Articles tagged 'john mangudya'

Teachers plan massive strike 29 May 2017 HARARE - President Robert Mugabe's under pressure government is facing a fresh crisis after teachers warned yesterday that they would stage a crippling strike if authorities go ahead with their plans to close more than 40 schools in Matabeleland South. Their mass action threats come as fed up ...
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...
'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 ...
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...
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 ...
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 ...
Zimdollar return imminent 16 April 2017 HARARE - If visibility and predictability are two foundations upon which stable financial markets are built, comments from the Reserve Bank of Zimbabwe (RBZ) last week on the adoption of bond notes as a primary currency to alleviate cash shortages suggest Zimbabweans should brace for increased cu...
'Make bond notes official currency' 11 April 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) says the country should adopt bond notes as a primary currency to alleviate cash shortages and solve economic challenges. RBZ director Economic Research Simon Nyarota said calls for the formal adoption of the South African rand as an anchor currency ...
Cash crisis: Govt targets companies 8 April 2017 HARARE - Under-pressure Finance minister Patrick Chinamasa has promised severe punishment for companies and other traders who are not banking money — accusing them of fuelling the country's cash shortages which have worsened in recent days. This comes as banks have reduced further their daily ...
Zim cash crisis worsens 5 April 2017 HARARE - Zimbabwe's severe cash crisis is worsening, forcing banks to reduce further their daily withdrawal limits — in addition to suspending dispensing money through Automated Teller Machines (ATMs). This prompted analysts who spoke to the Daily News yesterday to say that this confirmed that...
Zim importing coal 5 April 2017 HARARE - Zimbabwe is importing coal from Mozambique for tobacco curing, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. Speaking at the tour of Feruka in Mutare organised by Verify Engineering, Mangudya said the country has been forced to import because Hwange is not producing....