Articles tagged 'banks'

Banking sector capitalisation increases 18 October 2017 HARARE - Banking sector capitalisation increased to $1,24 billion by end of June 2017 from $1,22 billion recorded in the first quarter. Parliament's Budget Office (PBO) said all the banking institutions were adequately capitalised and complied with minimum capital requirements. CBZ managed ...
Panic as cooking oil shortage hits Zim 17 October 2017 HARARE - There is once again growing uneasiness in the market as the country has been hit by another shortage of cooking oil, which retailers blame on oil manufacturing companies — who are said to be selectively supplying a few “favoured” outlets. At the same time, the Oil Expressers Associati...
September inflation firms: Zimstat 17 October 2017 HARARE - Zimbabwe's annual inflation gained 0,64 percent in September to 0,78 percent from 0,14 percent as prices went up during the month under review, official data shows. Zimstat yesterday said prices as measured by the all items Consumer Price Index (CPI) increased by an average of 0,78 pe...
Panic as cooking oil vanishes again 17 October 2017 HARARE - There is once again growing uneasiness in the market as the country has been hit by another shortage of cooking oil, which retailers blame on oil manufacturing companies — who are said to be selectively supplying a few “favoured” outlets. At the same time, the Oil Expressers Associati...
Foreign currency shortages worsen 12 October 2017 HARARE - The country’s foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa’s largest pay-TV company. This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCa...
Mangudya calls for consumer resistance 6 October 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (JM) is really not amused by his countrymen's inclination towards inflicting harm on themselves; he is adamant that there is no need for the panic buying that rattled markets in recent weeks and advises consumers not to buy from shops...
Chinamasa explains cash shortages 3 October 2017 HARARE - Finance minister Patrick Chinamasa has said shortages of cash reflect the mismatch of US dollars in bank accounts and physical cash in the economy. Physical cash is comprised of US dollars, bond notes and other currencies in circulation in the country.  “This cash shortage reflects...
Inflation wipes out salaries: Unions 3 October 2017 HARARE - Salaries are being badly eroded in values due to devastating inflation, which has soared to 242 percent, according to a leading economist Steve Hanke. Zimbabwe Congress of Trade Unions (ZCTU) secretary-general Japhet Moyo told the Daily News yesterday that the high level of inflation ...
Pricing madness refuses to die 2 October 2017 HARARE - Prices of some basic commodities are continuously skyrocketing notwithstanding assurances by the authorities that the situation would soon normalise. A survey done by the Daily News in the two major cities of Harare and Bulawayo revealed that prices for most basic products were rising...
'Price controls risk further shortages' 27 September 2017 HARARE - Economists warned of worse shortages of basic commodities and an expanding parallel currency market as the Zimbabwean government mulls plans for new price controls across all sectors of production, to take effect within the next weeks. President Robert Mugabe has hinted at the introdu...
Bond coins 'whistleblower' appears in court 26 September 2017 HARARE - A South Africa-based driver at Prestige Carriers who reportedly leaked information that the Reserve Bank of Zimbabwe (RBZ) had bought six million, 50-cent bond coins — equivalent to $3 million — from South Africa, appeared in court yesterday. The court heard that Tinashe Sikwila, 32, ...
'Govt threw caution to the wind on bond notes' 26 September 2017 HARARE - Transform Zimbabwe, which is a part of the MDC  Alliance — a coalition of opposition parties aiming to unseat President Robert Mugabe in crunch elections expected next year — has said the country is about to experience the greatest economic turmoil since 2008. Speaking at a consultati...
RBZ importing $3m bond coins 22 September 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has contracted a South African company to manufacture six million 50 cent bond coins — equivalent to $3 million — that could be injected into circulation soon. According to a leaked invoice that has set social media ablaze, the firm — South African M...
Chinamasa grilled over cash crisis 21 September 2017 HARARE - Finance minister Patrick Chinamasa was yesterday grilled by legislators who implored him to  address the liquidity crisis saying bond notes have fallen sharply in their value, stirring a wave of massive price increases. Speaking in the National Assembly during the question and answer ...
Bond notes value tumbles 5 September 2017 HARARE - Introduced in November last year as part of measures meant to address the liquidity crisis, bond notes have fallen sharply in their value, stirring a wave of massive price increases, especially of basic goods. The Daily News can report that the high demand for foreign currencies requi...
Zim banks go paperless 2 September 2017 HARARE - Zimbabwean banks are phasing out paper-based Real Time Gross Settlement (RTGS) transactions, with Standard Chartered (Stanchart) being the latest in announcing the move. This comes as banks have recorded a massive surge in RTGS transactions due to the deepening cash crisis. Some of...
Zim's 2017 inflation forecast at 2-3pc 10 August 2017 HARARE - Zimbabwe’s inflation is forecast to rise to around two to three percent at the end of this year, before accelerating sharply in 2018 due to election spending. The annual inflation rate, which had been in deflation since September 2014, moved into positive territory from -0,65 percent ...
'Back new bond notes with more US dollars' 4 August 2017 HARARE - The move by the Reserve Bank of Zimbabwe (RBZ) to increase the current $200m bond notes in the Zimbabwean economy to $500m must be backed by equivalent amounts of US dollars to help defend the value peg, the NKC African Economics think-tank has said. To allay market fears that the int...
Zim targets 2-3pc inflation 4 August 2017 HARARE - Zimbabwe is targeting an annual inflation rate of between two percent to three percent this year, in line with the regional benchmark, after a two-year deflation streak was snapped in February. Reserve Bank of Zimbabwe governor John Mangudya on Wednesday said although inflation is exp...
New strategies needed to mitigate cash crisis 4 August 2017 HARARE - The Reserve Bank of Zimbabwe’s decision to introduce an additional $300 million bond notes will not help ease the current cash crisis. There was a lot of excitement and apprehension last year when the central bank introduced the $200 million Afreximbank-backed bond notes, with the maj...
Banks record $100m profit 3 August 2017 HARARE - Zimbabwean banks have made $100,59 million profit in the half year to June 30, 2017, representing an increase of 47,99 percent from $67,97 million reported in corresponding period last year, the central bank has said. Presenting his mid-term monetary policy statement yesterday, Reserv...
Banking sector growth to slow down 20 July 2017 HARARE - Zimbabwe's financial sector growth is anticipated to slow down to 1,7 percent after bankers smiled all the way to the bank and recorded a 42 percent profit surge last year, data from the World Bank shows. In its recently released economic update, the Bretton Woods Institution pointed ...
Bond notes to raise export earnings: Mangudya 19 July 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya clocked three years at the helm of the apex bank in March this year. Our Business Editor, John Kachembere, spoke to the central bank chief who is at the cusp of concluding talks with the Afreximbank for a loan facility to back an i...
RBZ set to inject more bond notes 18 July 2017 HARARE - Government is set to inject more bond notes into the system in what is likely to significantly ease the cash crisis with negotiations for a top-up of the initial $200 million facility now at an advanced stage, the Daily News can exclusively reveal. Without disclosing the figure being ...
Zim inflation slows 18 July 2017 HARARE - Zimbabwe's inflation, which has been increasing in the last six months, has gone down slightly as the effects of cash shortages and depressed spending by consumers begin to be felt. Figures released yesterday by the Zimbabwe National Statistics Agency (Zimstat) indicated that prices i...