Articles tagged 'bond notes'

'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 ...
'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...