Articles tagged 'bond notes'

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. ...
Tap into mobile money: Mandiwanzira 20 May 2017 HARARE - Zimbabweans need to abandon their cash mentality and migrate to cash-lite transactions, the same way the country dumped the cheque system, a Cabinet minister said. Information Communication Technology (ICT) minister Supa Mandiwanzira said Zimbabweans — who have been battling an acute ...
'Rands, dollars can't save Zim' 19 May 2017 HARARE - As the national debate about the benefits of Zimbabwe adopting the South African rand as its anchor currency continues to rage, former Finance minister Tendai Biti says the discourse is “futile” — as the country's deepening economic rot “can never” be stemmed with President Robert Mugabe...
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...
Debate on the rand gathers momentum 15 May 2017 HARARE - As the country's economy continues to die, and cash shortages worsen, the debate on the need or otherwise for Zimbabwe to embrace the South African rand as the country's anchor currency is gathering momentum. This comes as the Confederation of Zimbabwe Industries (CZI) encouraged the ...
Govt at odds over rand adoption 14 May 2017 HARARE - President Robert Mugabe's administration is at odds over proposed currency reforms, with divergent views emerging about adopting the South African rand as Zimbabwe's anchor currency. Fiscal and monetary authorities sharply differ over proposals to make the rand the currency of choice ...
Activists acquitted over bond notes protest 13 May 2017 HARARE - Three #Tajamuka leaders were yesterday acquitted of charges of mobilising against the introduction of bond notes last year. The trio — #Tajamuka spokesperson Promise Mkwananzi, 35, Mehluli Dube, 35, and 23-year-old Kudakwashe Manjonjo — were facing charges of addressing a media briefi...
'Escalating Zim crises point to disaster' 12 May 2017 HARARE - Zimbabwe's escalating crises point to disaster, with a majority of the long-suffering masses saying the country's economy is now in a “very bad” state, analysts have warned. They said the lurching from one crisis to another proves that authorities could “play tricks with politics, but...
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...
Farmers left to rot at auction floors 7 May 2017 HARARE - Tapiwa Kadzura travelled all the way from Karoi, he had his tobacco bales and hoped to make a kill at the auction floors — but reality is different. He sleeps in a toilet and scrounges for food as he and other farmers are told there is no money to pay them now. Last week, Kadzura a...
Police tear-gas, bash tobacco farmers 5 May 2017 HARARE - The Tobacco Sales Floors (TSF) premises were turned into a war zone yesterday as police fought running battles with angry farmers who staged a demonstration demanding their cash from banks. Police tears-gased and thrashed the desperate farmers in a mayhem which left some injured and p...
Register to vote, Tsvangirai tells workers 1 May 2017 HARARE - Opposition leader Morgan Tsvangirai has rallied suffering workers to go and register for next year’s elections — telling them it’s the only route to restore their dignity and values eroded by the current economic crisis. Tsvangirai, a former labour union leader during the 1990s, lamen...
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 ...
MDC backs rand adoption 28 April 2017 HARARE - Morgan Tsvangirai's MDC has said it backs the adoption of the South African rand as the primary currency. In an interview with the Daily News yesterday, MDC shadow finance minister Tapiwa Mashakada said since 50 percent to 60 percent of Zimbabwe's total trade is with South Africa, the...
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 ...