Articles tagged 'reserve bank of zimbabwe'

RBZ boss' bail conditions relaxed 26 January 2019 HARARE - Reserve Bank of Zimbabwe (RBZ) financial intelligence unit director Mirirai Chiremba's bail conditions have been relaxed.   Chiremba stands accused of criminal abuse of office after he allegedly reviewed a gold dealer's daily withdrawal amount to $195 000 from $95 000 at a time when t...
Price hikes fail to end fuel crisis 20 January 2019 HARARE - There is no immediate relief for motorists and transport operators despite government’s shocking fuel hikes as long and winding queues continue to stalk several garages which are struggling to stock the much-sought products. This comes as government insists that the country has enough...
Microfinance loans up 9pc 10 January 2019 HARARE - Loans and advances in the microfinance sector increased nine percent from $272,95 million in March 2018, to close June at $297,52, the Reserve Bank of Zimbabwe (RBZ) said. In its report for the quarter to June 2018, the central bank said total assets for the sector grew by 14,38 perce...
RBZ fails to release money for refuse trucks 9 January 2019 HARARE - The Reserve Bank of Zimbabwe (RBZ) is yet to release the money required by Harare City Council (HCC) to pay duty for the 15 refuse trucks that have been stuck in South Africa. The trucks which were purchased in September 2017 were part of a fleet of 30 garbage compactors procured unde...
50 000 cattle succumb to diseases 1 January 2019 HARARE - At least 50 000 cattle succumbed to diseases in the past 12 months, amid fears that more will die if the shortage of dipping chemicals persists, legislators have said. In its report, the Parliamentary Portfolio Committee on Lands, Agriculture, Water, Climate and Rural Resettlement sai...
Zim inflation rises to 31pc 19 December 2018 HARARE - Zimbabwe's year on year inflation rate for the month of November stood at 31,01 percent, gaining 10,16 percentage points on the October rate of 20,85 percent following a surge in prices of goods and services, the Zimbabwe National Statistical Agency (Zimstat) said yesterday. This was ...
Four RBZ executives absolved of wrongdoing 14 December 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) yesterday cleared four senior executives of any wrongdoing following their suspension on allegations of corruption and illegal foreign currency dealings. Their precautionary suspension was done after rabblerousing influence- peddler, William Gerald M...
Public debt chokes economy 9 December 2018 HARARE - Zimbabwe's economy will soon explode if government does not come up with an immediate solution to expunge its growing national debt, analysts have warned. The southern African country's public debt has ballooned to $16,9 billion — 96,79 percent of gross domestic product (GDP) — due to...
RBZ director charged with criminal abuse of office 7 December 2018 HARARE - Reserve Bank of Zimbabwe (RBZ) financial intelligence unit director Mirirai Chiremba was hauled before the courts yesterday facing charges of criminal abuse of office. Chiremba allegedly reviewed Suzan General Trading's application from $95 000 to $195 000, while the said application ...
'Zim economy unofficially dollarises' 2 December 2018 HARARE - Zimbabwe is undergoing bond notes substitution and progressive unofficial dollarisation, economists have said. This comes as more citizens are shunning the national currency in favour of the historically more stable US dollar. Zimbabwe abandoned its inflation-ravaged Zimdollar in 2...
Fuel shortages hit Zim again 22 November 2018 HARARE - Government assured motorists yesterday that there were no shortages of fuel and urged them not to engage in panic buying after long queues built up at filling stations. Lengthy fuel queues were reported by motorists across Zimbabwe, including in the second capital Bulawayo, the easter...
Mangudya allays inflation fears 20 November 2018 HARARE - In a bid to reassure the mining sector that inflation will remain in check, Reserve Bank of Zimbabwe governor John Mangudya yesterday said he does not expect it to go up due to sound policies and vision 2030 that the government is pursuing. This comes after Zimbabwe's October inflat...
RBZ increases forex allocation to gold miners 17 November 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) has increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced R...
Money is the root of all evil 14 November 2018 HARARE - We all use money everyday and yet few of us really understand what these bits of paper or cotton or simply figures in a ledger, really mean. But we know the stuff is important. In economic terms the answer is actually quite simple, the stuff is a means of exchange, a store of wealth a...
Mangudya pours his heart out 10 November 2018 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has poured his heart out during a pre-budget seminar in Bulawayo on Thursday, saying it was unfortunate that the apex bank has become the target of attack despite the enormous work they are putting in addressing the difficult economic...
Zacc has nothing on Mangudya, Tagwirei 8 November 2018 HARARE - Despite the sensational accusations by flip-flopping activist Gerald Mutumanje — also known as Acie Lumumba — that seemed to suggest some wrongdoing on the part of businessman Kudakwashe Tagwirei and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, the Zimbabwe Anti-Corruption Comm...
Fuel supplies back to normal 7 November 2018 HARARE - Petrol supplies have returned to normalcy at most service stations, while diesel is still in short supply. Zimbabwe was rocked by fuel shortages soon after Finance minister Mthuli Ncube announced a two percent tax on electronic transactions, which came on the backdrop of indications t...
Zim official inflation misleading 30 October 2018 HARARE - Zimbabwe's official inflation is misleading and does not reflect the price increases of goods and services consumers are witnessing, a leading equities firm has said. The country's annual inflation is currently pegged at 5,39, according to Zimstats, but various analysts said it has br...
Auditors tasked to probe RBZ officials 26 October 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) has instructed auditors to urgently investigate officials accused of illegal forex trading. In a statement yesterday, RBZ governor John Mangudya said the bank's board of directors is seized with the matter and has directed its audit and oversight com...
RBZ suspends senior officers 23 October 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) has suspended senior directors after they were fingered in abuse of office allegations. RBZ director (bank supervision) Norman Mataruka; director financial intelligence Mirirai Chiremba; head of security Gresham Muradzikwa and director financial mark...
AfDB confirms $500m Zim loan 20 October 2018 HARARE - The Reserve Bank of Zimbabwe is set to receive a $500 million loan from the African Export-Import Bank (Afreximbank), a move meant to arrest the sliding official foreign currency reserves and provide much-needed breathing space to the new government. This comes as Zimbabwe is in the t...
'Mangudya deserves our support' 19 October 2018 HARARE - Zimbabweans must support the country's recently announced monetary policy measures because they are “meant to preserve people's savings at banks”, a youth empowerment activist has said. This also comes as government has somehow backed a Zanu PF youth league's call for punitive action ...
'Enact law to deal with money changers' 17 October 2018 HARARE - The Anti-Corruption Trust of Southern Africa (ACT-SA) has urged President Emmerson Mnangagwa and law makers to come up with a law to deal with illegal currency trading and related financial activities in Zimbabwe. This comes after ACT-SA had a meeting with the Police Acting District C...
ED gamble backfires 4 October 2018 HARARE - President Emmerson Mnangagwa has got it all to do after the government's new measures to stabilise the country's sickly economy were rejected by a wide cross-section of the Zimbabwean populace — who feel that the steps taken by authorities this week will worsen their suffering, the Daily...
Zim's foreign reserves plummet 29 September 2018 BULAWAYO - Zimbabwe's foreign reserves have depleted to $200 million against a requirement of $1 billion cover as the country is struggling to emerge out of a near-recession, the Reserve Bank of Zimbabwe (RBZ) has said. Jesimen Chipika, the central bank deputy governor, on Thursday told indust...