Articles tagged 'rbz'

Zim commits to debt clearance programme 14 February 2018 HARARE - President Emmerson Mnangagwa’s government says it is committed to repay its debts with the international community. Central bank governor John Mangudya said in line with the new economic order, government is intensifying the re-engagement process with the international community to im...
Stability stress tests for Zim banks: Mangudya 12 February 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) will start conducting comprehensive financial stability stress tests on the banking sector beginning September 2018 as it seeks to bring stability to the troubled sector. Central bank governor John Mangudya said the tests were part of measures aimed ...
Fuel prices set to rocket 17 January 2018 HARARE - Petrol prices are set to rocket in the next few weeks, experts predicted, driven by oil prices that touched the highest level in three-and-a-half years at $63,81 a barrel this week, which is 143 percent above the 2016 all time low of $26,21 a barrel. Diesel drivers could be even worse...
Those who play hard to get shall come to grief 17 January 2018 HARARE - Last month, President Emmerson Mnangagwa directed those who externalised money and assets to make arrangements to return their loot within three months. The three-month window is expiring on February 28 and chances that the moratorium would be extended look slim. Mnangagwa has prom...
'Tobacco earnings to improve forex situation' 17 January 2018 HARARE - The foreign currency situation will continue to be dire until the beginning of the tobacco selling season, a senior Reserve Bank of Zimbabwe (RBZ) official has said. William Manhimanzi, the apex bank’s deputy director of financial markets, told tourism operators in Harare last week th...
Foreign currency shortages to persist 15 January 2018 HARARE - Foreign currency shortages are expected to persist throughout this year despite promising economic turnaround following the inauguration of Emmerson Mnangagwa as Zimbabwe's President late last year. Market experts, Equity Axis, said local companies should brace for further dire shorta...
RTGS slump drags NPS payments down 13 January 2018 HARARE - The value of transactions processed through the National Payments System (NPS) declined by 37 percent, to close the week ending December 29, 2017 at $1, 675 billion according to the latest Reserve Bank of Zimbabwe (RBZ) Weekly Economic Highlights. RBZ said the decline was mainly drive...
RBZ unveils $15m tourism facility 13 January 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) has unveiled a $15 million tourism development support facility to fund tourism projects as well as entice new sector players. Addressing stakeholders at the launch of the facility at a local hotel yesterday, the Tourism and Hospitality Industry mini...
'Looters returning externalised millions' 12 January 2018 HARARE - Individuals and companies that illegally externalised significant amounts of money from the country are returning the money, Reserve Bank of Zimbabwe governor John Mangudya has said. This comes after President Emmerson Mnangagwa said the looters are known and will be prosecuted if the...
Critical shortage of drugs looming 23 December 2017 HARARE – The Pharmaceutical Society of Zimbabwe (PSZ) has warned of a looming drugs shortage after it failed to access foreign currency from the Reserve Bank of Zimbabwe (RBZ) for the importation of critical medicines. Zimbabwe is relying on foreign imports for its drugs, equipment and hospita...
Time Bank to re-open 22 December 2017 HARARE – Time Bank of Zimbabwe Limited (Time Bank) has been given a licence to resume operations by the Reserve Bank of Zimbabwe (RBZ). RBZ yesterday said the bank, which was closed in 2006 for alleged mismanagement of funds and has been engaged in discussion with the central bank, would soon ...
RBZ warns against virtual currency 22 December 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has warned people against investing and using cryptocurrencies, which it said are risky and unregulated. This comes as the majority of Zimbabweans are heavily investing in Bitcoin — a type of cryptocurrency — whose prices reached $30 000 early this m...
Chombo remains behind bars 2 December 2017 HARARE – Former Finance minister Ignatius Chombo yesterday remained behind bars after High Court judge Clement Phiri deferred the hearing to next Wednesday to enable the State to file its response. Prosecutor Tapiwa Kasema applied to have the matter postponed, claiming that the record from the...
Return loot or face jail — ED 29 November 2017 HARARE – President Emmerson Mnangagwa has indeed hit the ground running, issuing a chilling warning yesterday to individuals and corporates that externalised foreign currency to return the money within the next three months or face the full wrath of the law, the Daily News can report. In a sta...
Tackle root cause, not symptoms 14 November 2017 HARARE - Zimbabwe's celebrated music superstar, Oliver Mtukudzi, has a popular song titled Handiro Dambudziko, which has lyrics that go — Kushingirira kurapa mhopo pamusana...mhopo iripamusana iwe uneziso rinembonje. Translated to English, this means putting much effort in curing the symptom b...
Stop fighting, create jobs 13 November 2017 EDITOR — We know and appreciate that our economy is on its knees but I am sure our government can  find ways to ensure that every Zimbabwean citizen especially our youths are fully empowered as we face many challenges everyday in order to survive and fend for the families. Because of our econo...
'Economy remains Zanu PF's greatest opposition' 10 November 2017 HARARE - Residents of Mbare hostels have jerked up the Harare City Council (HCC) after they ran a staggering $500 000 electricity bill in one month — prompting the local authority to revive plans to introduce pre-paid meters — months after the same community had rejected them. The hostels whic...
Zim woes beyond price controls, priority lists 10 November 2017 HARARE - To anyone who has a basic understanding of economics, the wave of price hikes witnessed in recent weeks was nothing but the wake of market forces. The market — manufacturers and retailers, among other economic players — was merely responding to circumstances on the ground. But it s...
RBZ applauds deposit insurance 8 November 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) says deposit insurance plays a critical role as a component of the financial safety net in an economy. Deposit insurance is protection provided by a government agency to depositors of a bank or deposit-taking institution. It assures the depositors...
Zim prices zoom out of control 1 November 2017 HARARE - Hard-pressed Zimbabwean consumers are in the throes of skyrocketing grocery bills that are likely to deprive them of the joys of Christmas, with unofficial inflation figures showing that food prices have gone up by between 20 to 100 percent in the past month, the Daily News can report. ...
'Hyperinflation returns to Zim' 1 November 2017 HARARE - Hard-pressed Zimbabwean consumers are in the throes of skyrocketing grocery bills that are likely to deprive them of the joys of Christmas, with unofficial inflation figures showing that food prices have gone up by between 20 to 100 percent in the past month, the Daily News can report. ...
Hyperinflation threat returns to Zim 29 October 2017 NEW YORK - Less than a decade after hyperinflation obliterated Zimbabwe's dollar along with its pensions and savings, the southern African nation is suffering a return to precipitous price rises. Zimbabwe adopted the US dollar in 2009, along with Britain's pound and the South African rand, to ...
These are encouraging economic signs 29 October 2017 HARARE - It's not every time that hard-pressed Zimbabweans get to hear news from industrialists that cheers them up because conversations amongst business leaders are most of the time dominated by depressing news. If it’s not the slow pace of bank transfers for cross-border transactions occasi...
Hard-pressed Zim industry cuts working hours 26 October 2017 HARARE - Zimbabwe's manufacturers have been squeezed harder by the deteriorating economy, with the sector retrenching and cutting working hours on the back of decreased capacity utilisation, the latest Confederation of Zimbabwe Industries (CZI)'s survey has revealed. This comes as the struggli...
Prices in sharp increase 24 October 2017 HARARE - Zimbabwe witnessed the sharpest increase in average prices in September since it adopted the multi-currency regime in 2009, which was biased towards the US dollar, a leading financial research firm has said. According to official Zimstat data, year-on-year inflation rose by 0,78 perce...