Pvt) Ltd, grabbed the most lucrative diamond claim in Marange from a firm owned by the government after being relicensed under unclear circumstances, it has em...Published: 15 Jan 2021 at 07:47hrs | 1110 | by Kenneth Matimaire
'High value denominations will not affect inflation'
THE introduction of high value denominations into the economy will not result in high inflation as long as the Reserve Bank of Zimbabwe (RBZ) does not print too much money. Economic commentato...Published: 14 Jan 2021 at 07:52hrs | 337 | by Staff reporter
Zimdollar maintains stability after first auction of the year
THE Foreign Currency Auction Trading System resumed activity after the festive season break with the Zimbabwe dollar maintaining stability despite marginally weakening by 0,44 percent from an exchange...Published: 12 Jan 2021 at 17:58hrs | 1625 | by Staff reporter
RBZ has no plans of introducing Z$100 and Z$200 banknotes
THE Reserve Bank of Zimbabwe (RBZ) has said it has no plans of introducing Z$100 and Z$200 banknotes as suggested in some sections of the media.RBZ will soon introduce a new set of higher deno...Published: 12 Jan 2021 at 15:59hrs | 1226 | by Staff reporter
Forex auction resumes
THE Foreign Currency Auction Trading System resumes today after the festive season break amid expectations the exchange rate will have less pressure as demand for forex is traditionally low during thi...Published: 12 Jan 2021 at 08:38hrs | 321 | by Staff reporter
Zimbabwe to introduce new banknotes soon
THE Reserve Bank of Zimbabwe (RBZ) will soon introduce a new set of higher denomination banknotes to increase physical money supply, curb cash shortages and improve transacting convenience.Aut...Published: 10 Jan 2021 at 07:52hrs | 988 | by Staff reporter
Mnangagwa's govt failed to consult over lockdown, says Veritas
LEGAL think-tank Veritas says the government did not give transport operators, vendors and representatives of commerce and industry time to prepare for new covid-19 measures amid worsening macroeconom...Published: 10 Jan 2021 at 07:44hrs | 263 | by Staff reporter
The soft peg and local economic stability
Zimbabwe introduced the Dutch inspired foreign exchange auction system on the 23th of June to replace the fixed exchange rate (hard peg) of US$1: ZW$25 that had been in existence since 26 March 2020. ...Published: 08 Jan 2021 at 20:58hrs | 513 | by Victor Bhoroma
RBZ backs down on exporters' free funds
THE central bank has made a raft of major reforms to stabilise the foreign exchange market, including immediately scrapping the much-loathed compulsory requirement to liquidate unutilised export proce...Published: 08 Jan 2021 at 20:25hrs | 475 | by Staff reporter
Anti-graft crack team seizes $2 billion assets
A CRACK team made up of the Zimbabwe Anti-Corruption Commission (Zacc), the National Prosecuting Authority (NPA) and the Reserve Bank of Zimbabwe (RBZ) has seized luxury homes and top-end vehicles wor...Published: 08 Jan 2021 at 07:53hrs | 1559 | by Staff reporter
Zimbabwe govt says to re-engage new US admin
FINANCE minister Mthuli Ncube has said he does not expect any change to the United States policy on Zimbabwe despite the change of administration in that country when President-elect Joe Biden is inau...Published: 08 Jan 2021 at 07:49hrs | 909 | by Staff reporter
Banking sector job losses to intensify in 2021
MORE job losses are looming in the banking sector as the sector intensifies the digitisation process in 2021 businessdigest has learnt.Digitisation is expected to result in more closure of ban...Published: 08 Jan 2021 at 07:47hrs | 999 | by Staff reporter
Zesa introduces US$ payment system
THE Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a subsidiary of Zesa (Pvt) Ltd has introduced a system that will see all post-paid customers settle their bills in foreign curre...Published: 04 Jan 2021 at 22:27hrs | 1793 | by Staff reporter
