Articles tagged 'cash crisis'

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...
Advisory council key for economic recovery 5 December 2018 HARARE - Decision-making in any governance structure is key for economic recovery and proper economic projections. An advisory council is crucial because it keeps government in check before key decisions are made. I would suggest this council must comprise academics, policy makers, opinion lea...
STEVE HANKE EXCLUSIVE: Dollarise now ED govt told 19 November 2018 HARARE - Our staff writer Pauline Hurungudo interviews Steve Hanke, a professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute. Over four decades, Hanke has advised dozens of world leaders from Ronald Reagan to Indonesia's Suharto on currency refor...
Scrap forced parity of US dollar-bond notes: ZNCC 19 November 2018 HARARE - The Zimbabwe national Chamber of Commerce (ZNCC) has asked Finance minister Mthuli Ncube to stop in the National Budget the use of bond notes and RTGS electronic balances, officially at par with the US dollar. In the parallel market, bond notes are trading at a discount vis-à-vis the ...
'Crackdown on money changers futile' 16 November 2018 HARARE - The crackdown on black market currency trading to curb a parallel market blamed for the spike in prices is not enough to address the problem, economists said yesterday. This comes as there has been a heavy security presence around commercial areas typically associated with black marke...
Schools in USD fees U-turn 10 November 2018 HARARE - A number of private schools that were contemplating charging their fees in foreign currencies are now backtracking on the idea which could have pushed away some of their learners. In the wake of the pricing madness that rocked the country recently, it has become fashionable for retail...
Banks to remain cautious on lending 5 November 2018 HARARE - Zimbabwe's financial institutions are expected to maintain a cautious approach on lending due to a volatile operating environment that has seen electronic balances fluctuate and lose value over the past few months, a local equities research think-tank has said. IH Securities (IH) said...
'FCA accounts separation curbs market indiscipline' 1 November 2018 HARARE - Government directed banks to separate foreign currency accounts from the bond notes and their associated electronic deposits to curb market indiscipline, Finance and Economic Development permanent secretary George Guvamatanga has told a parliamentary committee. “The separation of FCA ...
Pvt schools demand fees in USD 30 October 2018 HARARE - Zimbabwe's schools are demanding top-up fees while others now want school fees paid exclusively in United States dollars. Some private schools alerted parents this week that they should pay in US insisting it was “an unavoidable reality” given the pricing situation obtaining in Zimbab...
Zimbabwe under international spotlight 26 October 2018 HARARE - Zimbabwe is back in the international spotlight for all the wrong reasons altogether. In recent weeks, the southern African state has been making headlines — locally and internationally — dominated by its economic meltdown. It has also gripped media's attention because of the alleged ...
Greediness killing our economy 26 October 2018 HARARE - Recent developments in the Zimbabwe economy have just confirmed what most people have suspected all along; greediness is at the centre of our problems. Ever since new Finance minister Mthuli Ncube announced his new monetary policy earlier this month, the economy has been on a free fal...
All eyes on ED 24 October 2018 HARARE - President Emmerson Mnangagwa will tomorrow chair two crucial Zanu PF meetings in Harare as he battles to deal with the twin challenges of Zimbabwe's worsening economic crisis, as well as mounting discord within the upper echelons of the ruling party. Well-placed party sources told the...
All eyes on Mnangagwa 24 October 2018 HARARE - President Emmerson Mnangagwa will tomorrow chair two crucial Zanu PF meetings in Harare as he battles to deal with the twin challenges of Zimbabwe's worsening economic crisis, as well as mounting discord within the upper echelons of the ruling party.
'Your days are now numbered' - ED warns illegal forex dealers 22 October 2018 HARARE - President Emmerson Mnangagwa has moved a step closer towards dealing decisively with unscrupulous Zanu PF bigwigs and businesspeople who are involved in the illegal trading of foreign currency in the country. As has been accurately reported by the Daily News over the past few days, Mn...
ED warns forex dealers fuelling Zim's economic turmoil 22 October 2018 HARARE - President Emmerson Mnangagwa has moved a step closer towards dealing decisively with unscrupulous Zanu PF bigwigs and businesspeople who are involved in the illegal trading of foreign currency in the country. [Adz] [GoogleAd]
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...