Articles tagged 'john mangudya'

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 ...
RBZ secures $600m nostro facility 9 August 2017 HARARE - The Reserve Bank of Zimbabwe has negotiated for an enhanced nostro stabilisation facility of $600m from Afreximbank to manage the cyclical nature of Zimbabwe's foreign exchange receipts. Economic experts said this is positive in the short-term as banks have been struggling to settle m...
'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...
Treasury Bills stocks up 28pc 4 August 2017 HARARE - The stock of Treasury Bills (TBs) and bonds in issue increased 28,2 percent to $2,5 billion at the end of June from about $1,95 billion recorded in April, the central bank governor has said. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday said the bulk of the instru...
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...
New strategies needed to mitigate cash crisis 4 August 2017 HARARE - The Reserve Bank of Zimbabwe’s decision to introduce an additional $300 million bond notes will not help ease the current cash crisis. There was a lot of excitement and apprehension last year when the central bank introduced the $200 million Afreximbank-backed bond notes, with the maj...
RBZ to inject $300m more bond notes 3 August 2017 HARARE - Zimbabwe will soon introduce an additional $300 million bond notes into the economy, in a measure the central bank says is meant to stimulate production and exports. Presenting his Mid-Term Monetary Policy Statement yesterday, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, sai...
Banks record $100m profit 3 August 2017 HARARE - Zimbabwean banks have made $100,59 million profit in the half year to June 30, 2017, representing an increase of 47,99 percent from $67,97 million reported in corresponding period last year, the central bank has said. Presenting his mid-term monetary policy statement yesterday, Reserv...
'Allow bond notes to float freely' 28 July 2017 HARARE - Highly-regarded economist Ashok Chakravarti has urged government to allow the bond notes to float freely so that the market can determine its exchange rate, a move he says would help reduce their externalisation. The economist told a Confederation of Zimbabwe (CZI) retailers meeting t...
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...
Cross-border traders worsen cash shortages 11 July 2017 HARARE - Government is tightening its grip on the bond notes by subjecting cross-borders to serious scrutiny as the money authorities bid to deal with a thriving parallel market of the surrogate currency on its borders. This comes after Reserve Bank of Zimbabwe (RBZ) official Azvinandawa Sabur...
'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 $3,7 billion n...
Zimra, RBZ act on bond notes leakages 1 July 2017 VICTORIA FALLS - The Reserve Bank of Zimbabwe (RBZ) is engaging the Zimbabwe Revenue Authority (Zimra) to institute stringent controls at the border posts to plug the leakage of bond notes into neighbouring countries. This comes after it emerged that large sums of bond notes are being spirited...
Teachers plan massive strike 29 May 2017 HARARE - President Robert Mugabe's under pressure government is facing a fresh crisis after teachers warned yesterday that they would stage a crippling strike if authorities go ahead with their plans to close more than 40 schools in Matabeleland South. Their mass action threats come as fed up ...
Zim banks reject rand adoption 22 May 2017 HARARE - Zimbabwean banks say adopting the South African rand will not help solve the country's economic challenges. Addressing delegates at the two-day Financial Markets Indaba in Harare last week, Barclays Bank Zimbabwe managing director George Guvamatanga said more has to be done to solve t...
Alarm as govt mulls Z$ 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 ...