Zimbabwe mineral exports exceed target
ATTRACTIVE international prices for major minerals except gold, coupled with stability in the mining sector despite the COVID-19-related lockdowns has seen Zimbabwe's mineral exports exceed the projec...Published: 04 Jan 2021 at 22:25hrs | 233 | by Staff reporter
Xmas rush exposes banks
A STEEP rise in demand for liquid cash experienced during the Christmas period exposed weaknesses in Zimbabwe's electric money strategy, a NewsDay Business survey revealed. Clients said electr...Published: 01 Jan 2021 at 07:39hrs | 738 | by Staff reporter
National Foods offer funds to rehabilitate road
THE National Foods Limited has approached the Bulawayo City Council (BCC) offering funds to rehabilitate one of the roads providing access to its property, on condition that the local authority would ...Published: 31 Dec 2020 at 10:36hrs | 309 | by Staff reporter
Surge in prices exposes profiteering businesses
THE recent surge in prices witnessed across a range of basic products is an indication of attempts at "profiteering" by businesses taking advantage of firm demand despite the strain of Covid-19. ...Published: 31 Dec 2020 at 10:32hrs | 163 | by Staff reporter
Electronic Fund Transfers fuel money laundering in Zimbabwe
CROSS-BORDER money traders are collecting huge sums in foreign currency in Zimbabwe and smuggling it into South Africa through the use of Electronic Funds Transfer (EFT).The illegal traders tu...Published: 27 Dec 2020 at 07:13hrs | 1034 | by Vusumuzi Dube
Central government at the epicentre of the challenges facing local authorities
IntroductionToday is Christmas day, the day we celebrate the birth of the Son of Man, our Lord Jesus Christ. It is a day that is supposed to be a day of love, unity, togetherness and cel...Published: 25 Dec 2020 at 20:19hrs | 1237 | by Luke Tamborinyoka
Bread price jumps 13,8%
THE price of a standard loaf of bread has risen by 13,8 percent this week to $82 from $72 and consumers feel the move is not justified. Some retailers, who had already effected the latest pric...Published: 25 Dec 2020 at 07:11hrs | 1000 | by Staff reporter
RBZ to lower borrowing costs
Monetary authorities agree that there is need to lower the cost of borrowing in Zimbabwe in order to support high production in the economy, but are still studying key fundamentals to see if that will...Published: 24 Dec 2020 at 05:04hrs | 922 | by Staff reporter
Zimdollar depreciates
Parallel market Zipit rates have held steady within the 110-115 range although it seems that volume sellers were scarce within the past couple of days. At the same time, the local currency slipped aga...Published: 22 Dec 2020 at 17:40hrs | 2583 | by Staff reporter
RBZ clarifies use of USD
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has explained the use of US dollars in the country, including value and legal status of the virtual form of the greenback. This comes a...Published: 22 Dec 2020 at 06:40hrs | 534 | by Staff reporter
RBZ urged retailers to accept torn and soiled US$ bank notes
THE Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya has urged retailers and other traders to accept both old and worn out US dollar bank notes as legal tender.The central bank chief's p...Published: 22 Dec 2020 at 06:32hrs | 321 | by Staff writer
Zimbabwe fuel imports decline 20% in 10 months to October, says ZERA
A slow down in economic activity due to the coronavirus-induced lockdowns saw fuel (diesel and petrol) imports decline in the ten months to October. Figures from the Zimbabwe Energy Regulatory Authori...Published: 21 Dec 2020 at 18:23hrs | 366 | by Staff reporter
Is Zimbabwean rule of law so dead that relatives of ruling elite can order around state officials?
