Articles tagged 'cash'

Humour helps Zimbos get through crisis 14 October 2018 HARARE - For Trymore Gumbo, 34, the long queues being witnessed in the fuel sector are a sad reminder of the 2008 scenario, where every queue was worth joining regardless of what will be on offer. During the 2008 era, people had mastered the art of endurance, standing in queues for long hours ...
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...
Cash shortages now Zim's major election issue 24 June 2018 HARARE - The leader of Zimbabwe main opposition party, Nelson Chamisa, alighted from his car, grabbed a microphone and made a bold promise to scrap bond notes if he wins the July 30 presidential election to stem the worsening cash shortages and liquidity crunch. The intensifying cash shortages...
RTGS payments decline 24 April 2018 HARARE - Transactions that passed through the Real Time Gross Settlement (RTGS) system in the week to March 29, 2018 were down 14 percent to close the week at $1,5 billion from $1,7 billion, official data shows. In its report for the week under review, the Reserve Bank of Zimbabwe (RBZ) said t...
Cash transactions rise 17pc 11 April 2018 HARARE - Zimbabweans lived it up during the month of December last year in spite of the country's liquidity challenges, latest data from the Reserve Bank of Zimbabwe indicates. In its December 2017 monthly report, the central bank said the total value of cash transactions was 17 percent higher...
Chimene warns Asian business people 5 November 2017 MUTARE - Combative minister of State for Manicaland Province Mandiitawepi Chimene has warned that she will order the closure of Asian businesses that are refusing to accept plastic money and demanding cash. Speaking on the side-lines of a workshop to discuss Zanu PF's economic blueprint ZimAss...
Chinamasa grilled over cash crisis 21 September 2017 HARARE - Finance minister Patrick Chinamasa was yesterday grilled by legislators who implored him to  address the liquidity crisis saying bond notes have fallen sharply in their value, stirring a wave of massive price increases. Speaking in the National Assembly during the question and answer ...
Cash shortages hit school opening preps 12 September 2017 HARARE - Schools begin the third term with parents facing a myriad problems including having to fork out steep prices for uniforms and other essential due to cash shortages which have seen retailers introducing different prices under a three-tier payment system. Yesterday, a number of parents ...
New strategies needed to mitigate cash crisis 4 August 2017 HARARE - The Reserve Bank of Zimbabwe’s decision to introduce an additional $300 million bond notes will not help ease the current cash crisis. There was a lot of excitement and apprehension last year when the central bank introduced the $200 million Afreximbank-backed bond notes, with the maj...
RBZ to inject $300m more bond notes 3 August 2017 HARARE - Zimbabwe will soon introduce an additional $300 million bond notes into the economy, in a measure the central bank says is meant to stimulate production and exports. Presenting his Mid-Term Monetary Policy Statement yesterday, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, sai...
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...
Zim rules out rand adoption 15 July 2017 HARARE - Not for the first time, government has ruled out adopting the South African rand as its main currency. Responding to a question with notice in the Senate, Agriculture minister Joseph Made, standing in for Finance minister Patrick Chinamasa, said the country should work on improving pr...
Cash crisis symptom of broken Zim economy: Mangudya 13 July 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday said the current cash crisis is a symptom of a broken economy. “People are asking the wrong questions, it's not about the currency but about the economy which is not performing,” he said. This comes as government is st...
$3 to watch Warriors, POS machines for VIP only 9 June 2017 HARARE - In a bid to attract a full house for Sunday’s 2019 Africa Cup of Nations (Afcon) qualifier between the Warriors and Liberia, Zifa have pegged the cheapest ticket at $3. Normally, international matches and even some of the big games in the domestic Castle Lager Premiership fans have to...
Zim banks reject rand adoption 22 May 2017 HARARE - Zimbabwean banks say adopting the South African rand will not help solve the country's economic challenges. Addressing delegates at the two-day Financial Markets Indaba in Harare last week, Barclays Bank Zimbabwe managing director George Guvamatanga said more has to be done to solve t...
Economy growing despite cash crisis: Mnangagwa 12 May 2017 HARARE - Zimbabwe's economy is growing, despite the myriad problems — including a deepening cash crisis — dogging the country, Vice President Emmerson Mnangagwa told the National Assembly on Wednesday. He said the growth is driven by a better than expected agriculture season and a boost in min...
Zim bank queues get longer 8 May 2017 HARARE - Despite authorities injecting more bond notes into the market and increasing their weekly importation of United States dollars by 50 percent, the government is dismally failing to stem the country's severe cash shortages which have seen desperate Zimbabweans besieging overstretched banks...
Mugabe fails to address cash shortages 19 April 2017 HARARE - President Robert Mugabe yesterday skirted addressing the shortages of cash and policy inconsistencies within his government when he delivered a dour independence speech to spark fierce criticism from opposition parties who say he is now acting like “a lost soul”. Addressing thousands ...
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 ...
Zim cash crisis worsens 5 April 2017 HARARE - Zimbabwe's severe cash crisis is worsening, forcing banks to reduce further their daily withdrawal limits — in addition to suspending dispensing money through Automated Teller Machines (ATMs). This prompted analysts who spoke to the Daily News yesterday to say that this confirmed that...
'Cash shortages set to worsen' 18 October 2016 HARARE - As jittery ordinary Zimbabweans wait with bated breath for the introduction of bond notes next month, the Reserve Bank of Zimbabwe (RBZ) has warned of worsening cash shortages ahead, in a further dose of bad news for the country's dying economy. This comes as the current severe cash s...
Zim cash crisis worsens by day 5 October 2016 HARARE - The government's imminent introduction of bond notes appears to be worsening the country's cash crisis and triggering panic withdrawals from banks, with jittery Zimbabweans swamping financial institutions in their desperate bid to take out all their money ahead of the launch of the distr...
'Cash crisis to trigger Mugabe exit' 28 September 2016 HARARE - President Robert Mugabe could be forced out of office earlier than 2018 by Zimbabwe's worsening cash and liquidity crisis, a US-based think tank has said. In a September 19 newsletter, American publisher and global intelligence company, Strategic Forecasting, Inc (Stratfor), cautioned...
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...
EcoCash transactions top $6,6bn 1 June 2016 HARARE - Econet Wireless Zimbabwe (Econet) says it will continue investing in infrastructure to diversify its revenue streams after the company’s mobile money platform, EcoCash, moved over $6,6 billion since its launch five years ago. “The local telecommunication industry in line with global t...