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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 […]

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 […]

RBZ Governor Mangudya Attacks Zimbabweans, “‘Not Cash Crisis, But Discipline Crisis’”

RBZ Governor Mangudya Attacks Zimbabweans, “‘Not Cash Crisis, But Discipline Crisis’”

US$900 million in cash and bond notes/coins worth US$136 million are circulating in Zimbabwe; but fiscal indiscipline — principally hoarding and externalisation — continues to curtail market liquidity, a Reserve Bank of Zimbabwe study has established. RBZ data also shows that bank deposits increased from US$6,14 billion in September 2016 to US$6,51 billion last December […]

Zimbabwean govt panics as wheels come off

Zimbabwean govt panics as wheels come off

With Zimbabwe’s economy continuing to die — as manifested by rising poverty levels, worsening job losses and severe cash shortages — the government is showing signs of panic, amid fresh warnings by experts that the country is headed for an economic disaster akin to the meltdown of 2008. This comes as the Reserve Bank of […]

Afreximbank bails out forex-starved Zimbabwe with U.S.$220 million

Afreximbank bails out forex-starved Zimbabwe with U.S.$220 million

Forex-starved Zimbabwe has been given a lifeline after the African Export-Import Bank (Afreximbank) availed two nostro stabilisation facilities amounting to $220 million. The facilities come at a time the economy has been facing a foreign payment gridlock due to the depletion of the nostro facilities. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya told NewsDay […]

Reserve Bank of Zimbabwe warms up to South African rand adoption

Reserve Bank of Zimbabwe warms up to South African rand adoption

Zimbabwe’s central bank is warming up to adoption of the South African Rand as a dominating currency following various calls from business in favour of the exchange. In an apparent U-turn from his previous stance, Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo, on Thursday said rand domination would benefit the country, presently battling […]

Bond notes not solution to Zim’s problems: RBZ

Bond notes not solution to Zim’s problems: RBZ

Senior consultant and economist Ashok Chakravati makes a presentation at the Bond Notes 100 days review organised by the Confederation of Zimbabwe Retailers at Rainbow Towers Hotel in the capital yesterday THE Reserve Bank of Zimbabwe (RBZ) says bond notes were a temporary measure and the solution to the country’s problems lies in production. Speaking […]

National Railways of Zimbabwe sinking like Zisco, warns former executive

National Railways of Zimbabwe sinking like Zisco, warns former executive

A former executive at the National Railways of Zimbabwe (NRZ) has warned government to keep its hands off the company lest it collapses like the Zimbabwe Iron and Steel Company (Zisco). Zisco has not been operating for years and plans to resuscitate the firm have all but collapsed. In an interview with Standardbusiness, the former […]

“USD stocks continues to decline”

“USD stocks continues to decline”

USD stocks are dwindling at what I would call “running out at Boltspeed”. It is observable that the worst is likely to continue worsening. In my view, the situation we are in is a testament to the validity of two theories: 1. Force of demand and supply- if the wider market prefers USD to bond […]

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