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Zimbabwe Reserve Bank Governer Mangudya’s Tenure To Be Extended

Zimbabwe Reserve Bank Governer Mangudya’s Tenure To Be Extended

PRESIDENT Mnangagwa is clear on the performance of Reserve Bank of Zimbabwe Governor, Dr John Mangudya and is about to renew his contract for a second tenure, Deputy Chief Secretary in the Office of the President and Cabinet (Presidential Communications) Mr George Charamba has said. ‘‘The President is very clear on the Reserve Bank Governor’s […]

Zimbabwe Central Bank Governer John Mangudya fired by ED, World Bank’s Andrew Bvumbe takes over

Zimbabwe Central Bank Governer John Mangudya fired by ED, World Bank’s Andrew Bvumbe takes over

Reserve bank of Zimbabwe Governor Dr John Mangudya has been fired, with a senior World Bank official being tipped for the post, reports suggest. According to Alternate Executive Director at World Bank Group representing Africa, Anne Kabagambe the incoming Zimbabwe Reserve Bank Governor is Andrew Bvumbe who has since left his position as Executive Director […]

Zimbabwe new monetary measures: Living a lie, face collapse

Zimbabwe new monetary measures: Living a lie, face collapse

Dollarisation is a simple monetary arrangement which the political classes have contrived to misunderstand, and consequently, Zimbabwe, which never actually completed the process of dollarisation, unwittingly abandoned it and in its place brought about what I term a “dollar-exchange regime”. So deep-seated is the misunderstanding of dollarisation, there is the absence of an awareness of […]

No Connection Between Myself and VBS – Brian Shivambu

No Connection Between Myself and VBS – Brian Shivambu

The younger brother of EFF deputy president Floyd Shivambu has denied that he received money from collapsed VBS Mutual Bank and has threatened to go after those who “defamed” him. According to a damning forensic report by advocate Terry Motau and law firm Werksmans Attorneys, Brian Shivambu, owner of Sgameka projects, received R16m. The report, […]

Zimbabwe president says new tax necessary pain for recovery

Zimbabwe president says new tax necessary pain for recovery

HARARE (Reuters) – Zimbabwean President Emmerson Mnangagwa said on Monday a new tax on electronic payments was a painful but necessary part of the government’s attempts to revive the economy, his first comments since the imposition of the levy last week sparked a public outcry. After narrowly winning a disputed presidential vote in July, Mnangagwa […]

African Development Bank Boosts Jobs for Youth in Africa Strategy with close to $2 Million

African Development Bank Boosts Jobs for Youth in Africa Strategy with close to $2 Million

ABIDJAN, Ivory Coast — The African Development Bank’s www.AfDB.org Fund for African Private Sector Assistance (FAPA) (http://bit.ly/2xAJfTU), has provided funds totaling nearly US $2 million to its Jobs for Youth in Africa initiative. FAPA, of which the Government of Japan is a major donor, along with the Austrian Government and the African Development Bank, will […]

The Great Bank Robbery: How the Zimbabwe government stole from its people

The Great Bank Robbery: How the Zimbabwe government stole from its people

There is a scene in the 1978 classic movie, The Great Train Robbery, which portrays the destructive arrogance of Zimbabwe’s monetary policy over the past two decades. After masterminding a gold heist, Edward Pierce, played by Sean Connery, is dragged before a stern judge. “Now, on the matter of motive, we ask you: Why did […]

US Dollars And Bond Notes/RTGS Are No Longer The Same

US Dollars And Bond Notes/RTGS Are No Longer The Same

The major highlight of today’s monetary policy statement was the directive that banks must now separate the Nostro foreign accounts and local RTGS or Bond with effect from 15 October 2018. advertisement What it means This means that officially Zimbabwe has two currencies, that’s US dollars and RTGS/Bond. Consequently, banks will allow depositors to hold […]

Ecobank announces finalists of the Ecobank Fintech Challenge 2018

Ecobank announces finalists of the Ecobank Fintech Challenge 2018

Ecobank (www.Ecobank.com), the leading independent pan-African banking group, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. The list includes eleven (11) fintech start-ups from across the continent and beyond. An Innovation Fair & Awards ceremony will honour the start-ups on August 30, 2018 […]

A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless

A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless

Although mobile money has become the leading transaction platform in Zimbabwe, its weaknesses came into focus this week after the dominant EcoCash network in Zimbabwe went down for two days, and left many consumer businesses floundering in an already difficult economy. EcoCash, which competes against smaller platforms run by state controlled telcos NetOne and Telecel […]

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