Articles tagged 'bond notes'

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 ...
'Mugabe's economic vandalism unpardonable' 18 October 2017 HARARE - The myriad of challenges bedevilling Zimbabwe today are essentially man-made, a senior Transform Zimbabwe (TZ) official has said. Addressing a press conference on the state of Zimbabwean economy in Harare yesterday, TZ president Jacob Ngarivhume said the cash crisis, vendors, unfriend...
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...
Cops 'demand' bribe from forex dealers 16 October 2017 HARARE - Five police officers were dragged to court last week after they allegedly solicited for bribes from illegal foreign currency dealers in order to spare them arrest. This comes as authorities have launched a massive blitz on illegal foreign currency traders. The five — 34-year-old Vi...
Zim needs bold economic reforms: US envoy 14 October 2017 HARARE - Zimbabwe needs to implement comprehensive and bold economic reforms and get rid of corruption for the  economy to get back on track, United States ambassador to Zimbabwe Harry Thomas Junior has said. He spoke as the economy is imploding, blighted by critical foreign currency shortages...
Zim forex shortages worsen 14 October 2017 HARARE - Zimbabwe’s months-long foreign currency crisis yesterday forced Steward Bank to suspend its MasterCard payment solution, with customers wishing to use the service now required to pre-fund their accounts with cash. This comes as Zimbabwe’s leading banks are suspending automatic use of ...
Ministers blames social media for panic buying 14 October 2017 HARARE - A ministerial taskforce set up to investigate the root cause of recent price hikes and panic buying is set to wind up its probe next week, with preliminary results revealing that government blames social media. Industry and Commerce minister Mike Bimha, who is chairing the committee, ...
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...
Arrest warrant for forex dealer 10 October 2017 HARARE - A warrent of arrest has been issued against a Harare woman for illegally dealing in foreign currency after she failed to pitch up for her sentencing at court yesterday. Rosa Sanudi, 40, had pleaded guilty to contravening the Exchange Control Act when she appeared before Harare magistr...
Price hikes: Retailers dig in 9 October 2017 HARARE - The Confederation of Zimbabwe Retailers (CZR) has said shops have “no choice” but to increase prices as they are sourcing foreign currency from the black market where they are charged steep premiums. This comes as retailers have significantly increased prices of basic goods, amid esca...
Zanu PF fights overshadow economic ruin 8 October 2017 HARARE - Dust was still settling from Grace Mugabe and Vice President Phelekezela Mphoko's grenade attack on Vice President Emmerson Mnangagwa, when a neat trio of grim economic indicators slipped out. Grace's outlandish claim that Mnangagwa and his allies were plotting a power grab that was t...
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 ...
Concern over $5m paid to artisanal miners 3 October 2017 HARARE - Government is worried that artisanal gold miners who are paid $5 million weekly in US dollars and bond notes for their export incentive could be abusing the cash they are being paid by Fidelity Printers and Refiners and by banks. Fidelity Printers and Refinery is a unit of the Reserve...
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...
Massaging inflation data won't revive Zim economy 2 October 2017 HARARE - Prior to December 1991 when the Soviet Union ceased to a communist empire, its flagship broadsheet newspaper was called Pravda, or “Truth.” But everyone knew it wheeled out fibs. The credibility of Pravda was so small that those who bothered to peruse it would believe unerringly th...
Former Finance ministers speak on economic rot 1 October 2017 HARARE - Two of Zimbabwe’s former Finance ministers who served at critical junctures in the history of the country’s economy are seeing the nation’s economic prospects worsening if President Robert Mugabe gets re-elected in 2018. The two former ministers are Simba Makoni, who served as Finance...
Police run riot 30 September 2017 HARARE - Police ran riot in Harare yesterday as they indiscriminately shot at pedestrians and motorists after they ruthlessly descended on protesters who were demonstrating against the deteriorating economic situation that has triggered a wave of price increases and shortages of some basic commod...
Forex dealers go underground 30 September 2017 HARARE - Illegal foreign currency dealers disappeared from the streets yesterday and immediately went underground following the promulgation of harsh regulations that criminalise cash vending without permission from the Reserve Bank of Zimbabwe (RBZ). A survey by the Daily News showed yesterda...
Govt threatens crackdown on fake economy news 28 September 2017 HARARE - Government will launch a crackdown on social media as part of a campaign against fake news and the spreading of rumours on shortages of basic goods and foreign exchange meant to cause alarm in the country, Finance minister Patrick Chinamasa said yesterday. “We will take necessary meas...
Zim far from it: WEF 28 September 2017 HARARE - Zimbabwe is “far” from improving its ‘ease of doing business’, the World Economic Forum (WEF) has said, as it once again ranked the nation among countries with poor global competitiveness in its latest ratings. It said actually, the prevailing economic environment has “made it harder”...