Recent reports about a Shantel Chikafu - who audaciously managed to defraud a seemingly reputable financial institution, CBZ Bank, of US$37,000; whilst, similarly grabbing a Shamva gold mine from one ...Published: 21 Dec 2020 at 15:05hrs | 768 | by Tendai Ruben Mbofana
Mangudya threatens to freeze businesses' bank accounts
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has threatened to freeze the bank accounts of businesses which are taking advantage of the lower forex auction rate to make exchange gains through...Published: 21 Dec 2020 at 06:38hrs | 1278 | by Kennedy Kaitano
RBZ to crack whip on auction abusers
THE Reserve Bank of Zimbabwe (RBZ) says it will request the Financial Intelligence Unit (FIU) to close bank accounts of business entities that are pricing using exchange rates not linked to the ruling...Published: 21 Dec 2020 at 06:14hrs | 172 | by Staff reporter
Zimbabwe banks weather the storm
ZIMBABWE'S banking institutions remained profitable during the year ended December 2019, reporting net income of $6,4 billion, an improvement from $389,9 million reported during the corresponding peri...Published: 20 Dec 2020 at 07:04hrs | 187 | by Staff reporter
CCZ bemoans price increases
THE Consumer Council of Zimbabwe (CCZ) has bemoaned the steady increase in prices, saying the trend defies the economic environment in the country.Rose Mpofu, the CCZ deputy director, said bus...Published: 20 Dec 2020 at 07:03hrs | 272 | by Staff reporter
Forex earnings inch closer to US$6 billion
The economy has been resilient for much of the year, with key macroeconomic fundamentals reflecting strong performance in the January to November period despite the fallout from the coronavirus, Reser...Published: 20 Dec 2020 at 06:40hrs | 131 | by Staff reporter
Minister Chitando dragged to court for 'grabbing' 8 gold claims
MINES Minister Winston Chitando is caught up in a controversial saga with a local businessman Yakub Ibrahim Mahomed who is accusing the senior government official of seizing eight "juicy" gold rich mi...Published: 20 Dec 2020 at 06:36hrs | 240 | by Staff reporter
Spooks investigate US$45m CAPS deal
ZIMBABWE's state security service, the Central Intelligence Organisation (CIO), is investigating a volatile commercial dispute that has erupted between the government and interim trustees of Caps Phar...Published: 19 Dec 2020 at 16:38hrs | 1253 | by Staff reporter
Lessons Learnt from WaMagaisa's Farm Mechanisation Expose'
The COVID-19 pandemic has disrupted peoples' lives in an unimaginable way, unless you are Bill Gates who anticipated the scourge. This disruption has forced organisations and governments across the gl...Published: 18 Dec 2020 at 11:11hrs | 1321 | by Edzai Zvobwo
Mangudya slams Ncube tariff increases
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has launched a rare scathing attack on the government for steeply increasing tariffs for public utilities, warning the decision will have serious ...Published: 18 Dec 2020 at 06:21hrs | 5326 | by Staff reporter
RBZ ends Fidelity Printers monopoly
THE Reserve Bank of Zimbabwe (RBZ) has privatised its gold refining business, ending a monopoly that has been enjoyed by Fidelity Printers and Refiners. Fidelity controls Zimbabwe's gold ...Published: 17 Dec 2020 at 07:06hrs | 934 | by Staff reporter
Zimbabwe Diaspora inflows set for record levels
Zimbabwe's Diaspora remittances are this year expected to close at record levels of US$940 million, despite economic disruptions caused by the Covid-19 pandemic. Estimates from the Reserve Ban...Published: 17 Dec 2020 at 06:47hrs | 233 | by Staff reporter
RBZ to sell Fidelity Printers & Refinery
Reserve Bank of Zimbabwe has announced its intention to unbundle and dispose of part of its stake in Fidelity Printers and Refiners.According to a statement from RBZ governor John Mangudya, th...Published: 16 Dec 2020 at 15:09hrs | 1880 | by Staff reporter
Zimbabwe central bank accessed US$1.5 billion in offshore facilities in 2019
The Reserve Bank of Zimbabwe said it accessed offshore facilities more than US$1.47 billion in 2019 for Zimbabwe for balance of payments support as well to liquefy the since abandoned foreign exchange...Published: 16 Dec 2020 at 14:05hrs | 448 | by Staff reporter
Chombo, former Zanu-PF youth leaders' case deferred
Harare regional magistrate Mr Trynos Utahwashe yesterday deferred the matter involving former Local Government, Public Works and National Housing Minister Ignatius Chombo and ex-Zanu-PF youth leaders ...Published: 16 Dec 2020 at 06:41hrs | 303 | by Staff reporter
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