Articles tagged 'financial sector'

I don't bank money: Mugabe 23 February 2017 HARARE - President Robert Mugabe unwittingly confirmed Zimbabwe's worsening rot — which is widely blamed on him and his misfiring government — when he revealed during his annual birthday interview with the ZBC last week that even he kept money at home fearing bank failures. Mugabe also hinted ...
Banks profits shocker 19 February 2017 HARARE - Zimbabwe's banks posted a startling 42 percent surge in profits that buttressed economists and investors' belief that “unacceptable charges” and “extortionist fees” were reinvigorating the long-struggling financial sector. The super profits announcement was immediately followed by an ...
Zim needs $1bn to end cash crisis 31 January 2017 HARARE - Zimbabwe requires close to $1 billion fresh capital to reduce the current cash crisis, a leading economist has said. Renowned economics professor and advisor to the Office of the President, Ashok Chakravarti, said the country, which has been battling acute cash shortages for close to ...
Zim has only $300mln in circulation 29 January 2017 HARARE - Zimbabwe has $304 million hard cash in circulation including $73 million in bond notes as of January 2017, about a third of optimum demand, reflecting a worsening liquidity crisis, an economist said. Ashok Chakravarti, who also advises the Office of the President and Cabinet on improv...
Zim running out of US dollars 25 January 2017 HARARE - Despite the shrill official propaganda to the contrary, Zimbabwe's economy is continuing on its steep decline — with the latest manifestation of this implosion being the alarming disappearance of the much sought-after United States dollars from the market in recent weeks, with devastatin...
$9,6m bond coins now in circulation 3 January 2017 HARARE - About $9,6 million worth of bond coins is now circulating in the Zimbabwean financial system, after the country pumped over $6 million worth of the coins since September last year, the Reserve Bank of Zimbabwe (RBZ) said. With circulation of bond notes — backed by a $200 million Afrex...
RBZ hikes bond notes withdrawal limit 21 December 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) has increased the withdrawal limit for bond notes from $150 weekly to $300 following the injection of an additional $12 million of the surrogate currency into circulation. The daily withdrawal limit has also been hiked from $50 to $100. The apex b...
Woman dies in cash queue 16 November 2016 HARARE - A woman died over the weekend after enduring long hours in a queue to withdraw $40 from a bank at Joina City in the Harare central business district. She was in the company of her minor child and had come from Murehwa. According to witnesses, the woman (name withheld) started feeli...
Banking sector woes mount 1 November 2016 HARARE - Zimbabwe's financial sector — which has been faring well in recent years — recorded a decrease in customer satisfaction in the period from October 2015 to September 2016, on the back of cash uncertainties. Service Excellence Awards adjudication committee chairperson, Darlick Marandure...
Business rejects RBZ's bond notes 20 October 2016 HARARE - As Zimbabwe's economy continues to die, the business community has joined ordinary citizens in rejecting the government's imminent introduction of the much-distrusted bond notes, advocating instead greater use of the South African rand. In its contribution to ideas for the 2017 nation...
'It's about trust not bond notes' 17 October 2016 HARARE - As government prepares to introduce bond notes, jittery ordinary Zimbabweans — including a large cross-section of impoverished women —say the Reserve Bank of Zimbabwe (RBZ) has a herculean task of winning over the doubting public. The RBZ will be introducing $75 million worth of the d...
Fresh challenge to RBZ bond notes 13 October 2016 HARARE - Anti-President Robert Mugabe pressure group, Tajamuka, is set to petition the Constitutional Court (Con-Court) to halt the Reserve Bank of Zimbabwe (RBZ) from introducing bond notes, arguing there is no legal framework that supports the surrogate currency. This comes as last month, th...
Zim cash crisis worsens by day 5 October 2016 HARARE - The government's imminent introduction of bond notes appears to be worsening the country's cash crisis and triggering panic withdrawals from banks, with jittery Zimbabweans swamping financial institutions in their desperate bid to take out all their money ahead of the launch of the distr...
Question marks over bond notes 25 September 2016 HARARE - Uncertainty now surrounds the government's planned introduction of bond notes next month — in its desperate bid to mitigate the country's worsening liquidity and cash crisis — following yet another court challenge of the much-distrusted surrogate currency, this time by prominent Harare b...
'Banks marginalise women' 18 September 2016 HARARE - Reserve Bank of Zimbabwe governor John Mangudya has warned the country’s banking sector against marginalising women from financial services products. In his mid-term policy statement on Thursday, the central bank chief said statistics recently collected from the financial services sec...
Banking sector credit plunges 4 August 2016 HARARE - Banking sector credit growth has continued on a downward trajectory, after dropping to 16,4 percent at the end of May 2016 from the 23,8 percent recorded the previous month, the central bank has said. The Reserve Bank of Zimbabwe (RBZ) said local financial institutions continued to ti...
Cash shortages: Boon for black market 10 July 2016 HARARE - As the country's economy continues to deteriorate with cash shortages worsening, tight liquidity has created jobs for the unemployed as ever-innovative Zimbabweans invent and reap from a supposedly grim and bleak situation. Most local banks have lowered their cash withdrawal limits, a...
No Zim-dollar return — Mangudya 29 May 2016 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday dismissed rumours about the return of the discredited Zimbabwe dollar (ZW$) following vicious rumours that were making the rounds in the market. Early this month, Mangudya announced the RBZ was set to print bond notes und...
Long queues jam Zim banks 22 May 2016 HARARE - Despite ongoing valiant efforts by Reserve Bank governor John Mangudya to mitigate Zimbabwe's biting cash crisis and assure wary citizens that all will be well, long and winding bank queues abounded around Zimbabwe yesterday. Depositors who spoke to news crews from the Daily News on S...
'Bond notes will trigger black market' 22 May 2016 HARARE - Our Staff Writer Blessings Mashaya speaks to the opposition MDC shadow finance minister Tapiwa Mashakada on bond notes. Q. What is the likely impact of the current cash crisis the country is grappling with given concerns from some quarters that government shoved the bond notes down pe...
'Bond notes could spark unrest' 22 May 2016 HARARE - Morgan Tsvangirai's MDC yesterday warned that government's decision to introduce bond notes to avert the current cash crisis could lead to civil unrest. MDC shadow finance minister, Tapiwa Mashakada, told the Daily News yesterday that if government does not urgently address the cash s...
Introduce $100 bond coin: Chinotimba 15 May 2016 HARARE - For a man who rose to be a parliamentarian on the back of limited education, bizarre antics, outspokenness and humour, it is difficult to discern when he is actually being serious. The people of Buhera South who Joseph Chinotimba represents will hope Wednesday's National Assembly ques...
Money dealers flood Zim 13 May 2016 HARARE - Despite the valiant efforts by Reserve Bank governor John Mangudya to mitigate Zimbabwe's biting cash crisis, huge challenges remain — a situation that has seen illegal foreign currency dealers resurfacing in numbers around the country over the past few weeks. News teams from the Dail...
Banks plead for cash 12 May 2016 HARARE - Zimbabwe's financial institutions are pleading with deep-pocketed clients to supply them with cash aimed at replenishing their nostro accounts as the country continues to grapple with a biting liquidity crunch. Nostro accounts are accounts held in a foreign country by a domestic or lo...
Mangudya clears air on bond notes 11 May 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) has pleaded with depositors to stop panic withdrawals from banks as this will only worsen the economic situation in the country. Hard-pressed central governor John Mangudya on Monday told Parliament that the introduction of bond notes is aimed at sup...