The Reserve Bank governor, John Mangudya defended the RBZ on claims that they failed to avert the cash crisis when he said importing cash was not a one day process.This comes amid criticism of the RBZ on their failure to implement measures to derail the cash-crisis when signs of an impending cash liqudity crisis were first noticed in the country. Speaking at the Zimbabwe National Chamber of C
THE Reserve Bank of Zimbabwe (RBZ) has been forced to change its stance on foreign currency, scrapping with immediate effect the apportionment of foreign exchange receipts into rand and euros and applied the five percent export incentive in US$ into authorised dealers’ RTGS accounts for exports.As part of bold foreign exchange management measures aimed at stimulating the economy, the apex bank r
The counter indigenisation bill, Special Economic Zones Bill exempting SEZs entities from the Indigenisation and Economic Empowerment and Labour Acts has received a nod from the Parliamentary Portfolio Committee on Finance.The bill was approve amid rejection by some stakeholders sighting that workers will not have legal protection since the law will exempt some companies from conforming to the Lab
Reserve Bank of Zimbabwe governor John Mangudya has assured Zimbabweans that no single individual bank account would be raided to whip out all foreign currency.Mangudya was responding to a question on whether US dollar deposits from the diaspora would be automatically converted to bond notes."My advise is simple, we are not touching any account. We are building confidence".Mandudya was on a
A demand of Zimbabwean products in Asia, particularly Japan has short sharply giving local farmers and producers an opportunity to supply a ready market, an official has said.Japan External Trade Organisation Researcher (JETRO) Trust Mvutungayi said the local farmers have an opportunity to take their produce to Japan where they are in demand.“The Japanese are health conscious people who would wa
The banking sector plays an intermediary role in the economy through a process called financial mediation. In lay man terms this simply means mobilizing surplus deposits and lending to borrowers. Moreover, these deposits can be short term, medium term, long term, fixed or on-call. The majority of the $6 billion dollars annual deposits have been in the form of demand deposits, which means that depo
Banking and finance graduate Kudzanai Kanyangara, unemployed and with a family to look after, has hit a jackpot with breeding and selling zvihuta/izagwaca birds.In August last year she aquired 70 quail birds to breed and sell at her Highfield home in Harare.Her expectations at that time were that the birds would give her little money to help meet some of the basic family needs and complement her h
The two month time lapse between the Reserve Bank of Zimbabwe’s announcement and expected release of bond notes into the market is likely to create panic withdrawals among the banking public while companies are likely to transfer their money to other markets such as property to hedge against uncertainties, officials have said.Confederation of Zimbabwe Industries president Busisa Moyo said as ind
WASHINGTON - A newspaper advert by Barclays bank telling Zimbabweans to "take a stand and say enough is enough" has sparked controversy, with many people reading it as a political statement against the government."It's time to take a stand. There comes a time when one says enough is enough. A time when one has to do the right thing. Stand up for what you believe in, your inner convictions," the ad
Zimbabwe’s central bank on Friday moved to clarify its plans to introduce domestic notes to circulate alongside foreign currencies, after fears that it sought to re-introduce a loathed local currency triggered a public outcry.On Wednesday, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya announced bank withdrawal and cash export limits, as well as plans to introduce “bond notes” backed
The Reserve Bank of Zimbabwe has announced plans to introduce local “bond notes” to circulate alongside a basket of foreign currencies adopted in 2009, in a bid to ease widespread cash shortages stalking its sluggish economy. This has raised fears of the recurrence of the ill-fated ‘bearer cheques’ that accelerated inflation, which rendered the local currency worthless. What caused t
The International Monetary Fund has forecast that sub-Saharan Africa's economic growth is expected to slow further and drop to three percent this year. An IMF Regional Economic Outlook for Sub-Saharan Africa said weak commodity prices, tight external financing and the El Nino induced drought will affect economic growth.Growth is expected to slow further to 3 percent this year, well below the 6 per
THE Reserve Bank of Zimbabwe has enlisted support from Afreximbank to put in place a nostro and export support facility as part of efforts to mitigate the cash crisis in the economy. RBZ Governor Dr John Mangudya said the facility will help stabilise the cyclical cash cycle in an economy that has domesticated foreign currencies to make its official currency.The facility will bridge the gap between
CMED (Pvt) Ltd managing director Davison Mhaka has been arrested on allegations of obstructing the course of justice after he reportedly cooked up papers showing how $2.7 million in a botched fuel deal was spent.Mhaka was arrested on Monday and appeared before the courts yesterday facing charges of defeating or obstructing the course of justice and violating the Money Laundering and Proceeds of Cr
South African manufacturers are lobbying for their government to put a ban on Zimbabwean goods entering their country following restrictions put by the Zanu PF led government on imports from its neighbors.Finance Minister, Patrick Chinamasa increased duty on a range of finished products in 2014, saying the importation of these goods was hurting the Zimbabwean manufacturing industry.South African m
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