Articles tagged 'zim dollar'

Prices in sharp increase 24 October 2017 HARARE - Zimbabwe witnessed the sharpest increase in average prices in September since it adopted the multi-currency regime in 2009, which was biased towards the US dollar, a leading financial research firm has said. According to official Zimstat data, year-on-year inflation rose by 0,78 perce...
September inflation firms: Zimstat 17 October 2017 HARARE - Zimbabwe's annual inflation gained 0,64 percent in September to 0,78 percent from 0,14 percent as prices went up during the month under review, official data shows. Zimstat yesterday said prices as measured by the all items Consumer Price Index (CPI) increased by an average of 0,78 pe...
Panic as cooking oil vanishes again 17 October 2017 HARARE - There is once again growing uneasiness in the market as the country has been hit by another shortage of cooking oil, which retailers blame on oil manufacturing companies — who are said to be selectively supplying a few “favoured” outlets. At the same time, the Oil Expressers Associati...
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...
Mangudya calls for consumer resistance 6 October 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (JM) is really not amused by his countrymen's inclination towards inflicting harm on themselves; he is adamant that there is no need for the panic buying that rattled markets in recent weeks and advises consumers not to buy from shops...
Chinamasa explains cash shortages 3 October 2017 HARARE - Finance minister Patrick Chinamasa has said shortages of cash reflect the mismatch of US dollars in bank accounts and physical cash in the economy. Physical cash is comprised of US dollars, bond notes and other currencies in circulation in the country.  “This cash shortage reflects...
Inflation wipes out salaries: Unions 3 October 2017 HARARE - Salaries are being badly eroded in values due to devastating inflation, which has soared to 242 percent, according to a leading economist Steve Hanke. Zimbabwe Congress of Trade Unions (ZCTU) secretary-general Japhet Moyo told the Daily News yesterday that the high level of inflation ...
Pricing madness refuses to die 2 October 2017 HARARE - Prices of some basic commodities are continuously skyrocketing notwithstanding assurances by the authorities that the situation would soon normalise. A survey done by the Daily News in the two major cities of Harare and Bulawayo revealed that prices for most basic products were rising...
'Price controls risk further shortages' 27 September 2017 HARARE - Economists warned of worse shortages of basic commodities and an expanding parallel currency market as the Zimbabwean government mulls plans for new price controls across all sectors of production, to take effect within the next weeks. President Robert Mugabe has hinted at the introdu...
Bond coins 'whistleblower' appears in court 26 September 2017 HARARE - A South Africa-based driver at Prestige Carriers who reportedly leaked information that the Reserve Bank of Zimbabwe (RBZ) had bought six million, 50-cent bond coins — equivalent to $3 million — from South Africa, appeared in court yesterday. The court heard that Tinashe Sikwila, 32, ...
'Govt threw caution to the wind on bond notes' 26 September 2017 HARARE - Transform Zimbabwe, which is a part of the MDC  Alliance — a coalition of opposition parties aiming to unseat President Robert Mugabe in crunch elections expected next year — has said the country is about to experience the greatest economic turmoil since 2008. Speaking at a consultati...
RBZ importing $3m bond coins 22 September 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has contracted a South African company to manufacture six million 50 cent bond coins — equivalent to $3 million — that could be injected into circulation soon. According to a leaked invoice that has set social media ablaze, the firm — South African M...
Bond notes value tumbles 5 September 2017 HARARE - Introduced in November last year as part of measures meant to address the liquidity crisis, bond notes have fallen sharply in their value, stirring a wave of massive price increases, especially of basic goods. The Daily News can report that the high demand for foreign currencies requi...
Zim's 2017 inflation forecast at 2-3pc 10 August 2017 HARARE - Zimbabwe’s inflation is forecast to rise to around two to three percent at the end of this year, before accelerating sharply in 2018 due to election spending. The annual inflation rate, which had been in deflation since September 2014, moved into positive territory from -0,65 percent ...
'Back new bond notes with more US dollars' 4 August 2017 HARARE - The move by the Reserve Bank of Zimbabwe (RBZ) to increase the current $200m bond notes in the Zimbabwean economy to $500m must be backed by equivalent amounts of US dollars to help defend the value peg, the NKC African Economics think-tank has said. To allay market fears that the int...
Zim targets 2-3pc inflation 4 August 2017 HARARE - Zimbabwe is targeting an annual inflation rate of between two percent to three percent this year, in line with the regional benchmark, after a two-year deflation streak was snapped in February. Reserve Bank of Zimbabwe governor John Mangudya on Wednesday said although inflation is exp...
Bond notes to raise export earnings: Mangudya 19 July 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya clocked three years at the helm of the apex bank in March this year. Our Business Editor, John Kachembere, spoke to the central bank chief who is at the cusp of concluding talks with the Afreximbank for a loan facility to back an i...
RBZ set to inject more bond notes 18 July 2017 HARARE - Government is set to inject more bond notes into the system in what is likely to significantly ease the cash crisis with negotiations for a top-up of the initial $200 million facility now at an advanced stage, the Daily News can exclusively reveal. Without disclosing the figure being ...
Zim inflation slows 18 July 2017 HARARE - Zimbabwe's inflation, which has been increasing in the last six months, has gone down slightly as the effects of cash shortages and depressed spending by consumers begin to be felt. Figures released yesterday by the Zimbabwe National Statistics Agency (Zimstat) indicated that prices i...
Mangudya seeks to plug black market 12 July 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) is planning to plug the parallel financial markets and ease the current cash crisis by re-establishing Bureaux de Changes, more than 15 years after they were closed. Bureaux de Changes were shut down in December 2002 amid allegations that they were a...
'Govt causing cash crisis' 4 July 2017 HARARE - Zimbabwe's government is responsible for the current cash crisis due to its high level expenditure and the widening budget deficit, economist Ashok Chakravarti has said. The veteran economist said government’s excessive spending, with more than 91 percent of this year’s $3,7 billion n...
Zimra, RBZ act on bond notes leakages 1 July 2017 VICTORIA FALLS - The Reserve Bank of Zimbabwe (RBZ) is engaging the Zimbabwe Revenue Authority (Zimra) to institute stringent controls at the border posts to plug the leakage of bond notes into neighbouring countries. This comes after it emerged that large sums of bond notes are being spirited...
Alarm as govt mulls Z$ return 21 May 2017 HARARE - There is widespread panic among both businesses and ordinary Zimbabweans alike, after President Robert Mugabe's ever-floundering government ill-advisedly announced last Tuesday that it was working on “a plan” to use gold reserves to anchor the reintroduction of the much-derided Zim dolla...
Inflation gathers momentum 16 May 2017 HARARE - Zimbabwe's annual inflation rate accelerated to 0,48 percent in April this year from 0,21 percent in March, the national statistics agency said yesterday. But analysts said the increase had more to do with pricing vagaries than increased economic activity as food prices has been incre...
Stressed Zim cries for rands 10 May 2017 HARARE - With the current acute cash crisis worsening by the day, experts have made renewed calls for the country to adopt the South African rand as Zimbabwe's anchor currency, to stem an impending economic implosion. This comes as Parliament has summoned under-pressure Reserve Bank of Zimbabw...