Articles tagged 'bond notes'

Prices of basic goods shoot up 1 July 2018 HARARE - Prices of basic consumer goods have gone up sharply over the past few weeks, on the back of worsening foreign currency shortages in the country. At the same time, experts warn that the price increases are set to continue beyond the July 30 national elections — as the insatiable demand...
'Zim situation worsening' 30 June 2018 HARARE - Zimbabwe’s situation — economic downturn, youth unemployment, corruption, human rights abuses and poor service delivery — has worsened over the past five years, a survey has revealed. According to the survey — conducted by Magamba Network in conjunction with Citizens Manifesto and the...
Cash shortages now Zim's major election issue 24 June 2018 HARARE - The leader of Zimbabwe main opposition party, Nelson Chamisa, alighted from his car, grabbed a microphone and made a bold promise to scrap bond notes if he wins the July 30 presidential election to stem the worsening cash shortages and liquidity crunch. The intensifying cash shortages...
ED under pressure over cash crisis 13 April 2018 HARARE - President Emmerson Mnangagwa faced growing pressure yesterday over remarks made by Justice minister Ziyambi Ziyambi in Parliament that government never promised to solve the current cash crisis in 100 days. Sworn in days after the overthrow of Robert Mugabe, Mnangagwa promised to guar...
ED's forex looters list a big joke 20 March 2018 HARARE - President Emmerson Mnangagwa's government yesterday released the long-awaited list of companies and individuals alleged to have failed to return $827 million stashed abroad following the expiry of a 14-week-long amnesty, the Daily News can report. Read full story in today's paper. ...
MDC Alliance govt to scrap bond notes 13 March 2018 HARARE - MDC Alliance presidential candidate Nelson Chamisa has said his administration will bring an end to cash shortages and scrap bond notes once elected into office. He told a campaign rally in Victoria Falls last Friday that Zimbabwe's “bond note” currency — introduced by toppled despo...
Zim's credit rating improves 8 March 2018 HARARE - Respected South Africa-based economic research firm NKC African Economics (NKC) yesterday upgraded Zimbabwe’s sovereign credit rating or ability to borrow money for the first time in nearly 20 years, saying continued progress on economic and institutional reforms would boost the country’...
'Zim needs more bond notes' 31 January 2018 HARARE - Zimbabwe should increase the number of bond notes circulating in the country as a way of reducing inflation, an economist has said. The Confederation of Zimbabwe Industries (CZI) chairperson for the Economics and Banking Standing Committee Jimmy Psillos yesterday said the use of mobil...
'Decommission bond notes' 6 January 2018 HARARE - Government must decommission bond notes because they are fuelling a thriving black market, a senior MDC official has said. MDC secretary for Economic Affairs Tapiwa Mashakada said the solution lies in coming up with strategies to destroy the black market. [Adz] He said the probl...
Balooning prices dampen Xmas 23 December 2017 HARARE - Thousands of ordinary Zimbabweans who had anticipated having a decent festive season — on the back of promising policies by President Emmerson Mnangagwa's government — risk enduring a bleak Christmas as retailers have hiked prices of foodstuffs. This comes as Mnangagwa's government th...
Foreign currency rates fall 22 December 2017 HARARE – Zimbabwe's foreign currency rates on the parallel market significantly declined yesterday from 70 percent to around 30 percent following an influx of returning Diaspora and rising confidence in the new government. [Adz] This means people were by end of day yesterday buying US$1 for...
'Scrap bond notes, attract investment, create jobs' 7 December 2017 HARARE - President Emerson Mnangagwa must pursue a package of comprehensive reforms aimed at underpinning the sea political change won in the military-led intervention with economic gains, economic experts said yesterday ahead of the National Budget presentation today. Scrapping bond notes, at...
Tackle root cause, not symptoms 14 November 2017 HARARE - Zimbabwe's celebrated music superstar, Oliver Mtukudzi, has a popular song titled Handiro Dambudziko, which has lyrics that go — Kushingirira kurapa mhopo pamusana...mhopo iripamusana iwe uneziso rinembonje. Translated to English, this means putting much effort in curing the symptom b...
Stop fighting, create jobs 13 November 2017 EDITOR — We know and appreciate that our economy is on its knees but I am sure our government can  find ways to ensure that every Zimbabwean citizen especially our youths are fully empowered as we face many challenges everyday in order to survive and fend for the families. Because of our econo...
'Economy remains Zanu PF's greatest opposition' 10 November 2017 HARARE - Residents of Mbare hostels have jerked up the Harare City Council (HCC) after they ran a staggering $500 000 electricity bill in one month — prompting the local authority to revive plans to introduce pre-paid meters — months after the same community had rejected them. The hostels whic...
Zim woes beyond price controls, priority lists 10 November 2017 HARARE - To anyone who has a basic understanding of economics, the wave of price hikes witnessed in recent weeks was nothing but the wake of market forces. The market — manufacturers and retailers, among other economic players — was merely responding to circumstances on the ground. But it s...
Zim prices zoom out of control 1 November 2017 HARARE - Hard-pressed Zimbabwean consumers are in the throes of skyrocketing grocery bills that are likely to deprive them of the joys of Christmas, with unofficial inflation figures showing that food prices have gone up by between 20 to 100 percent in the past month, the Daily News can report. ...
'Hyperinflation returns to Zim' 1 November 2017 HARARE - Hard-pressed Zimbabwean consumers are in the throes of skyrocketing grocery bills that are likely to deprive them of the joys of Christmas, with unofficial inflation figures showing that food prices have gone up by between 20 to 100 percent in the past month, the Daily News can report. ...
Hyperinflation threat returns to Zim 29 October 2017 NEW YORK - Less than a decade after hyperinflation obliterated Zimbabwe's dollar along with its pensions and savings, the southern African nation is suffering a return to precipitous price rises. Zimbabwe adopted the US dollar in 2009, along with Britain's pound and the South African rand, to ...
These are encouraging economic signs 29 October 2017 HARARE - It's not every time that hard-pressed Zimbabweans get to hear news from industrialists that cheers them up because conversations amongst business leaders are most of the time dominated by depressing news. If it’s not the slow pace of bank transfers for cross-border transactions occasi...
Prices in sharp increase 24 October 2017 HARARE - Zimbabwe witnessed the sharpest increase in average prices in September since it adopted the multi-currency regime in 2009, which was biased towards the US dollar, a leading financial research firm has said. According to official Zimstat data, year-on-year inflation rose by 0,78 perce...
Cost of drugs shoots up 22 October 2017 HARARE - The medicines industry in Zimbabwe has been affected by foreign currency shortages which have seen the cost of drugs go up. At the same time, medical aid societies are on a collision course with pharmacists as they blame each other for non-payment and price inconsistencies. While h...
'TBs creating fictitious money' 21 October 2017 HARARE - The Zimbabwean government has been warned against excessive use of Treasury Bills (TBs), which could collapse the local banking system as the government-backed paper is not backed by any physical assets. A TB is a short-term debt obligation backed by a government with a given maturity...
Biti savages Chinamasa 19 October 2017 HARARE – Former Finance minister Tendai Biti is of the view that his successor, Patrick Chinamasa, should take the blame for the economic crisis that followed the liquidation of the government of national unity in 2013. A lawyer by profession, Chinamasa took over from Biti — also a legal pract...
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 ...