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The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has ordered banks to settle transactions outside the public glare as he cracks the whip on the sector amid revelations some banks were refusing clients to withdraw cash from their foreign currency accounts (FCAs).Over the past months, banks have been telling customers that they can only…
Delays currently being experienced by firms in accessing foreign currency allotted to them at the auction trading system are teething problems and the central bank is working flat out to smoothen the process, an official familiar with the developments has said. The foreign currency auction trading system, introduced on the 3rd of June this year,…
The Reserve Bank of Zimbabwe will soon introduce a $50 note as it seeks to double cash in circulation to ZWL$3 Billion, a member of the Monetary Policy Committee, Eddie Cross has said. This was revealed by business journalist, Happiness Zengeni while posting on Twitter. Zim set to introduce a $50 note as it seeks…
Mobile financial services are, in most African countries, born out of crises. In 2011, Zimbabwe had gone through a volatile decade of economic crises – hyperinflation, currency instability and a collapse of the formal financial system. Consumers, mostly employed in the informal sector, had a widespread mistrust of the formal banking system. In came Econet,…
An optimistic John Mangudya has said the prevailing price stability will continue till the turn of the new year next year, the Daily News reports. The Reserve Bank governor was speaking after a monetary policy committee (MPC) meeting as he was giving an economic update when he said: The MPC expects price stability to continue…
In a tweet this week, Zimbabwe Stock Exchange chief executive Justin Bgoni wrote: “The need for ordinary Zimbabweans to participate on ZSE remains a big concern. With daily trades around 300 in a country of 14 million people, we have not yet cracked this.” This was not the first time Bgoni tweeted about the lack…
Low income earners have been hit the most by prices increases than their high income counterparts, an analysis of the Poverty Datum Line and the Consumer Price Index shows. For the past three months, the Poverty Datum Line (PDL) has been increasing at a much faster pace than the Consumer Price Index (CPI) and this,…
The Reserve Bank of Zimbabwe held its weekly foreign currency auction today, which saw the local currency maintain its appreciation trend against the US dollar after it gained 0.26% to 81.4965 from 81.7076 last week. Raw Materials continued to be the biggest benefactor as they were allotted US$14 million, Machinery and Equipment US$5.9 million, Services…
Zimbabwe wants to grow its mining sector to US$12 billion by 2023. However, words of caution and doubt by one of the country’s biggest investors shows that the country is yet to win over the big firms that the country needs to match its grand ambitions. Nico Muller, CEO of Implats, which holds an 87%…
THE Reserve Bank of Zimbabwe (RBZ) will soon issue a directive to facilitate smooth repatriation of capital and dividends by foreign investors, which will buttress the ease of doing business in the country. Treasury is pushing the matter in response to investor concerns over the country’s exchange and capital controls, which are perceived to be…