Articles tagged 'john mangudya'

Banking sector capitalisation increases 18 October 2017 HARARE - Banking sector capitalisation increased to $1,24 billion by end of June 2017 from $1,22 billion recorded in the first quarter. Parliament's Budget Office (PBO) said all the banking institutions were adequately capitalised and complied with minimum capital requirements. CBZ managed ...
'Mugabe's economic vandalism unpardonable' 18 October 2017 HARARE - The myriad of challenges bedevilling Zimbabwe today are essentially man-made, a senior Transform Zimbabwe (TZ) official has said. Addressing a press conference on the state of Zimbabwean economy in Harare yesterday, TZ president Jacob Ngarivhume said the cash crisis, vendors, unfriend...
Panic as cooking oil shortage hits Zim 17 October 2017 HARARE - There is once again growing uneasiness in the market as the country has been hit by another shortage of cooking oil, which retailers blame on oil manufacturing companies — who are said to be selectively supplying a few “favoured” outlets. At the same time, the Oil Expressers Associati...
September inflation firms: Zimstat 17 October 2017 HARARE - Zimbabwe's annual inflation gained 0,64 percent in September to 0,78 percent from 0,14 percent as prices went up during the month under review, official data shows. Zimstat yesterday said prices as measured by the all items Consumer Price Index (CPI) increased by an average of 0,78 pe...
Panic as cooking oil vanishes again 17 October 2017 HARARE - There is once again growing uneasiness in the market as the country has been hit by another shortage of cooking oil, which retailers blame on oil manufacturing companies — who are said to be selectively supplying a few “favoured” outlets. At the same time, the Oil Expressers Associati...
Zim needs bold economic reforms: US envoy 14 October 2017 HARARE - Zimbabwe needs to implement comprehensive and bold economic reforms and get rid of corruption for the  economy to get back on track, United States ambassador to Zimbabwe Harry Thomas Junior has said. He spoke as the economy is imploding, blighted by critical foreign currency shortages...
Zim forex shortages worsen 14 October 2017 HARARE - Zimbabwe’s months-long foreign currency crisis yesterday forced Steward Bank to suspend its MasterCard payment solution, with customers wishing to use the service now required to pre-fund their accounts with cash. This comes as Zimbabwe’s leading banks are suspending automatic use of ...
Ministers blames social media for panic buying 14 October 2017 HARARE - A ministerial taskforce set up to investigate the root cause of recent price hikes and panic buying is set to wind up its probe next week, with preliminary results revealing that government blames social media. Industry and Commerce minister Mike Bimha, who is chairing the committee, ...
Foreign currency shortages worsen 12 October 2017 HARARE - The country’s foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa’s largest pay-TV company. This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCa...
Arrest warrant for forex dealer 10 October 2017 HARARE - A warrent of arrest has been issued against a Harare woman for illegally dealing in foreign currency after she failed to pitch up for her sentencing at court yesterday. Rosa Sanudi, 40, had pleaded guilty to contravening the Exchange Control Act when she appeared before Harare magistr...
Mangudya calls for consumer resistance 6 October 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (JM) is really not amused by his countrymen's inclination towards inflicting harm on themselves; he is adamant that there is no need for the panic buying that rattled markets in recent weeks and advises consumers not to buy from shops...
Chinamasa explains cash shortages 3 October 2017 HARARE - Finance minister Patrick Chinamasa has said shortages of cash reflect the mismatch of US dollars in bank accounts and physical cash in the economy. Physical cash is comprised of US dollars, bond notes and other currencies in circulation in the country.  “This cash shortage reflects...
Inflation wipes out salaries: Unions 3 October 2017 HARARE - Salaries are being badly eroded in values due to devastating inflation, which has soared to 242 percent, according to a leading economist Steve Hanke. Zimbabwe Congress of Trade Unions (ZCTU) secretary-general Japhet Moyo told the Daily News yesterday that the high level of inflation ...
Pricing madness refuses to die 2 October 2017 HARARE - Prices of some basic commodities are continuously skyrocketing notwithstanding assurances by the authorities that the situation would soon normalise. A survey done by the Daily News in the two major cities of Harare and Bulawayo revealed that prices for most basic products were rising...
Massaging inflation data won't revive Zim economy 2 October 2017 HARARE - Prior to December 1991 when the Soviet Union ceased to a communist empire, its flagship broadsheet newspaper was called Pravda, or “Truth.” But everyone knew it wheeled out fibs. The credibility of Pravda was so small that those who bothered to peruse it would believe unerringly th...
Govt threatens crackdown on fake economy news 28 September 2017 HARARE - Government will launch a crackdown on social media as part of a campaign against fake news and the spreading of rumours on shortages of basic goods and foreign exchange meant to cause alarm in the country, Finance minister Patrick Chinamasa said yesterday. “We will take necessary meas...
Zim far from it: WEF 28 September 2017 HARARE - Zimbabwe is “far” from improving its ‘ease of doing business’, the World Economic Forum (WEF) has said, as it once again ranked the nation among countries with poor global competitiveness in its latest ratings. It said actually, the prevailing economic environment has “made it harder”...
Poor citizens are subsidising the rich 27 September 2017 HARARE - Does it make sense for government to pay an extremely generous $390 for a tonne of grain delivered to perennial loss-maker Grain Marketing Board (GMB), from the taxpayer's pocket, and selling that same tonne to millers for $250? In Zambia, that same tonne is going for $100 — nearly th...
RBZ issues savings bonds 27 September 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has started issuing savings bonds to individual and institutional investors with a promise of seven percent annual return. The central bank, which is issuing the debt securities to help raise money to fund government business, said applications can b...
'Price controls risk further shortages' 27 September 2017 HARARE - Economists warned of worse shortages of basic commodities and an expanding parallel currency market as the Zimbabwean government mulls plans for new price controls across all sectors of production, to take effect within the next weeks. President Robert Mugabe has hinted at the introdu...
'RBZ responsible for cooking oil shortages' 27 September 2017 HARARE - Zimbabwe is experiencing inadequate supplies of cooking oil and price hikes because of inadequate foreign currency allocations to the oil industry by the Reserve Bank of Zimbabwe (RBZ), the Daily News can report. According to the Oil Expressers Association of Zimbabwe (OEAZ) — a cooki...
Mugabe's govt presses panic button 26 September 2017 HARARE - Feeling the heat of the country's worsening economic crisis, the government has pressed the panic button — threatening a savage clampdown on the media and pro-democracy groups in its desperate bid to quell any possible trouble. This comes as jittery Zimbabweans continue to besiege sho...
Bond coins 'whistleblower' appears in court 26 September 2017 HARARE - A South Africa-based driver at Prestige Carriers who reportedly leaked information that the Reserve Bank of Zimbabwe (RBZ) had bought six million, 50-cent bond coins — equivalent to $3 million — from South Africa, appeared in court yesterday. The court heard that Tinashe Sikwila, 32, ...
'Zanu PF rotten apples causing economic crisis' 26 September 2017 HARARE - President Robert Mugabe yesterday alleged that some “rotten apples” in his ruling Zanu PF party are behind the crippling shortages of basic commodities that has resulted in a sharp spike in prices. Mugabe, who spoke just after touching down at the Harare International Airport from the...
'Govt threw caution to the wind on bond notes' 26 September 2017 HARARE - Transform Zimbabwe, which is a part of the MDC  Alliance — a coalition of opposition parties aiming to unseat President Robert Mugabe in crunch elections expected next year — has said the country is about to experience the greatest economic turmoil since 2008. Speaking at a consultati...