Articles tagged 'us dollars'

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...
RBZ to inject more bond notes 8 December 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) is set to inject an additional  $7 million bond notes into circulation this week as part of strategies to ease the current cash crisis. This brings the total amount of bond notes disbursed to $17 million against a value of $70 million payable to expo...
Soldier, colleagues up for possessing fake money 11 October 2016 HARARE - Luck ran out for a Zimbabwe National Army (ZNA) lance corporal and four of his accomplices who are suspected to be part of a syndicate that is circulating fake United States dollars when they were busted while stashing $1 800 fake notes. Kudakwashe Gumbeze, 28, appeared before Harare ...
Cash flight persists 7 September 2016 HARARE - Flight of hard cash from the economy has remained unabated despite moderation in recent months, amid indications that the cash ratio in the first half was six percentage points lower than the same period last year. Local financial market analysts, Equity Axis (EA), yesterday said Trea...
Cash shortages: Boon for black market 10 July 2016 HARARE - As the country's economy continues to deteriorate with cash shortages worsening, tight liquidity has created jobs for the unemployed as ever-innovative Zimbabweans invent and reap from a supposedly grim and bleak situation. Most local banks have lowered their cash withdrawal limits, a...
Econet moves to ease cash shortages 29 April 2016 HARARE - Zimbabwe's largest mobile telecommunication group Econet Wireless (Econet) says it has introduced an airtime credit service via its mobile money division in a move aimed at easing the acute cash shortages. The country has been experiencing a biting cash shortage since early March with...
Address cash crisis' root cause 25 April 2016 IN the past few weeks, Zimbabweans have had to once again go through a repeat of an agonising and painful experience with the country's financial sector — failing to access their hard- earned money from the banks. It is extremely sad and disheartening. The crisis, which brings back distress...
Depositors fueling cash crunch: Chinamasa 23 April 2016 HARARE - Finance minister Patrick Chinamasa yesterday claimed depositors were fuelling the country's biting cash crisis by keeping money outside the formal banking system. But depositors have said they were resorting to “pillow banking” because they could not access their cash from banks when ...
RBZ seeks to ease cash-crisis 9 April 2016 HARARE - Reserve Bank of Zimbabwe governor John Mangudya says the country is working on a raft of measures to ease a month-long cash-crisis that has seen depositors getting daily withdrawals as little as $20 from banks. The country, which adopted a basket of currencies dominated by the United ...