Articles tagged 'reserve bank of zimbabwe'

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...
Prices spiral out of control 27 September 2018 HARARE - The price of cooking oil has shot up by more than 20 percent, adding to the cost-push inflationary pressures triggered by the recent wave of price adjustments.
Zim inflation to break records 21 September 2018 HARARE - Zimbabwe's annual inflation rate is expected to break records this year after it rose to 4,83 percent in August, gaining 0,54 percentage points from the July rate of 4,29 percent. The figure is now 0,17 percent short of the December projection of 5,0 percent by the World Bank. The ...
Fuel stations run dry 20 September 2018 HARARE - Most service stations in Harare have run dry with long queues emerging as the fuel crisis continues, despite Reserve Bank of Zimbabwe (RBZ) governor John Mangudya saying the sector is fully-funded. Mangudya told the Daily News yesterday that logistical challenges that were faced by th...
NPS transactions hit $3bn 18 September 2018 HARARE - Transactions processed through the National Payment System hit $3,16 billion for the week ending August 31, due to an increase in Real Time Gross Settlement, latest data show. According to the Reserve Bank of Zimbabwe (RBZ), the value of transactions processed through the RTGS system ...
RBZ registers 19 new micro financiers 15 September 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) yesterday said it has registered 19 new micro financiers, bringing the total number of such institutions to 194. The central bank's registrar of micro financiers registered the 19 institutions during the period extending from January to June 30, this...
Govt engages specialised services 4 September 2018 HARARE - Government seeks to engage specialised services of interest recalculation and recovery of potentially overcharged interest on accounts claimed by and granted to creditors when it assumed the Reserve Bank of Zimbabwe (RBZ) debt. In 2015, the-then president Robert Mugabe signed into law...