Business Corruption Discussion News 

Banks In Trouble As New Zimbabwe Currency Floods Black Market A Day After Release

“The @ReserveBankZIM is always wrongly accused of channelling cash to the black market. That’s a false accusation. The real culprits are banks. Bank Managers are the culprits here.The Reserve Bank is complicit because they DON’T penalize these rogue banks. That’s disappointing,” said one Kudzai Mutisi. “While I don’t exonerate bank managers the RBZ has over the years been buying foreign currency… Read More
Business Discussion News 

Mangudya rejects miners’ bid for 100% forex retention

BY TAFADZWA MHLANGA Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the push for 100% foreign currency retention by players in the mining industry would not be considered by Treasury because the revenue was needed to fund other arms of government. On June 24, 2019, the central bank gazetted thresholds of 55% to the producers and 45% to RBZ,… Read More
Business Discussion News Weird & Bizarre 

Long queues form in Harare as Zimbabwe releases new bank notes, coins

HARARE – New bank notes and coins finally hit the streets of Zimbabwe on Tuesday after a false start the day before, with depositors forming long queues at banks and ATMs. The new notes are part of President Emerson Mnangagwa’s monetary reforms to have Zimbabwe revert to using its own currency in place of the US dollar and the rand.… Read More
Business News 

After fanfare, new banknotes fail to arrive as RBZ remains mum

New currency … Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya gestures as he delivers his 2018 Monetary Policy Statement in Harare, Zimbabwe February 7, 2018 (REUTERS/Philimon Bulawayo) HARARE – Heralded by the central bank and President Emmerson Mnangagwa as the answer to an acute cash shortage that has hamstrung the country’s economy, new low-denomination banknotes were due to enter… Read More
Business News Politics 

Apex Council calls ‘massive protest march’ for November 6 in pay impasse

Union representing 230,000 public sector workers cranks up pressure on government. HARARE – Government workers on Thursday announced plans for a “massive” protest march next week to press for higher wages, as the finance minister said the economy would this year fall into recession for the first time since 2008. Zimbabweans are experiencing daily hardships with the prices of basic… Read More
Corruption News Politics 

Zimbabwe Parliament questions scandals involving RBZ payments

BY VENERANDA LANGA Parliament yesterday slammed the Reserve Bank of Zimbabwe (RBZ) for carrying out quasi fiscal activities outside its mandate and using taxpayers and pensioners’ money to fund government activities. RBZ deputy governor Khuphukile Mlambo was yesterday at pains to explain before Parliament how the central bank issued US$2,7 billion through unallocated reserves as well as US$663,8 million Treasury… Read More
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