Articles tagged 'rbz'

Bond notes running out as banks give out coins 20 June 2017 HARARE - Long-suffering Zimbabweans are now being forced to accept huge sackfuls of coins from their banks and mobile money agents as bond notes vanish from the local market on the back of currency dealers who are either hoarding them for speculative purposes or taking the surrogate into the blac...
Zanu PF chefs bleed banks dry 19 June 2017 HARARE – Politicians, particularly the elite in Zanu PF, are proving to be a thorn in the flesh for the financial services sector, with hardly a month passing without the Deputy Sheriff being called in to put assets of defaulting politicians under the hammer in order to offset their non-performin...
Inflation rears its ugly head again 16 June 2017 HARARE – The annual rate of inflation for the month of May surged by 0,27 percentage points from 0,48 percent in April, spelling more trouble for the embattled consumer. Inflation refers to the rate at which prices are increasing. Before February this year, the country was in negative infla...
Inflation returns to hound Zim 16 June 2017 HARARE – Inflation is anticipated to continue firming on account of the general increase in the prices of goods and services, thus sending shivers down the spines of ordinary Zimbabweans who are still hounded by memories from the 2008 hyperinflationary era, which wiped out their hard-earned savin...
Zim gold earnings up 3,4pc 31 May 2017 HARARE - Zimbabwe's gold earnings were up 3,4 percent in the first quarter to $275 million, after realising a 4,8-tonne output, official figures show. Data from the Reserve Bank of Zimbabwe (RBZ) attributed the earnings improvement to firming international prices. “Gold prices, however, rec...
Zanu PF costs Zimbos dearly 28 May 2017 HARARE - Analysts say with the make-or-break 2018 national elections around the corner — coupled with the warring ruling Zanu PF continuing with its destructive policies of the past 37 years — there is little prospect that the dying local economy will turn around anytime soon. At the same time...
Mobile, Internet payments breach $1 billion mark 27 May 2017 HARARE - Zimbabwe's mobile and Internet transactions breached the $1 billion in March, as locals migrate to cash-lite payments on the back of acute cash shortages. Data from the central bank indicates that mobile and Internet transactions in Zimbabwe — which has been battling a cash crisis for...
RBZ takes over diamond operations 23 May 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has taken over the production of diamonds in the country in an effort to promote transparency in the sector. This comes as the Zimbabwe Consolidated Diamond Company (ZCDC), which was formed last year after government expelled all diamond miners in Ma...
Zim banks reject rand adoption 22 May 2017 HARARE - Zimbabwean banks say adopting the South African rand will not help solve the country's economic challenges. Addressing delegates at the two-day Financial Markets Indaba in Harare last week, Barclays Bank Zimbabwe managing director George Guvamatanga said more has to be done to solve t...
Alarm as govt mulls Z$ 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...
Stressed banks weep over cash shortages 20 May 2017 HARARE - Bankers yesterday broke their silence over the country's worsening cash shortages — confirming in the process that even bond notes are disappearing from the formal market, amid concerns that the surrogate currency is now being traded in neighbouring countries by unscrupulous dealers. ...
No students' grants: Minister 20 May 2017 HARARE - Government is unable to reintroduce student grants due to financial constraints, Higher Education deputy minister Godfrey Gandawa said. This comes as student representative committees (SRCs) have been demanding the grants on the back of economic hardships that have hit most students i...
'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 ...
Meikles, govt bury hatchet 18 May 2017 HARARE - Diversified Zimbabwe Stock Exchange-listed group Meikles Limited has reached an agreement with government over a central bank debt issue which has been outstanding for two decades. The group’s chairperson, John Moxon, told the company’s annual general meeting yesterday that a resoluti...
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 ...
Slash in plastic money charges hailed 15 May 2017 HARARE - The downward review of charges on plastic money and electronic transactions will promote usage of e-channels by lowering transaction costs, economic analysts said yesterday. This comes after Reserve Bank of Zimbabwe governor John Mangundya last week said he was working on a raft of me...
Govt at odds over rand adoption 14 May 2017 HARARE - President Robert Mugabe's administration is at odds over proposed currency reforms, with divergent views emerging about adopting the South African rand as Zimbabwe's anchor currency. Fiscal and monetary authorities sharply differ over proposals to make the rand the currency of choice ...
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...