FULL TEXT: Eddie Cross Fears The Reintroduction Of The Zim Dollar Will Cause Instability

FULL TEXT: Eddie Cross Fears The Reintroduction Of The Zim Dollar Will Cause Instability 35

Founding Member of the Nelson Chamisa led MDC and economist, Eddie Cross has said that the dramatic return of the Zimbabwe dollar and ban of the use of all foreign currencies will likely cause instability in the country. Speaking to SABC, Cross said that the government should have first established fundamentals to sustain the economy. Cross said: It came as a complete bolt out of the blue, nobody was expecting this. For those of us who’re in the game, we think its premature. We think that a move like this…

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Official Bank Rate & Black Market Exchange Rates Today – 27 June 2019

Official Bank Rate & Black Market Exchange Rates Today – 27 June 2019 37

The bank exchange rates for the RTGS$ are as follows: USD to ZWL$: 6.5432 RTGS$ to RAND: 2.1763 More: Reserve Bank Of Zimbabwe Black Market Rates: USD to RTGS$: 13.5 USD to BOND: 10.5 RTGS$ to RAND: 1.10 More: marketwatch.co.zw [As of June 25, 2019, 2:11 pm](Reports suggest that USD/RTGS rates have fallen to as low as 8.50. RTGSReserve Bank of Zimbabwe Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a “real time” and on a gross…

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National Tripartite Negotiating Forum Gives Govt 5 Day Ultimatum To Withdraw Ban On Foreign Currency

National Tripartite Negotiating Forum Gives Govt 5 Day Ultimatum To Withdraw Ban On Foreign Currency 39

The National Tripartite Negotiating Forum (TNF) has given government up to Tuesday next week to withdraw Statutory Instrument 142/2019 or face mass action. The SI simultaneously bans the use of multi-currency or domestic transactions and reintroduced the Zimbabwe dollar. The issuance o the SI has resulted in some people withdrawing their money from foreign currency accounts (FCAs) and some banks reportedly turning away clients citing a central bank directive. The development was confirmed by Public Service Labour, Public Service and Social Welfare minister, Sekai Nzenza yesterday. Addressing a Press conference…

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Matutu In Hot Soup Over List Of Corrupt Bigwigs He Released

Matutu In Hot Soup Over List Of Corrupt Bigwigs He Released 41

ZANU PF Youth League secretary and his deputy, in that order, Pupurai Togarepi and Lewis Matutu, are in hot soup over the list of corrupt bigwigs the later released on Monday. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya and Zimbabwe Miners Federation president Henrietta Rushwaya have demanded that they pay them for defamation of character on top of withdrawal of his claims.  Mangudya gave the youth leaders Pupurai Togarepi and his deputy Lewis Matutu five days to pay ZWL$1 million as damages for defamation. He also said that failure…

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Uganda deny Zimbabwe Afcon victory

Uganda deny Zimbabwe Afcon victory 43

By KickOff Zimbabwe’s hopes of reaching the knockout stages of the Africa Cup of Nations suffered a knock after they shared the spoils with Uganda. The Cranes made only one change from their opening victory over Democratic Republic Of Congo, with Ronald Mukiibi slotting in at centre-back, while the Warriors, made four changes that included goalkeeper George Chigova who replaced Edmore Sibanda, who was impressive in the loss to Egypt. Sebastien Desabre’s charges made a bright start as Emmanuel Okwi gave Uganda the lead in the 12th minute with a…

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‘I fear for the stability of the state in every way’: Eddie Cross on Zim dollar return

‘I fear for the stability of the state in every way’: Eddie Cross on Zim dollar return 45

HARARE – Hours after Zimbabwe abolished the multi-currency system and announced the return of the Zimbabwe dollar on June 24, economist Eddie Cross spoke to the SABC about the move, warning it had potential to destabilise the country. He had met Finance Minister Mthuli Ncube for two hours just a day earlier, and told of his complete surprise about the currency move announced 24 hours later: “It came as a complete bolt out of the blue, nobody was expecting this. For those of us who’re in the game, we think…

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Zimbabwe targets 400MW from Eskom after paying US$10m towards debt

Zimbabwe targets 400MW from Eskom after paying US$10m towards debt 47

HARARE – Zimbabwe has paid US$10 million out of the US$33 million that it owes South Africa’s power utility Eskom and is hopeful that the payment will help to unlock more power imports from Eskom, ministers said on Wednesday. In addition, the government has cleared its ZW$20 million debt to power utility ZESA, and would soon advance another ZW$20 million which was expected to boost the firm’s power generation capacity at a time when the country is experiencing crippling power cuts due to reduced generation at Kariba. Addressing a post-cabinet…

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Justices Charles Hungwe, Nicholas Mathonsi elevated to Supreme Court bench

Justices Charles Hungwe, Nicholas Mathonsi elevated to Supreme Court bench 49

HARARE – President Emmerson Mnangagwa has promoted Justices Nicholas Mathonsi and Charles Hungwe to the Supreme Court bench. Mathonsi and Hungwe were among five judges interviewed by the Judicial Service Commission recently to fill vacancies at the Supreme Court. The others were Justices Alfas Chitakunye, Felistaus Chitakunye and Samuel Kudya. The two judges will be sworn-in next Tuesday, Justice Minister Ziyambi Ziyambi said. Lawyers welcomed the appointments. “Hearty congratulations to my former legal colleague Nicholas Mathonsi on his elevation to the Supreme Court of Zimbabwe. This is thoroughly deserved and…

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Mnangagwa commission to probe Zanu PF Youth League corruption shame list

Mnangagwa commission to probe Zanu PF Youth League corruption shame list 51

HARARE – President Emmerson Mnangagwa is establishing a commission of inquiry to investigate corruption allegations made against certain individuals in Zanu PF, the government and the private sector. A “name and shame” list of corrupt individuals released by the Zanu PF Youth League on Monday has triggered a flurry of lawsuits and threats to sue by some of the individuals implicated. Zanu PF spokesman Simon Khaya Moyo did not clarify whether Mnangagwa’s commission is going to be internal to Zanu PF or would be state-funded. He revealed that the Youth…

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WATCH: Analyst Claims Zim Dollar Was Reintroduced Without RBZ & Mthuli Ncube’s Knowledge

WATCH: Analyst Claims Zim Dollar Was Reintroduced Without RBZ & Mthuli Ncube’s Knowledge 53

Harvard-trained Zimbabwean journalist, Hopewell Chin’ono claims that Statutory Instrument 142 of 2019 was issued without the knowledge of both the Reserve Bank of Zimbabwe and Finance Minister, Mthuli Ncube. He further claims that the SI was a political decision which was not known by the treasury. Posting on Twitter, Chin’ono claimed: Some1 mentioned that @MthuliNcube was not his usual self in this video when the Zim Dollar statutory instrument was issued. I have it on good authority that both him & the RBZ were not aware of it. It was…

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