Articles tagged 'black market'

8 in court for illegal forex dealing 5 January 2019 HARARE - Eight suspected money-changers yesterday appeared before the Harare Magistrates’ Courts for illegally dealing in foreign currency. Nigel Mangozho, 32, and seven others were caught in the act by police and arrested. Allegations are that Mangozho on January 3, 2019 was at CopaCabana ...
Cash crisis persists 29 December 2018 HARARE - The cash crisis is worsening with some banks reportedly turning away their clients as early as 7am yesterday, advising that they had no money. Contacted for comment,  Reserve Bank of Zimbabwe governor John Mangudya, however, said there is no crisis and individuals should resort to pla...
Forex dealers resurface, cite demand 10 December 2018 HARARE - Forex dealers popularly known as ''money-changers'' are back on the streets operating underground as they still claim that there is high demand for foreign currency now because government is charging duty in foreign currency. In recent weeks, forex dealers were largely absent from pos...
Drive out touts, money changers 17 October 2018 HARARE - Recent events in the country will leave anyone — including those outside Zimbabwe's borders — having a rethink on our citizens' claims to being one of the most literate nations on the continent. No-one would doubt that things are so bad in the country but surely there is something tha...
Govt abdicating on its responsibilities 17 October 2018 HARARE - The government has stolen $220 from me. Yes, the very government mandated to provide me with a constitutionally-guaranteed right to health has failed me. I have a $220 hole in my home economics budget right now because I have been forced to source US dollars from the black market because...
Forex crisis causes mayhem 12 October 2018 HARARE - Contraditions in the implementation of the controversial two percent tax have further fuelled an already volatile economic crisis, with companies responding by either closing shop or increasing commodity prices. The inconsistencies follow austerity measures introduced by Finance minis...
Foreign currency rates soar 9 October 2018 HARARE – The bond note has continued to lose ground on the black market with its rates hitting 180 percent to the United State Dollar (USD) this week compared to October 1's 106 percent. On October 1, a post by Premier Alternative Market Tracker in Zimbabwe, Zim Bollar Index indicated that exc...
Black market rates soar 15 September 2018 HARARE - The bond note has continued to lose ground on the black market, with rates reaching a staggering 100 percent to the United State dollar yesterday. Last week, the bond was trading below 90 percent on the parallel market although it continues to trade at par with the greenback on the of...
'Zim situation worsening' 30 June 2018 HARARE - Zimbabwe's situation — economic downturn, youth unemployment, corruption, human rights abuses and poor service delivery — has worsened over the past five years, a survey has revealed. According to the survey — conducted by Magamba Network in conjunction with Citizens Manifesto and the...
ED's forex looters list a big joke 20 March 2018 HARARE - President Emmerson Mnangagwa's government yesterday released the long-awaited list of companies and individuals alleged to have failed to return $827 million stashed abroad following the expiry of a 14-week-long amnesty, the Daily News can report. Read full story in today's paper. ...
Zim's credit rating improves 8 March 2018 HARARE - Respected South Africa-based economic research firm NKC African Economics (NKC) yesterday upgraded Zimbabwe's sovereign credit rating or ability to borrow money for the first time in nearly 20 years, saying continued progress on economic and institutional reforms would boost the country'...
Tackle root cause, not symptoms 14 November 2017 HARARE - Zimbabwe's celebrated music superstar, Oliver Mtukudzi, has a popular song titled Handiro Dambudziko, which has lyrics that go — Kushingirira kurapa mhopo pamusana...mhopo iripamusana iwe uneziso rinembonje. Translated to English, this means putting much effort in curing the symptom b...
Stop fighting, create jobs 13 November 2017 EDITOR — We know and appreciate that our economy is on its knees but I am sure our government can  find ways to ensure that every Zimbabwean citizen especially our youths are fully empowered as we face many challenges everyday in order to survive and fend for the families. Because of our econo...
'Economy remains Zanu PF's greatest opposition' 10 November 2017 HARARE - Residents of Mbare hostels have jerked up the Harare City Council (HCC) after they ran a staggering $500 000 electricity bill in one month — prompting the local authority to revive plans to introduce pre-paid meters — months after the same community had rejected them. The hostels whic...
Zim woes beyond price controls, priority lists 10 November 2017 HARARE - To anyone who has a basic understanding of economics, the wave of price hikes witnessed in recent weeks was nothing but the wake of market forces. The market — manufacturers and retailers, among other economic players — was merely responding to circumstances on the ground. But it s...
Zim prices zoom out of control 1 November 2017 HARARE - Hard-pressed Zimbabwean consumers are in the throes of skyrocketing grocery bills that are likely to deprive them of the joys of Christmas, with unofficial inflation figures showing that food prices have gone up by between 20 to 100 percent in the past month, the Daily News can report. ...
'Hyperinflation returns to Zim' 1 November 2017 HARARE - Hard-pressed Zimbabwean consumers are in the throes of skyrocketing grocery bills that are likely to deprive them of the joys of Christmas, with unofficial inflation figures showing that food prices have gone up by between 20 to 100 percent in the past month, the Daily News can report. ...
Hyperinflation threat returns to Zim 29 October 2017 NEW YORK - Less than a decade after hyperinflation obliterated Zimbabwe's dollar along with its pensions and savings, the southern African nation is suffering a return to precipitous price rises. Zimbabwe adopted the US dollar in 2009, along with Britain's pound and the South African rand, to ...
These are encouraging economic signs 29 October 2017 HARARE - It's not every time that hard-pressed Zimbabweans get to hear news from industrialists that cheers them up because conversations amongst business leaders are most of the time dominated by depressing news. If it's not the slow pace of bank transfers for cross-border transactions occasi...
'Mugabe's economic vandalism unpardonable' 18 October 2017 HARARE - The myriad of challenges bedevilling Zimbabwe today are essentially man-made, a senior Transform Zimbabwe (TZ) official has said. Addressing a press conference on the state of Zimbabwean economy in Harare yesterday, TZ president Jacob Ngarivhume said the cash crisis, vendors, unfriend...
Zim needs bold economic reforms: US envoy 14 October 2017 HARARE - Zimbabwe needs to implement comprehensive and bold economic reforms and get rid of corruption for the  economy to get back on track, United States ambassador to Zimbabwe Harry Thomas Junior has said. He spoke as the economy is imploding, blighted by critical foreign currency shortages...
Zim forex shortages worsen 14 October 2017 HARARE - Zimbabwe's months-long foreign currency crisis yesterday forced Steward Bank to suspend its MasterCard payment solution, with customers wishing to use the service now required to pre-fund their accounts with cash. This comes as Zimbabwe's leading banks are suspending automatic use of ...
Ministers blames social media for panic buying 14 October 2017 HARARE - A ministerial taskforce set up to investigate the root cause of recent price hikes and panic buying is set to wind up its probe next week, with preliminary results revealing that government blames social media. Industry and Commerce minister Mike Bimha, who is chairing the committee, ...
Arrest warrant for forex dealer 10 October 2017 HARARE - A warrent of arrest has been issued against a Harare woman for illegally dealing in foreign currency after she failed to pitch up for her sentencing at court yesterday. Rosa Sanudi, 40, had pleaded guilty to contravening the Exchange Control Act when she appeared before Harare magistr...
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...