Articles tagged 'cash crisis'

Companies reject US$ pay demands 17 October 2018 HARARE - Under-pressure local companies — reeling from myriad problems which include having to deal with soaring production costs — have rejected demands by unions to pay their employees in United States dollars. The demands to have employees paid in hard currency comes as Zimbabwe is experien...
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...
Worry over inflation pressures 15 October 2018 HARARE - Consumers will continue to feel the heat as retailers adjust their prices upwards nearly on a daily basis to keep pace with inflation, which a United States-based expert put at 155,8 as of last Friday. Renowned US economist Steve Hanke said Zimbabwe's 2018 cumulative inflation hit 155...
'Govt will defend wages' 15 October 2018 HARARE - President Emmerson Mnangagwa says he is fully aware of challenges monetary and fiscal measures have posed and government is working flat out to protect consumers, defend wage values and secure savings. This comes after Finance minister Mthuli Ncube and Reserve Bank of Zimbabwe governo...
Top lawyers say 2% tax is illegal as Zim inflation hits 155% 14 October 2018 HARARE - Government has triggered a storm after forging ahead to effect a draconian two percent tax on electronic transactions through a process legal experts say is unlawful. This comes as financial institutions, the Zimbabwe Revenue Authority and telecommunication companies began extending t...
MDC to join ZCTU demos 14 October 2018 HARARE - The Nelson Chamisa-led MDC has resolved to join the Zimbabwe Congress of Trade Unions (ZCTU) and the rest of the suffering citizens in protesting against the deteriorating economic conditions in the country. The resolution was made during the MDC's urgent national executive committee ...
Ordinary Zimbos' plight in crisis 14 October 2018 HARARE - The two percent tax impinges the elite, who transact large sums of money, an economist said this week, noting that the masses should just endure the pain as the government makes efforts to redress an inherited economic fiasco. But how much can an ordinary citizen with either a paltry ...
Struggling Zimboz need a reprieve 14 October 2018 HARARE - Todays' Asian tigers, China included were nonentities when we attained independence in 1980 with Singapore a laughing stock. Thirty years on, these nations have ushered in sound economic policies that raise the standard of living for their people and have become global players of note. ...
Be sensitive to people's poverty 14 October 2018 HARARE - The prevailing situation in which the government continues to ignore the plight of the generality of the suffering masses needs serious admonition. The recently announced fiscal measures which have drawn widespread criticism come against a background of a gross insensitivity by a go...
2% tax begins: as govt makes unpopular tax lawful 13 October 2018 HARARE - Despite the massive resistance which followed the unveiling of a draconian two percent tax on electronic transactions last week, government has now moved to make the fee lawful with immediate effect. [Adz] [GoogleAd]
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...
Forex rates hit new record high 12 October 2018 HARARE - The bond note continues to suffer heavy battering against the greenback on the parallel market, with its exchange rate touching new lows. The surrogate currency was trading at over 400 percent against the United States dollar yesterday, compared to 180 percent at the beginning of the ...
ZCTU, police head for nasty showdown 11 October 2018 HARARE - A showdown is looming between police and Zimbabwe Congress of Trade Unions ZCTU) after the latter filed a court application yesterday seeking to be granted permission to carry on with their demonstration over the recently introduced tax regime. This comes after the police reiterated t...
Parallel market to remain firm 11 October 2018 HARARE - Zimbabwe's runaway cash black market is anticipated to remain firm in the wake of a deepening foreign exchange scarcity that saw the United States dollar premium surging to 400 percent as at midday yesterday. While monetary authorities have gazetted a law to curb illegal cash and fore...
Carnage as restaurants close 11 October 2018 HARARE - Several up-market restaurants in the capital have closed their doors to the public indefinitely, citing the harsh economic condition prevailing in country as the reason they cannot continue operating. This follows a policy announcement by government for banks to separate foreign curre...
Beware of 2008, President Mnangagwa warned 2 October 2018 HARARE - As Zimbabwe's economy continues to come apart at the seams, experts say it is time for President Emmerson Mnangagwa and his dithering lieutenants to bite the bullet and make the requisite changes needed to turn around the untenable situation.
Zim's currency options 25 September 2018 HARARE - It goes without saying that pursuant to the adoption of the multi- currency system in Zimbabwe in January 2009 until about 2015, one could withdraw up to $5 000 from an automated teller machine. Over the counter (i.e. from the tellers inside a bank), you could withdraw up to $10 000. ...
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...
Zimbabweans need a break from crises 14 August 2018 HARARE - One of our main stories in yesterday’s edition spoke about price hikes and shortages that have returned to haunt crisis-weary Zimbabweans. The latest shortages as well as price increases come as sad reminders of the trying 2007-8 period that was characterised by record hyperinflation ...
Banks to give out more cash: RBZ 7 August 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) says people should expect to withdraw more cash from their banks in the coming weeks, just like what happened at the weekend when Automated Teller Machines (ATMs) dispensed United States dollars to the amazement and elation of many. This comes as the...
No Zim dollar return: RBZ 5 July 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) has refuted claims circulating on social media about the reintroduction of the banished local unit. Social media sites such as WhatsApp, Facebook and Twitter were awash with a document purportedly issued by RBZ announcing a comeback of the Zimbabwe d...
Beware of bearer cheques repeat 3 July 2018 HARARE - During deposed president Robert Mugabe's time, government was notorious of playing a blame game, coupled with focusing on symptoms rather than dealing with the root cause of a problem. This perpetuated untold suffering of the vulnerable ordinary masses. Today — under the new dispensat...
Address problems faced by industry 2 July 2018 HARARE - The worsening shortages of foreign currency, particularly the United States dollar, underline the mammoth task that government faces in its quest to make things work again. Part of the problem we face as a country is that when former president Robert Mugabe and the late MDC leader Mor...
US dollar black market rate soars 28 June 2018 HARARE - A crazed pre-election demand for the United States dollar has pushed the black market premium to an all-time high as shortages of foreign exchange fuels a roaring currency black market now driving up food prices. Prices of basic commodities over the past few weeks have risen as busine...