Articles tagged 'liquidity'

Liquidity, credit risk to persist — RBZ 4 January 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) expects liquidity and credit risk to remain the main huddles confronting local financial institutions, amid indications that banks will achieve improved performances in the period to December 2016. In its latest report on the sector, the central bank...
Bond notes: Beginning of the end 8 May 2016 HARARE - You can have any currency you want as long as it is in bond notes — this is most likely to happen in Zimbabwe in the near future as the economy runs out of steam. It once happened to me with Air Zimbabwe where they offer you chicken or beef, only to tell you once you have chosen to ha...
Panic withdrawals hit local banks 8 May 2016 HARARE - Zimbabwe's banking sector has been hit with massive withdrawals by risk-loathing depositors, with banking sector sources indicating that reports of the looming introduction of “bond notes” have further unsettled bank customers. This comes after the Reserve Bank of Zimbabwe (RBZ) gover...
Mugabe's bond notes trigger Zim-dollar fears 6 May 2016 HARARE - There is palpable fear among ordinary Zimbabweans that the country has plumbed the debilitating economic depths of 2007/2008 when shops were empty and inflation hit world-record levels, resulting in untold pain and suffering for the majority of citizens. As a result, the talk among mo...
Econet moves to ease cash shortages 29 April 2016 HARARE - Zimbabwe's largest mobile telecommunication group Econet Wireless (Econet) says it has introduced an airtime credit service via its mobile money division in a move aimed at easing the acute cash shortages. The country has been experiencing a biting cash shortage since early March with...
Depositors fueling cash crunch: Chinamasa 23 April 2016 HARARE - Finance minister Patrick Chinamasa yesterday claimed depositors were fuelling the country's biting cash crisis by keeping money outside the formal banking system. But depositors have said they were resorting to “pillow banking” because they could not access their cash from banks when ...
RBZ seeks to ease cash-crisis 9 April 2016 HARARE - Reserve Bank of Zimbabwe governor John Mangudya says the country is working on a raft of measures to ease a month-long cash-crisis that has seen depositors getting daily withdrawals as little as $20 from banks. The country, which adopted a basket of currencies dominated by the United ...
No respite for 'povo' in 2016 30 December 2015 HARARE - It seemingly never rains but pours for long-suffering Zimbabweans, with analysts warning that 2016, which ruptures into life on Friday, will be harder and nastier all round compared to 2015 which was itself described as an “annus horribilis” (horrible year). Political and economic exp...
Liquidity crunch bites supermarkets 25 November 2014 HARARE - The resurgence of a re-vitalised informal sector operating under the guise of darkness in downtown Harare is eating into the smooth operations of supermarkets in the country. Recently released financial results from listed companies show retail outlets are feeling the pinch of the cur...
Zim liquidity crisis to worsen: RBZ governor 17 November 2014 HARARE - Zimbabwe's liquidity crisis is set to tighten due to banks’ reluctance to lend in the wake of “worrying non-performing loans (NPLs)”, the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. He said the level of NPLs in the country’s banking sector escalated to an average 2...
'Interbank facility won't solve liquidity crisis' 30 March 2014 HARARE - THE $100 million interbank loan facility granted to Zimbabwe by the Africa Export and Import Bank (Afrexim Bank) will not solve Zimbabwe’s liquidity challenges, economists say. Analysts said recapitalisation of the Reserve Bank of Zimbabwe (RBZ) by at least $500 million is the way for...
Govt clueless, as economy burns 21 March 2014 HARARE - For most Zimbabweans, these are trying times. The country has entered a period of deflation, salaries for those lucky to be still employed are depressed amid a tightening liquidity crisis and basic goods remain priced out of the reach of many. But even as the economy shows signs of...
'Yuan, new currencies wo't ease liqudity crisis' 31 January 2014 HARARE - The adoption of new currencies, including the Chinese Yuan, under the multi-currency regime will not ease the country’s acute liquidity crisis, economists say. In 2009, Zimbabwe abandoned its worthless currency and assumed the multi-currency system — dominated by the United States dol...
Liquidity constraints hit OK 21 November 2013 HARARE - Zimbabwe's largest supermarket chain by revenue and outlets, OK Zimbabwe (OK), says post-election uncertainty over policy direction coupled with low foreign direct investment inflows have resulted in increased liquidity constraints. “Additionally, the economy has been adversely affect...
Face up to reality, govt told 20 November 2013 HARARE - Government efforts to fix Zimbabwe's broken economy must begin with facing up to reality and not just raising hopes, a leading economist Tony Hawkins says. This comes as the authorities recently launched the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) — an...
Govt must act on liquidity crisis 31 October 2013 HARARE - For the past few months, there has been a significant increase in the number of cases where people are having their properties attached by financial institutions due to non-payments of loans. The high levels of non-performing loans in the country is a sign of the economic crisis Zimba...
Depressed investor confidence dogs Zim 30 October 2013 HARARE - Lack of investor confidence in doing business in Zimbabwe remains a major stumbling block in efforts to revive the country's broken economy, the Zimbabwe National Chamber of Commerce (ZNCC) has said. The country is battling to resuscitate its economy — still suffering a hangover from ...