Articles tagged 'us dollars'

Medical aid to be paid in forex 10 October 2018 HARARE – Thousands of struggling workers are at risk of failing to access medical services after the Association of Health Care Funders of Zimbabwe (AHFoZ) yesterday warned that it will soon start charging subscriptions in United States dollars. AHFoZ represents all medical aid societies in Zi...
No to GNU talks — Chamisa 10 October 2018 HARARE - MDC leader Nelson Chamisa says he will not be “tricked” into a government of national unity (GNU) like what happened with the party's founding president, Morgan Tsvangirai, in 2008. Chamisa poured cold water on sentiments that he must smoke a peace pipe with President Emmerson Mnangag...
Scramble for Emirates tickets 10 October 2018 HARARE - Zimbabwe’s travelling public is scrambling to secure Emirates tickets, some booking as far ahead as August 2019 for speculative reasons. Emirates, is among the few major airlines which have not yet withdrawn full ticketing in Zimbabwe after British Airways (BA) — operated by Comair — ...
Split in Cabinet over transaction tax 9 October 2018 HARARE - The recently announced tax regime has divided President Emmerson Mnangagwa's Cabinet right through the middle with a section of it pushing hard to have the austerity measures reversed to ease the suffering among ordinary Zimbabweans, the Daily News can report. Early last week, Finance...
Talk to Chamisa to spur economy, ED urged 8 October 2018 HARARE - With the country's economy continuing to haemorrhage badly despite the government's best efforts, analysts and ordinary citizens are urging President Emmerson Mnangagwa to engage opposition leader Nelson Chamisa (pictured)to stem an economic “Armageddon” similar to 2008. Among the pro...
Drug firms in dire straits 8 October 2018 HARARE - The pharmaceutical industry has warned of a catastrophic health crisis if the government does not release emergency funds for the importation of life-prolonging drugs. This comes as many local pharmacies have started selling medication in hard cash and United States dollars only. I...
'Currency woes to linger' 8 October 2018 HARARE – Zimbabwe's currency woes will linger as long as its awkward monetary system remains, a research think-tank BMI has said. The country's cash system is currently made up of a concoction of currencies, which includes the bond notes, a pseudo currency said to be backed by an Afreximbank f...
Economy must move towards normalcy now 8 October 2018 HARARE - The Zimbabwean economy has been a subject for discussion for decades now as it continues its slide into the abyss. Following the July 30 harmonised elections, a lot has been said about the best post-poll arrangement with some pushing for an inclusive government similar to the one that...
ED externalisation list: Business pressures govt 1 April 2018 HARARE - Zimbabwe's largest business lobby group, the Confederation of Zimbabwe Industries (CZI), is pressing government to clear 40 of its members who were “wrongly” listed as money externalisers by President Emmerson Mnangagwa. The body has scheduled a meeting with central bank governor, Joh...
Balooning prices dampen Xmas 23 December 2017 HARARE - Thousands of ordinary Zimbabweans who had anticipated having a decent festive season — on the back of promising policies by President Emmerson Mnangagwa's government — risk enduring a bleak Christmas as retailers have hiked prices of foodstuffs. This comes as Mnangagwa's government th...
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...
Cost of drugs shoots up 22 October 2017 HARARE - The medicines industry in Zimbabwe has been affected by foreign currency shortages which have seen the cost of drugs go up. At the same time, medical aid societies are on a collision course with pharmacists as they blame each other for non-payment and price inconsistencies. While h...
Foreign currency shortages worsen 12 October 2017 HARARE - The country’s foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa’s largest pay-TV company. This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCa...
Price hikes: Retailers dig in 9 October 2017 HARARE - The Confederation of Zimbabwe Retailers (CZR) has said shops have “no choice” but to increase prices as they are sourcing foreign currency from the black market where they are charged steep premiums. This comes as retailers have significantly increased prices of basic goods, amid esca...
Concern over $5m paid to artisanal miners 3 October 2017 HARARE - Government is worried that artisanal gold miners who are paid $5 million weekly in US dollars and bond notes for their export incentive could be abusing the cash they are being paid by Fidelity Printers and Refiners and by banks. Fidelity Printers and Refinery is a unit of the Reserve...
Dollar shortages threaten Zim businesses 17 July 2017 HARARE - Zimbabwean businesses are seeing tumbling output because of an acute dollar shortage that has forced banks to delay processing payments for imports of spare parts and supplies, a KPMG poll found. This comes as cash in circulation has dwindled to 1,4 percent of total deposits in the ba...
Music promoters hit by forex shortage 9 July 2017 HARARE – Local music promoters are forging partnerships with their counterparts in other countries in a bid to get the necessary foreign currency to bring international artistes to Zimbabwe. Due to the shortage of foreign currency in the country as a result of economic challenges the nation ha...
Farmers left to rot at auction floors 7 May 2017 HARARE - Tapiwa Kadzura travelled all the way from Karoi, he had his tobacco bales and hoped to make a kill at the auction floors — but reality is different. He sleeps in a toilet and scrounges for food as he and other farmers are told there is no money to pay them now. Last week, Kadzura a...
Uptake of bond notes, cash crisis spike inflation 23 April 2017 HARARE - The increasing uptake of bond notes and worsening cash shortages inducing premiums on products is pushing up inflation, leading think-tanks have said. This comes after consumer price index (CPI) inflation continued on its upward trajectory last month after more than two years of defla...
Cash crisis: Govt targets companies 8 April 2017 HARARE - Under-pressure Finance minister Patrick Chinamasa has promised severe punishment for companies and other traders who are not banking money — accusing them of fuelling the country's cash shortages which have worsened in recent days. This comes as banks have reduced further their daily ...
Jail term for devaluing bond notes 28 March 2017 HARARE - Retailers and dealers fuelling the three-tier pricing that has emerged as market forces are overpowering the forced parity of bond notes face imprisonment of up to seven years. This comes after President Robert Mugabe on Friday signed into law the Reserve Bank of Zimbabwe Amendment Ac...
'US dollar not all bad news' 13 March 2017 HARARE - As the debate continues to rage about the extensive use of the United States dollar in the country, the chief executive of Zimbabwe's biggest financial services group CBZ Holdings — Never Nyemudzo — says the coveted greenback has played an important role in stabilising the local economy ...
Chinamasa's propaganda can't resuscitate economy 11 March 2017 HARARE - Back in the days when the Soviet Union was still a communist empire, its flagship broadsheet newspaper was called Pravda, or “Truth”. But all and sundry knew it was a supplier of lies. The credibility of Pravda was so small that those who bothered to peruse it would believe unerrin...
Zim has only $300mln in circulation 29 January 2017 HARARE - Zimbabwe has $304 million hard cash in circulation including $73 million in bond notes as of January 2017, about a third of optimum demand, reflecting a worsening liquidity crisis, an economist said. Ashok Chakravarti, who also advises the Office of the President and Cabinet on improv...
Zim running out of US dollars 25 January 2017 HARARE - Despite the shrill official propaganda to the contrary, Zimbabwe's economy is continuing on its steep decline — with the latest manifestation of this implosion being the alarming disappearance of the much sought-after United States dollars from the market in recent weeks, with devastatin...