Articles tagged 'rand'

Zim's currency options 25 September 2018 HARARE - It goes without saying that pursuant to the adoption of the multi- currency system in Zimbabwe in January 2009 until about 2015, one could withdraw up to $5 000 from an automated teller machine. Over the counter (i.e. from the tellers inside a bank), you could withdraw up to $10 000. ...
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...
Zim rules out rand adoption 15 July 2017 HARARE - Not for the first time, government has ruled out adopting the South African rand as its main currency. Responding to a question with notice in the Senate, Agriculture minister Joseph Made, standing in for Finance minister Patrick Chinamasa, said the country should work on improving pr...
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...
'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...
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 ...
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 ...
MDC backs rand adoption 28 April 2017 HARARE - Morgan Tsvangirai's MDC has said it backs the adoption of the South African rand as the primary currency. In an interview with the Daily News yesterday, MDC shadow finance minister Tapiwa Mashakada said since 50 percent to 60 percent of Zimbabwe's total trade is with South Africa, the...
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...
It's too late to adopt rand: Biti 29 March 2017 HARARE - Ex-Finance minister Tendai Biti has said it is too late for Zimbabwe to adopt the South African rand as a dominating currency. Writing on his Twitter account, the opposition People's Democratic Party (PDP) leader said: “Too late to adopt rand. Economy now in so much disequilibrium wit...
RBZ warms up to rand adoption 24 March 2017 HARARE - Zimbabwe's central bank is warming up to adoption of the South African Rand as a dominating currency following various calls from business in favour of the exchange. In an apparent U-turn from his previous stance, Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo, on Thur...
Mugabe backs rand adoption 23 February 2017 HARARE - President Robert Mugabe has backed Zimbabwe's adoption of the South African rand as its main currency. After ditching a worthless Zimbabwe dollar in 2009, the country has been using several currencies — United States (US) dollar, yuan and the rand, among other — along with the recentl...
EcoCash embraces South Africa Rand 9 December 2016 HARARE - Econet Wireless has for the first time in Zimbabwe introduced the South African Rand (ZAR) as a currency of transaction via EcoCash. The listed mobile firm's chief executive, Douglas Mboweni, yesterday said the introduction of a multi-currency wallet was another step towards meeting t...
'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...
Mandiwanza calls for rand adoption 30 June 2016 HARARE - Veteran industrialist Anthony Mandiwanza says Zimbabwe must adopt the South African rand as its official currency to help ease the current cash crisis and improve the manufacturing sector's competitiveness. This comes as the country, which adopted a multi-currency system in 2009 domin...
Rand adoption long overdue 15 June 2016 HARARE - The current cash shortages must jolt President Robert Mugabe and his Zanu PF government into action to quickly adopt the South African rand to save the economy from total collapse. Instead of introducing the much-hated bond notes, which have induced all manner of trepidation in the pu...
Too late to adopt rand: Biti 12 June 2016 HARARE - Former Finance minister Tendai Biti is having a laugh but laced with a tinge of disappointment. In 2010, during the inclusive government era, Biti suggested Zimbabwe join the Rand Monetary Union (RMU) as a way of adopting the South Africa Rand instead of using a basket of multiple cur...
SA millions stuck in Zim after bloody body found on plane 16 February 2016 CAPE TOWN – South African authorities are working to secure the release of millions of rands from a cargo plane that had been impounded in Zimbabwe after a dead body was found on it. A South African diplomat in Zimbabwe told SABC News the plane was carrying rand notes printed in Germany. Th...
Govt to inject more bond coins 28 November 2015 HARARE - Zimbabwean policymakers have revealed plans to pump $6 million worth of bond coins into the national economy, triggering widespread cheer. Reserve Bank of Zimbabwe governor John Mangudya introduced the new “bond coins” in December last year. They are named after a $50 million bond ...
Rand rejection sounds death knell 26 November 2015 HARARE - The continuing rejection of the South African rand by some of the country's largest retail operators will have a negative impact on the Zimbabwean economy, an Oxford think-tank has warned. Businesses are rejecting the use of rand coins over weakening value. [GoogleAd] The Oxford...
SA unfazed by rand rejection 13 November 2015 JOHANNESBURG - South African minister in the President's Office for Planning, Monitoring and Evaluation, Jeff Radebe, says his country is unfazed by the rejection of its currency on the Zimbabwean market. Radebe, who is also chairman of the South African National Planning Commission, told jour...
Time to rethink the rand debate 12 November 2015 HARARE - The adoption of the multiple currency system in 2009 — dominated by the United States dollar — brought relief and stability to the crisis-weary Zimbabweans, but the strengthening of the greenback against regional currencies is now haunting the economy. Over the past six years, the dol...
Zim squirms amid rand, yuan fluctuations 27 August 2015 HARARE - Zimbabwe's economy is squirming following the recent devaluation of the Chinese yuan and the declining South African rand, putting a dent on the country's economic revival hopes, market experts say. This comes as the country — which ditched its own currency in 2009 in favour of a mult...
Rand unchanged by Madiba death 6 December 2013 JOHANNESBURG - The rand was slightly firmer on Friday, although still close to multi-year lows, as the market awaits US employment figures later in the session. The rand was at R10.44/$ at 08:16, up 0.2% from the previous day's New York close, and showing no reaction to news of the death of fo...
Mutare vendors juggling Rand coins 1 September 2013 MUTARE - With US coins scarce, trade in South African coins is proving to be brisk business for locals. And Mutare's vendors are the city's unlikely but most aggressive Rand coin dealers — twisting local business maths. A US dollar note has been trading constant to eight Rand on the black m...