Articles tagged 'bond notes'

What's next for Zim? 18 December 2018 HARARE - The current political system in Zimbabwe under the ruling Zanu PF has failed to work for 38 years and it would be folly to think it can work now, political analysts contend. They also called for an urgent multi-sector dialogue that looks into the country's socio-economic and political...
ED's 100 days in office 17 December 2018 HARARE – President Emmerson Mnangagwa has led “the most failed first 100 days of any president,” analysts have said, citing the worsening plight of the long-suffering majority of Zimbabweans. Mnangagwa was installed president on August 26, after the Constitutional Court confirmed his disputed ...
Zimra clarifies on dutiable goods 27 November 2018 HARARE - The Zimbabwe Revenue Authority (Zimra) has clarified on guidelines used in the clearance of the designated foreign currency dutiable goods and specified requirements needed to get an exemption approval. This comes after the ministry of Finance and Economic development invoked the Cust...
ED says Mangudya beyond reproach 4 November 2018 HARARE - Despite explosive broadsides being fired at the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, the 55-year-old neoclassical economist-turned banker will stay on in his job until February 2023. In an exclusive interview with the Daily News on Sunday, presidential spokesperson G...
Medical aid to be paid in forex 10 October 2018 HARARE – Thousands of struggling workers are at risk of failing to access medical services after the Association of Health Care Funders of Zimbabwe (AHFoZ) yesterday warned that it will soon start charging subscriptions in United States dollars. AHFoZ represents all medical aid societies in Zi...
No to GNU talks — Chamisa 10 October 2018 HARARE - MDC leader Nelson Chamisa says he will not be “tricked” into a government of national unity (GNU) like what happened with the party's founding president, Morgan Tsvangirai, in 2008. Chamisa poured cold water on sentiments that he must smoke a peace pipe with President Emmerson Mnangag...
Scramble for Emirates tickets 10 October 2018 HARARE - Zimbabwe's travelling public is scrambling to secure Emirates tickets, some booking as far ahead as August 2019 for speculative reasons. Emirates, is among the few major airlines which have not yet withdrawn full ticketing in Zimbabwe after British Airways (BA) — operated by Comair — ...
'Govt shouldn't sacrifice ordinary Zimbos' 10 October 2018 HARARE – Government has been urged to own up to its overspending and stop punishing ordinary citizens by burdening them with the extra two percent per dollar tax. Responding to President Emmerson Mnangagwa's recent utterances that Zimbabweans should take the pain, analysts said it was not fair...
Split in Cabinet over transaction tax 9 October 2018 HARARE - The recently announced tax regime has divided President Emmerson Mnangagwa's Cabinet right through the middle with a section of it pushing hard to have the austerity measures reversed to ease the suffering among ordinary Zimbabweans, the Daily News can report. Early last week, Finance...
Nkosana Moyo dismisses Mthuli tax reforms 9 October 2018 HARARE – Former Industry and Trade minister Nkosana Moyo has dismissed Finance minister Mthuli Ncube's tax reforms, noting that they do not address the real stem of the economic crisis, which is government's overspending. The professor, who is part of the technocrat Cabinet appointed by Presid...
Tax protests loom 9 October 2018 HARARE – Zimbabwe is on the brink of crippling protests over the recently introduced tax regime that are seen dampening current efforts aimed at reviving the country's economy, which has continued on a downward trend, amid serious shortages of goods and escalation of prices. Last week, the Zim...
Foreign currency rates soar 9 October 2018 HARARE – The bond note has continued to lose ground on the black market with its rates hitting 180 percent to the United State Dollar (USD) this week compared to October 1's 106 percent. On October 1, a post by Premier Alternative Market Tracker in Zimbabwe, Zim Bollar Index indicated that exc...
