Articles tagged 'mangudya'

Price hikes: Retailers dig in 9 October 2017 HARARE - The Confederation of Zimbabwe Retailers (CZR) has said shops have “no choice” but to increase prices as they are sourcing foreign currency from the black market where they are charged steep premiums. This comes as retailers have significantly increased prices of basic goods, amid esca...
RBZ rules out adopting SA Rand 5 October 2017 HARARE - Reverse Bank of Zimbabwe (RBZ) governor John Mangudya has ruled out prospects of Zimbabwe adopting the South African rand as its anchor currency. This comes amid frenzied social media posts claiming President Robert Mugabe and his South African counterpart, Jacob Zuma, were close to r...
'Banks pumping cash into black market' 29 September 2017 HARARE - Banks have been fuelling the currency black market in Zimbabwe by moving bond notes onto the streets in search of the now elusive US dollar, economic experts, monetary and fiscal authorities have confirmed. Among the busiest black market spots is a trans-border bus terminus to the eas...
Zim records $1,2bn deficit 29 August 2017 HARARE - Zimbabwe recorded a trade deficit of $1,248 billion for the seven months to July 2017, as imports made up mainly of consumption goods, continued to outstrip exports. According to the Zimbabwe National Statistics Agency, the country imported goods worth $3,118 billion for the period un...
Mixed views on rand adoption 9 April 2017 HARARE - Propasals  for Zimbabwe to adopt the South African rand as the major instrument of trade amid growing United States dollar shortages has attracted mixed views, with some economists firm that it will boost the economy while some warn it could upend the country's wealth through devaluation...
ZBC must polish its programming 18 February 2017 HARARE - Reserve Bank of Zimbabwe governor John Mangudya's displeasure with the huge amounts of foreign currency being channelled towards Multichoice's digital satellite television (DStv) must prod the Zimbabwe Broadcasting Corporation (ZBC) to raise its game. While presenting his Monetary Pol...
Don't prioritise DStv: Mangudya 16 February 2017 HARARE - Central bank governor John Mangudya yesterday put himself in line of fire when he suggested that the country should not prioritise payment of DStv subscriptions at the expense of raw materials. Presenting his Monetary Policy Statement (MPS) in Harare yesterday, the Reserve Bank of Zim...
Govt to inject more bond notes 23 December 2016 HARARE - Zimbabwe plans to inject more "bond notes" amid a worsening cash crisis. Finance minister Patrick Chinamasa said government plans to introduce more local bond notes, a token currency that is so far trading at par with the US dollar, to cure a persistent liquidity crunch, even though a...
RBZ to inject more bond notes 8 December 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) is set to inject an additional  $7 million bond notes into circulation this week as part of strategies to ease the current cash crisis. This brings the total amount of bond notes disbursed to $17 million against a value of $70 million payable to expo...
'Dangerous for Zim to adopt the rand' 18 November 2016 JOHANNESBURG - Reserve Bank of Zimbabwe governor John Mangudya says Zimbabwe cannot adopt the South African rand as the main trading currency. This is because doing so could worsen the economic crisis facing the country. [Adz] Mangudya told local media that, apart from macro-economic pre...
'Bond notes in October' 16 September 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) yesterday confirmed that the country would start using the controversial bond notes next month — in a move that sent shivers down the spines of ordinary citizens who fear the return of the despised Zimbabwe dollar and the hyperinflation era of the last ...
RBZ's Mangudya calls for salary cuts 16 September 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) says there is need to slash salaries and high production costs across all sectors to restore the country's competitiveness. Central bank governor John Mangudya yesterday said the country's loss of competitiveness can only be reversed through internal...
Mnangagwa blames Chinamasa, Mangudya for cash shortages 1 June 2016 HARARE - Vice President Emmerson Mnangagwa has blamed Finance minister Patrick Chinamasa and Reserve Bank governor John Mangudya for failing to improve cash distribution to banks. This comes as depositors have struggled to access money from banks while daily withdrawals have been limited to as...
Bond notes: RBZ clarifies launch date 1 June 2016 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday said bond notes were to begin circulating in October this year, following conflicting reports on the launch dates for the notes. Mangudya said the apex bank needed about five months for the notes to be printed before they...
'RBZ seizing export proceeds' 1 June 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ)'s decision to “seize” 50 percent of all export proceeds into its nostro accounts as part of strategies to ease the biting liquidity crisis is tantamount to expropriation, a leading economist has said. This comes after the central bank last week direc...
Magaya meets Mangudya over bond notes 27 May 2016 HARARE - Prophetic Healing and Deliverance (PHD) Ministries leader Walter Magaya on Tuesday met Reserve Bank (RBZ) of Zimbabwe Governor John Mangudya over the contentious introduction of bond notes — and got assurances that the introduction could be the solution to the present cash crisis. Mag...
Zim sinks deeper into deflation 19 April 2016 HARARE - Zimbabwe's annual inflation for the month of March lost 0,09 percentage points to close the month at negative 2,31 percent from a negative 2,23 percent in February as the country sinks deeper into deflation.  Figures released by the Zimbabwe Statistical agency (Zimstat) on Friday show...
RBZ unveils bond coins 6 December 2014 HARARE - The Reserve Bank of Zimbabwe (RBZ) yesterday unveiled a new set of bonded coins worth $10 million, which will start circulating on December 18. Central bank governor John Mangudya said the introduction of the bond coins on the local market was part of efforts to ease the shortage of c...
Govt must heed RBZ advice 28 August 2014 HARARE - Government must take seriously the advice from Reserve Bank of Zimbabwe (RBZ) governor John Mangudya that the country must address its $10 billion debt issue in an effort to revive the economy. In his maiden monetary policy statement released this week, Mangudya noted that the country...
Mangudya speaks on 'special coins' 28 August 2014 HARARE - Zimbabwe is set to introduce a new regime of “special coins” indexed at par with the United States coins by December, the Reserve Bank of Zimbabwe clarified yesterday. The coins, which are being imported, will be introduced as a medium of exchange and are aimed at augmenting currencie...
RBZ boss cracks whip on importers 28 August 2014 HARARE - Reserve Bank of Zimbabwe governor, John Panonetsa Mangudya, has made a huge statement of intent on stamping out capital flight and plugging leakages in the economy. In his maiden Monetary Policy Statement (MPS) released on Monday, the veteran banker announced a raft of measures aimed ...
RBZ rules out return of Zim dollar 27 August 2014 HARARE - Zimbabwe will continue using multiple foreign currencies for the foreseeable future until production levels have increased, the central bank has said. This comes as various stakeholders in the country have been debating the longevity of the multiple currency system. Zimbabwe ditche...
RBZ issues $0,5bn bonds, TBs 27 August 2014 HARARE - The Reserve Bank of Zimbabwe (RBZ) has issued nearly half a billion dollars’ worth of bonds and Treasury Bills (TBs) since the beginning of the year to repay part of the central bank’s decade-long debt to financial institutions, corporates and farmers. John Mangudya, the RBZ governor ...
Zim exits deflation 16 August 2014 HARARE - Zimbabwe is slowly emerging out of a deflationary phase, amid central bank hopes that an increase in broad money supply into the economy will arrest deflation. Figures released yesterday by the Zimbabwe National Statistics Agency (Zimstat) revealed that annual inflation for the month ...
RBZ hopes to arrest deflation 7 August 2014 HARARE - The Reserve Bank of Zimbabwe (RBZ) says the country will soon emerge out of deflation due to an increase in broad money supply into the economy. Statistics from the apex bank show that annual growth in broad money increased by 12,65 percent in June 2014 to $4 323,6 million from $3 838...