Articles tagged 'banks'

Bond notes running out as banks give out coins 20 June 2017 HARARE - Long-suffering Zimbabweans are now being forced to accept huge sackfuls of coins from their banks and mobile money agents as bond notes vanish from the local market on the back of currency dealers who are either hoarding them for speculative purposes or taking the surrogate into the blac...
Zanu PF chefs bleed banks dry 19 June 2017 HARARE – Politicians, particularly the elite in Zanu PF, are proving to be a thorn in the flesh for the financial services sector, with hardly a month passing without the Deputy Sheriff being called in to put assets of defaulting politicians under the hammer in order to offset their non-performin...
Zanu PF costs Zimbos dearly 28 May 2017 HARARE - Analysts say with the make-or-break 2018 national elections around the corner — coupled with the warring ruling Zanu PF continuing with its destructive policies of the past 37 years — there is little prospect that the dying local economy will turn around anytime soon. At the same time...
Alarm as govt mulls Z$ return 21 May 2017 HARARE - There is widespread panic among both businesses and ordinary Zimbabweans alike, after President Robert Mugabe's ever-floundering government ill-advisedly announced last Tuesday that it was working on “a plan” to use gold reserves to anchor the reintroduction of the much-derided Zim dolla...
Stressed banks weep over cash shortages 20 May 2017 HARARE - Bankers yesterday broke their silence over the country's worsening cash shortages — confirming in the process that even bond notes are disappearing from the formal market, amid concerns that the surrogate currency is now being traded in neighbouring countries by unscrupulous dealers. ...
Zanu PF must stem cash crisis: Mandiwanzira 19 May 2017 HARARE - The ruling Zanu PF government must do more to relieve long-suffering Zimbabweans from a cash crisis that has forced many to spend hours on end in bank queues, Information Communication Technology (ICT) minister Supa Mandiwanzira said. The Nyanga South Zanu PF MP said the situation is ...
Inflation gathers momentum 16 May 2017 HARARE - Zimbabwe's annual inflation rate accelerated to 0,48 percent in April this year from 0,21 percent in March, the national statistics agency said yesterday. But analysts said the increase had more to do with pricing vagaries than increased economic activity as food prices has been incre...
Vingirai demands $2,7m from ZB 15 May 2017 HARARE - Businessman Nicholas Vingirai has demanded $2,7 million from ZB Financial Holdings (ZBFH) in accruing dividends for the past 11 years. In a letter written to ZBFH company secretary Charles Kathemba, Vingirai — who was ousted from the financial services group’s board at a tension-fille...
Economy growing despite cash crisis: Mnangagwa 12 May 2017 HARARE - Zimbabwe's economy is growing, despite the myriad problems — including a deepening cash crisis — dogging the country, Vice President Emmerson Mnangagwa told the National Assembly on Wednesday. He said the growth is driven by a better than expected agriculture season and a boost in min...
Stressed Zim cries for rands 10 May 2017 HARARE - With the current acute cash crisis worsening by the day, experts have made renewed calls for the country to adopt the South African rand as Zimbabwe's anchor currency, to stem an impending economic implosion. This comes as Parliament has summoned under-pressure Reserve Bank of Zimbabw...
Rising food prices the next big threat 9 May 2017 HARARE - In yet another dose of bad news for long-suffering Zimbabweans, a local firm has warned that the country’s inflation will continue to rise, resulting in rising food prices as manufacturing companies turn to the thriving black market for their foreign exchange needs to import raw material...
Zim bank queues get longer 8 May 2017 HARARE - Despite authorities injecting more bond notes into the market and increasing their weekly importation of United States dollars by 50 percent, the government is dismally failing to stem the country's severe cash shortages which have seen desperate Zimbabweans besieging overstretched banks...
Police attack on tobacco farmers condemned 8 May 2017 HARARE - Police should stop using heavy-handed methods when dealing with Zimbabweans who would be peacefully demanding their dues such as was the case with tobacco farmers last week, Heal Zimbabwe (HZT) has said. In a statement, the peace building organisation said the way police beat up and t...
Cash crisis exposes clueless govt 8 May 2017 HARARE - There is no denying that the wheels have come off. And it is not a secret that authorities are clueless as to how they can save the country’s dying economy from completely imploding. If there was evidence ever needed to highlight how things have fallen apart in Zimbabwe, then one does...
Bond notes also vanish 28 April 2017 HARARE - There are fresh fears that the country's dying economy is hurtling towards the debilitating depths of the 2008 hyperinflationary era, as bond notes are now also disappearing from the market. This comes as United States dollars have almost completely disappeared from the formal market ...
Ex-minister Moyo slams bond notes 25 April 2017 HARARE - Former Industry and International Trade minister Nkosana Moyo has slammed bond notes, arguing the surrogate currency is “not the answer” to the country's deepening cash crisis. The bond notes — valued at par with the United States dollar — were introduced in November last year by the ...
Zim needs $600m cash: RBZ 24 April 2017 HARARE - Zimbabwe needs about $600 million in cash to achieve optimal liquidity ratios, a central bank official said. Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo last week said while the central bank was only going to print $200 million worth of bond notes, this was not enou...
Cash crisis a nightmare — Zimra 21 April 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) on Wednesday said the current cash crisis is now a nightmare that is affecting the country’s economic growth. Zimra chairperson Willia Bonyongwe said there was need for all stakeholders to come up with a solution to end the debilitating cash cris...
Mugabe fails to address cash shortages 19 April 2017 HARARE - President Robert Mugabe yesterday skirted addressing the shortages of cash and policy inconsistencies within his government when he delivered a dour independence speech to spark fierce criticism from opposition parties who say he is now acting like “a lost soul”. Addressing thousands ...
Support for Bill accepting cattle as collateral 14 April 2017 HARARE - A new law presented to the National Assembly on Tuesday that allows rural poor to deposit cattle as collateral for cash loans has received wide cross-party support. The Movable Property Security Interests Bill enjoins the Reserve Bank of Zimbabwe to compile and administer a collateral...
'Make bond notes official currency' 11 April 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) says the country should adopt bond notes as a primary currency to alleviate cash shortages and solve economic challenges. RBZ director Economic Research Simon Nyarota said calls for the formal adoption of the South African rand as an anchor currency ...
Cash crisis: Govt targets companies 8 April 2017 HARARE - Under-pressure Finance minister Patrick Chinamasa has promised severe punishment for companies and other traders who are not banking money — accusing them of fuelling the country's cash shortages which have worsened in recent days. This comes as banks have reduced further their daily ...
Zim cash crisis worsens 5 April 2017 HARARE - Zimbabwe's severe cash crisis is worsening, forcing banks to reduce further their daily withdrawal limits — in addition to suspending dispensing money through Automated Teller Machines (ATMs). This prompted analysts who spoke to the Daily News yesterday to say that this confirmed that...
Mnangagwa speaks on cash crisis 31 March 2017 HARARE - Vice President Emmerson Mnangagwa has said banks should dispense money to depositors in time, as government struggles to curb a cash crunch that has forced people to spend hours on end at banks queuing for money. Responding a question in Parliament on Wednesday by Mufakose MDC MP Paur...
Jail term for devaluing bond notes 28 March 2017 HARARE - Retailers and dealers fuelling the three-tier pricing that has emerged as market forces are overpowering the forced parity of bond notes face imprisonment of up to seven years. This comes after President Robert Mugabe on Friday signed into law the Reserve Bank of Zimbabwe Amendment Ac...