Robbers target money changers 9 October 2018 HARARE – Armed robbers are targeting illegal foreign currency dealers, operating on the streets of Zimbabwe's major towns, with the latest incident seeing a Harare man being robbed of $44 000. Ironically, the money changers are themselves committing an illegality by contravening Exchange Contr...
Talk to Chamisa to spur economy, ED urged 8 October 2018 HARARE - With the country's economy continuing to haemorrhage badly despite the government's best efforts, analysts and ordinary citizens are urging President Emmerson Mnangagwa to engage opposition leader Nelson Chamisa (pictured)to stem an economic “Armageddon” similar to 2008. Among the pro...
Drug firms in dire straits 8 October 2018 HARARE - The pharmaceutical industry has warned of a catastrophic health crisis if the government does not release emergency funds for the importation of life-prolonging drugs. This comes as many local pharmacies have started selling medication in hard cash and United States dollars only. I...
RBZ disburses $40m to shore up fuel supplies 8 October 2018 HARARE – The Reserve Bank of Zimbabwe (RBZ) says it has disbursed $40 million towards the purchase of fuel to stem long queues across the country. In a statement, RBZ governor John Mangudya urged motorists not to engage in panic-buying of the commodity, claiming there is sufficient fuel availa...
Zim to cut wage bill by $200 million 8 October 2018 HARARE – Finance minister Mthuli Ncube says government's cost containment measures will see the 2019 and 2020 National Budgets reducing the annual wage bill outlay by around $200 million and $130 million, representing 0,7 percent and 0,4 percent of gross domestic product (GDP) respectively. “W...
'Currency woes to linger' 8 October 2018 HARARE – Zimbabwe's currency woes will linger as long as its awkward monetary system remains, a research think-tank BMI has said. The country's cash system is currently made up of a concoction of currencies, which includes the bond notes, a pseudo currency said to be backed by an Afreximbank f...
Economy must move towards normalcy now 8 October 2018 HARARE - The Zimbabwean economy has been a subject for discussion for decades now as it continues its slide into the abyss. Following the July 30 harmonised elections, a lot has been said about the best post-poll arrangement with some pushing for an inclusive government similar to the one that...
Zanu PF youths gun for dealers 7 October 2018 HARARE - Zanu PF youths have declared war on illegal traders and ruling party bigwigs suspected of being behind the country's thriving foreign currency black market. Their warning comes as bond notes continue to crash precipitously against the United States dollar — causing mayhem in mainstrea...
CRISIS: Bond note plunges, fuel shortages emerge, prices skyrocket 6 October 2018 HARARE - The bond note yesterday crashed to 1:250 against the United States Dollar — sparking panic among ordinary Zimbabweans who have been raging all week over government's controversial two cents per dollar tax on electronic transactions — which triggered price increases and shortages of goods...
Ncube warns of more pain ahead 6 October 2018 HARARE - Finance minister Mthuli Ncube has warned Zimbabweans to brace for more pain as he tries to pull the country's tottering economy out of its current state. The well-regarded former banker has also said there is no going back on the controversial two cents per dollar transactional tax wh...
Chamisa says bond note must go 1 October 2018 HARARE - MDC president Nelson Chamisa has called for the urgent removal of the bond note, saying the surrogate currency has worsened the economic crisis gripping the country. In a recent tweet, the MDC leader said he is concerned by the dramatic drop of the Real Time Gross Settlement (RTGS) an...
U-turn on bond notes gets thumbs up 20 September 2018 HARARE - Economists have welcomed both President Emmerson Mnangagwa and new Finance minister Mthuli Ncube's move to rule out the immediate return of the decommissioned Zimbabwe dollar. This comes after government said the country will for now continue to use bond notes and the multiple currenc...
Govt in bond notes U-turn 19 September 2018 HARARE - Both President Emmerson Mnangagwa and new Finance minister Mthuli Ncube have ruled out the immediate return of the decommissioned Zimbabwe dollar — saying the country will for now continue to use bond notes and the multiple currency system until the local economy stabilises. This come...