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 […]
Queen Bee most powerful oligarchy/cartel in Zimbabwe
Key Questions answered about corruption in Africa (Zimbabwe), factional politics and the powerful cartel (Oligarchy) controlling Diamond, Gold, Fuel, Grain (Command Agriculture), Basic Commodities and Foreign Currency trading. 1. *Who is Queen Bee?*-Queen Bee is colloquial name for the most powerful oligarchy/cartel in Zimbabwe. The group is heavily connected to senior politicians, the army, intelligence, […]
Does Mugabe’s Govt Plan to Accumulate More Debt?
Finance minister Patrick Chinamasa’s pledge that the Reserve Bank of Zimbabwe (RBZ) will continue to give exporters incentives under a $200 million African Export-Import Bank (Afrexim Bank) loan scheme has raised eyebrows that the government wants to contract more debt. The loan facility was used to back the printing of bond notes, a United States […]
Zisco, NRZ ‘dead’ but Zimbabwe still paying loans for collapsed national projects, RBZ John Mangudya
Reserve bank chief, John Mangudya, has expressed grave concern over the fact that the country is still paying loans for state enterprises and national projects that have since collapsed. Mangudya said this when he visited Harare Institution of Technology (HIT) incubation unit house at Feruka Refinery in the eastern border city recently. The unit specializes […]
Activist takes dig at First Lady Grace Mugabe in song
KWEKWE human rights defender Emmanuel Nkosilathi Moyo has released a debut single song, Musadherere Povo, which allegedly takes a jibe at First Lady Grace Mugabe for suggesting that even if President Robert Mugabe, dies his corpse will win elections. Grace told a Zanu PF rally in Buhera last month that even if Mugabe were to […]
U.S.$ Disappears From Zimbabwe’s Banking System
Transactional activity in Zimbabwe in recent weeks indicates a slow disappearance of the United States dollar, which is being replaced by bond notes. The bond notes were introduced last year under the $200 million export incentive to supplement dwindling dollar supplies due to weak exports. A survey by Standardbusiness in the central business district last […]
President Robert Mugabe has hinted that he would prefer rand as currency
President Robert Mugabe has hinted that he would prefer the adoption of the rand in Zimbabwe despite the reluctance to adopt the currency from his government. Mugabe, who turned 93 on Tuesday, said in a televised interview to mark his birthday that he had asked Finance Minister Patrick Chinamasa and central bank governor John Mangudya […]
Reserve Bank of Zimbabwe Governor John Mangudya’s Roadmap Faces Hurdles
Economic measures put in place by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya to drive economic growth will come to nothing in the absence of structural reforms, analysts have warned. In his monetary policy statement released last week, Mangudya announced a raft of measures that included, among others, the extension of the $200 million […]
Zimbabwe’s Cash Crisis Deepens
THE cash crisis gripping Zimbabwe continues to worsen, heaping untold misery on ordinary people who are forced to sleep on pavements at bank fronts waiting, mostly in futility, to access their money. It’s also a double whammy for retired government workers who, in addition to being unable to access their money, have also seen their […]
Cash-Strapped Nation to Print U.S.$75 Million in ‘Bond Notes’
Zimbabwe says it will introduce “bond notes” equivalent to the US dollar by the end of next month to tackle cash shortages, but analysts raised concerns over a potential repeat of the excessive money printing that led to hyperinflation several years ago. The country adopted the US dollar and South African rand in 2009 after […]
