Articles tagged 'bond notes'

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 ...
RBZ secures $600m nostro facility 9 August 2017 HARARE - The Reserve Bank of Zimbabwe has negotiated for an enhanced nostro stabilisation facility of $600m from Afreximbank to manage the cyclical nature of Zimbabwe's foreign exchange receipts. Economic experts said this is positive in the short-term as banks have been struggling to settle m...
'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...
RBZ to inject $300m more bond notes 3 August 2017 HARARE - Zimbabwe will soon introduce an additional $300 million bond notes into the economy, in a measure the central bank says is meant to stimulate production and exports. Presenting his Mid-Term Monetary Policy Statement yesterday, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, sai...
'Allow bond notes to float freely' 28 July 2017 HARARE - Highly-regarded economist Ashok Chakravarti has urged government to allow the bond notes to float freely so that the market can determine its exchange rate, a move he says would help reduce their externalisation. The economist told a Confederation of Zimbabwe (CZI) retailers meeting t...
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...
Dollar shortages threaten Zim businesses 17 July 2017 HARARE - Zimbabwean businesses are seeing tumbling output because of an acute dollar shortage that has forced banks to delay processing payments for imports of spare parts and supplies, a KPMG poll found. This comes as cash in circulation has dwindled to 1,4 percent of total deposits in the ba...
Zim rules out rand adoption 15 July 2017 HARARE - Not for the first time, government has ruled out adopting the South African rand as its main currency. Responding to a question with notice in the Senate, Agriculture minister Joseph Made, standing in for Finance minister Patrick Chinamasa, said the country should work on improving pr...
Zim banks see profits skyrocket 14 July 2017 HARARE - Zimbabwean banks are seeing their profits skyrocket despite the tough operating environment, making more money from trading and mostly electronic transactions, financial research firm Equity Axis has said. CBZ, Barclays, NMB, ZB and Agribank — the only banks that have released their t...
Cash crisis symptom of broken Zim economy: Mangudya 13 July 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday said the current cash crisis is a symptom of a broken economy. “People are asking the wrong questions, it's not about the currency but about the economy which is not performing,” he said. This comes as government is st...
Mangudya seeks to plug black market 12 July 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) is planning to plug the parallel financial markets and ease the current cash crisis by re-establishing Bureaux de Changes, more than 15 years after they were closed. Bureaux de Changes were shut down in December 2002 amid allegations that they were a...
Cross-border traders worsen cash shortages 11 July 2017 HARARE - Government is tightening its grip on the bond notes by subjecting cross-borders to serious scrutiny as the money authorities bid to deal with a thriving parallel market of the surrogate currency on its borders. This comes after Reserve Bank of Zimbabwe (RBZ) official Azvinandawa Sabur...
Zim cost of living unjustifiably high 11 July 2017 HARARE - Nearly a decade after ravaging hyperinflation — characterised by steep commodity prices rising by the day — it seems Zimbabwe remains a very expensive country to live in. Back then, around 2006-8, the country's cost of living was way too high compared to its regional peers like Botswa...
'Govt causing cash crisis' 4 July 2017 HARARE - Zimbabwe's government is responsible for the current cash crisis due to its high level expenditure and the widening budget deficit, economist Ashok Chakravarti has said. The veteran economist said government’s excessive spending, with more than 91 percent of this year’s $3,7 billion n...
Zimra, RBZ act on bond notes leakages 1 July 2017 VICTORIA FALLS - The Reserve Bank of Zimbabwe (RBZ) is engaging the Zimbabwe Revenue Authority (Zimra) to institute stringent controls at the border posts to plug the leakage of bond notes into neighbouring countries. This comes after it emerged that large sums of bond notes are being spirited...
'MPs neglect people's plight' 1 July 2017 HARARE - Outspoken lawyer Fadzayi Mahere has said she is going to contest to become an MP after realising that legislators were not representing the plight of long-suffering ordinary Zimbabweans. In a live video on Facebook this week, Mahere — who is eyeing the Mt Pleaseant seat — said her int...
Bond notes running out as banks give out coins 20 June 2017 HARARE - Long-suffering Zimbabweans are now being forced to accept huge sackfuls of coins from their banks and mobile money agents as bond notes vanish from the local market on the back of currency dealers who are either hoarding them for speculative purposes or taking the surrogate into the blac...
Zanu PF costs Zimbos dearly 28 May 2017 HARARE - Analysts say with the make-or-break 2018 national elections around the corner — coupled with the warring ruling Zanu PF continuing with its destructive policies of the past 37 years — there is little prospect that the dying local economy will turn around anytime soon. At the same time...
Zim banks reject rand adoption 22 May 2017 HARARE - Zimbabwean banks say adopting the South African rand will not help solve the country's economic challenges. Addressing delegates at the two-day Financial Markets Indaba in Harare last week, Barclays Bank Zimbabwe managing director George Guvamatanga said more has to be done to solve t...
Alarm as govt mulls Z$ 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. ...