Articles tagged 'financial sector'

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 ...
'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...
Banking sector growth to slow down 20 July 2017 HARARE - Zimbabwe's financial sector growth is anticipated to slow down to 1,7 percent after bankers smiled all the way to the bank and recorded a 42 percent profit surge last year, data from the World Bank shows. In its recently released economic update, the Bretton Woods Institution pointed ...
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...
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...
'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 $3,7 billion n...
Zimra, RBZ act on bond notes leakages 1 July 2017 VICTORIA FALLS - The Reserve Bank of Zimbabwe (RBZ) is engaging the Zimbabwe Revenue Authority (Zimra) to institute stringent controls at the border posts to plug the leakage of bond notes into neighbouring countries. This comes after it emerged that large sums of bond notes are being spirited...
Alarm as govt mulls Z$ 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...
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...
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...
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 ...
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 ...
Zim needs $600m cash: RBZ 24 April 2017 HARARE - Zimbabwe needs about $600 million in cash to achieve optimal liquidity ratios, a central bank official said. Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo last week said while the central bank was only going to print $200 million worth of bond notes, this was not enou...
Cash crisis a nightmare — Zimra 21 April 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) on Wednesday said the current cash crisis is now a nightmare that is affecting the country’s economic growth. Zimra chairperson Willia Bonyongwe said there was need for all stakeholders to come up with a solution to end the debilitating cash cris...
Mugabe fails to address cash shortages 19 April 2017 HARARE - President Robert Mugabe yesterday skirted addressing the shortages of cash and policy inconsistencies within his government when he delivered a dour independence speech to spark fierce criticism from opposition parties who say he is now acting like “a lost soul”. Addressing thousands ...