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President Robert Mugabe blocks rand adoption

President Robert Mugabe blocks rand adoption

FORMER Finance minister Tendai Biti has disclosed that President Robert Mugabe in 2010 blocked the use of the South African rand as the official currency, possibly for fear of being politically subservient to his South African counterpart, Jacob Zuma. Addressing a financial markets conference in Harare yesterday, Biti said Mugabe rejected proposals to adopt the […]

South Sudan War Forces East Africa’s Biggest Bank KCB to Retreat

South Sudan War Forces East Africa’s Biggest Bank KCB to Retreat

East Africa’s biggest bank by assets KCB Group plans to shut down some of its branches in South Sudan, citing civil strife, devaluation of the country’s currency, and hyperinflation which negatively impacted the lender’s earnings last year. KCB, which has 19 branches in South Sudan, now wants to cut its exposure in Africa’s newest nation […]

President Mugabe and wife Grace Took Money From Reserve Bank of Zimbabwe

President Mugabe and wife Grace Took Money From Reserve Bank of Zimbabwe

President Robert Mugabe, his wife Grace and top securocrats are among the Reserve Bank of Zimbabwe’s biggest debtors and the prime beneficiaries of its farm mechanisation programme, says former finance minister Tendai Biti. This is why the ResBank, with the connivance of Zanu (PF) MPs, is resisting attempts to force it to publish its list […]

Newly introduced Zim Bond notes also vanish

Newly introduced Zim Bond notes also vanish

There are fresh fears that the country’s dying economy is hurtling towards the debilitating depths of the 2008 hyperinflationary era, as bond notes are now also disappearing from the market. This comes as United States dollars have almost completely disappeared from the formal market — with the coveted greenbacks now only easily available in the […]

Zimbabwe Central Bank Governor Mangudya: ‘We messed up’

Zimbabwe Central Bank Governor Mangudya: ‘We messed up’

Zimbabwe’s Reserve Bank Governor John Panonetsa Mangudya openly admits the country messed up in 2008 when it dollarised, which led to hyperinflation. Now, he’s trying to right the economy, by introducing new bond notes – notes that the general public are not too keen on. However, Mangudya hopes by introducing the notes, cash flow will […]

Malawian Bank Staff Complain Over Racist Boss At First Merchant Bank

Malawian Bank Staff Complain Over Racist Boss At First Merchant Bank

First Merchant Bank (FMB) staff members are bitterly complaining over racist attacks on fellow members of staff especially from credit department by one of the top managers at the bank, Kobus Louw. Nyasa Times can reveal that Louw, an expatriate from South Africa has been abusing staff members from the credit department by calling them […]

Can’t Afford School fees in Zimbabwe? We’ll Take Your Goats, Thanks

Can’t Afford School fees in Zimbabwe? We’ll Take Your Goats, Thanks

Zimbabwe, currently facing its worst cash shortage since the adoption of the multi-currency regime in 2009, now has a new medium of exchange, which is too big to be added to a basket of currencies in use. Parents have been told to settle school fees for their children using livestock in lieu of payment. No […]

Uganda Defaults On AfDB Payments, Reduces Stake

Uganda Defaults On AfDB Payments, Reduces Stake

Uganda’s stake in the African Development bank has been reduced by 1,347 shares after the country failed to meet its subscription obligations. According to the auditor general’s report for 2015/16, the country owed AfDB subscription fees amounting to $1.3m (Shs 4.6bn). After Uganda failed to pay, the country paid the price by relinquishing some of […]

Africa Finance Corporation issues US$500 million 7 Year Eurobond

Africa Finance Corporation issues US$500 million 7 Year Eurobond

Africa Finance Corporation (‘AFC’), a leading pan-African multilateral development finance institution and project developer, has issued a US$500 million 7 year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875% was priced to yield 4.000% and matures in April 2024. The Eurobond received strong global interest, with an order book of US$2.4 billion, […]

Tanzanian Govt Asks for Extradition of Former Stanbic Bank CEO Bashir Awale

Tanzanian Govt Asks for Extradition of Former Stanbic Bank CEO Bashir Awale

Tanzania has asked Kenya to extradite former Stanbic Bank CEO Bashir Awale to face charges in the $600 million government bond bribery scandal, it has emerged. Attorney General George Masaju has reportedly sought help from his Kenyan counterpart, Mr Githu Muigai, to bring back Mr Awale for questioning over the bribery scandal that rocked the […]

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