Articles tagged 'cash crisis'

Industry laments high forex costs 24 January 2019 HARARE - The Confederation of Zimbabwe Industries (CZI) says the manufacturing sector's cost of accessing foreign currency increased significantly in 2018. This comes as the country's intensifying foreign currency shortage has threatened the viability of businesses with manufacturers reportedl...
Dump bond notes, RTGS: Hanke 22 January 2019 HARARE - Zimbabwe should dump its discredited bond notes and real time gross settlement (RTGS) system and re-introduce the United States dollar as a way of solving the country's fragile currency situation and reduce inflation, economist Steve Hanke has said. The southern African country introd...
Hands off the market, Govt told 20 January 2019 HARARE - As Zimbabwe continues to face a deteriorating economic situation created by recent monetary policies pronounced by government, the Daily News on Sunday spoke with various Zimbabwean economists to seek their views on what government should do to save the country's economy. Kipson Gunda...
'Zim crisis could spill into neighbouring countries' 20 January 2019 HARARE - While 2018 saw new leadership being announced in key southern African countries, the region's leaders have failed to live up to the expectations of their electorates. This is according to Human Rights Watch, which on Thursday launched its World Report 2019 in Johannesburg. “The new...
Zim annual inflation rate surges to 236pc 18 January 2019 HARARE - Renowned United States economist and currency expert Steve Hanke says Zimbabwe’s annual inflation rate is at 236 percent, much higher than the official figure of 42,09 percent published by Zimbabwe National Statistics Agency (ZimStats). The statistics agency reported that year-on-year...
Zimbabwe facing foreign currency shortages, not fuel: ED 13 January 2019 HARARE - Our News Editor Gift Phiri sits down for a wide-ranging interview with President Emmerson Mnangagwa’s spokesperson George Charamba about the stuttering economy and what government is doing to address the worsening crisis. Find below excerpts of the interview.  Q: President Mnangagw...
Zim's inflation among the highest 13 January 2019 HARARE - Less than a decade after hyperinflation wiped pensions and savings, Zimbabwe is hogging the limelight for the wrong reasons once again. The southern African nation has been named among nations with the world's highest inflation rates. Steve Hanke, an economics professor at Johns Ho...
Command economics no longer hold sway 8 January 2019 HARARE - When President Emmerson Mnangagwa announced his Cabinet in September last year — following his hotly-disputed July 30 poll victory — there was generally wide approval from Zimbabweans. The reasons for that approval were that Mnangagwa had finally cut loose long time loyalists of forme...
'Current economic chaos to define future' 6 January 2019 HARARE - As Zimbabwe hurtles towards into the New Year, the majority of the country’s population is bruised economically, socially and politically.  The “Daily News on Sunday’s Assistant Editor Maxwell Sibanda spoke to several analysts to hear their views on what they think should be the key p...
CZI is right: Dollarisation is bad for Zimbabwe 5 January 2019 HARARE - It is not a secret that I am not a fan of the current government's economic policies and choices. I especially find it reprehensible that they continue to avoid solving the prevailing currency crisis choosing to focus instead on bizarre projects such as building a new capital city- ta...
'Re-dollarisation of economy wrong turn for Zimbabwe' 2 January 2019 HARARE - There is an effervescence in the economy — an imperceptible but definite shift towards re-dollarisation of the economy. Initially a trickle, this will soon turn into a mighty tide in one direction — a steady but irretrievable tendency towards re-dollarisation. Pharmacies and stocki...
Zim prepares for hard 2019 31 December 2018 HARARE - Business leaders and analysts have warned that the country’s deepening economic rot will continue to ravage long-suffering Zimbabweans in 2019 — amid dire predictions that the first quarter of the new year will be particularly difficult, the Daily News can report. This comes after Pre...
Economic hardships hit rural areas 30 December 2018 HARARE - As the economy continues to deteriorate, rural areas are not being spared, with cash shortages and rising commodity prices hitting hamlets across the country. The less developed parts of Zimbabwe continue to squirm with low investments and little development, with cash shortages and r...
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...
A Christmas to forget 27 December 2018 HARARE - The year 2018 will remain etched in the back of many Zimbabweans for its poor and dull Christmas! Shortages of basics which are traditional for any Christmas, things like soft drinks, beer, bread and cooking oil spoiled all the fun. Chicken which used to be on every family's meal c...
It's a bleak Christmas! 24 December 2018 HARARE - Local beers and soft drinks are among some of the products that have disappeared from supermarkets' shelves thereby depriving embattled Zimbabweans of the things they had become accustomed to during the festive holidays. A survey by the Daily News over the weekend revealed that most r...
2018: Zim's annus horribilis 24 December 2018 HARARE - The Latin term, annus horribilis, meaning a bad and unfortunate year, would probably for most Zimbabweans best describe the year 2018. Average Zimbabweans would be forgiven to think that the ancestors, nature or God, the Supreme Being, has forsaken this land between the Zambezi and th...
Outlook for 2019 dismal --— unless? 24 December 2018 HARARE - I was called by a major local newspaper this past week and asked what my view of 2019 was? I laughed at the question because right now I do not think anyone could tell you what is going on, let alone predict 2019. Then I had coffee with two of the most important business leaders in...
Zim moving towards dollarisation — Economists 24 December 2018 HARARE - Economists have warned government over the continued usage of bond notes as a medium of exchange saying the surrogate currency is at risk of facing rejection from the market. Government is adamant that the bond note, introduced in 2016, should continue to trade at par with the United ...
Rising inflation dampens festive season mood 23 December 2018 HARARE - Zimbabweans have been through a tough year thanks to bad politics and rising inflation, which rose from 3,5 percent in January to an alarming 31,01 percent in November.  The rising inflation, which has seen prices shoot beyond the reach of many Zimbabweans, has compounded the situatio...
Zimbabwe's banks boost profits 20 December 2018 HARARE - Zimbabwe's banking sector boosted profitability in the nine months to September 2018, posting an aggregate net profit of $283,98 million, latest Reserve Bank of Zimbabwe (RBZ) figures show. This was a 76,68 percent increase from a net profit of $160,73 million dollars for the correspo...
Civil servants warn Mnangagwa, govt 18 December 2018 HARARE - Restive civil servants — reeling from the country's precipitous fall in living standards and ever-declining disposable incomes — have warned President Emmerson Mnangagwa's under-pressure government that they will go on strike next month unless it hikes their salaries massively, the Daily...
'Zim govt incurs credibility deficit' 16 December 2018 HARARE - Government is running under a serious credibility deficit, as the long-suffering Zimbabweans continue to lose hope in its economic policies, analysts have observed. The four months preceding the July 30 elections have been a perdition to Zimbabweans after the August 1 army killings of...
ED instructs aides, Zanu PF to focus on stemming economic rot 15 December 2018 ESIGODINI - With Zimbabwe's economy continuing to tank — and long-suffering citizens now desperate for some respite — President Emmerson Mnangagwa yesterday told thousands of Zanu PF delegates gathered in Esigodini for the party's annual conference that their focus must be solely on coming up wit...
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...