Mangudya pours his heart out

By Mugove Tafirenyika Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has poured his heart out during a pre-budget seminar in Bulawayo on Thursday, saying it was unfortunate that the apex bank has become the target of attack despite the enormous work they are putting in addressing the difficult economic situation. Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare. —(Picture by Tawanda Mudimu) The top…

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Bond not the problem- Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday defended the use of bond notes, saying the real cause of problems facing the economy was not the surrogate currency, but ballooning electronic balances, which are not backed by productive fundamentals. Reserve Bank of Zimbabwe Governor Dr John Mangudya Rejecting calls from legislators that bond notes be scrapped as they “have failed,” Dr Mangudya accused parliamentarians of lacking appreciation of real causes of the currency challenge. He reminded the legislators attending the 2019 pre-budget seminar in Bulawayo that bond notes…

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Zacc has nothing on Mangudya, Tagwirei

On Nov 8, 2018 22,998 0 By Letwin Nyamba Despite the sensational accusations by flip-flopping activist Gerald Mutumanje also known as Acie Lumumba  that seemed to suggest some wrongdoing on the part of businessman Kudakwashe Tagwirei and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, the Zimbabwe Anti-Corruption Commission this week said it has nothing against the two. Goodson Nguni “We have nothing on the RBZ and Tagwirei,” said Zacc’s chairperson Goodson Nguni, when asked whether the corruption-busting unit would take up Lumumba’s claims. Lumumba has for the past three weeks been…

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Reserve Bank of Zimbabwe exporting demonetized bearer notes despite public denial by Mangudya

By Lance Guma Eleven days ago Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya published a statement claiming the bank was not involved in the distribution or trading of the demonetized Zimdollar bearer notes last used ten years ago in the hyper-inflationary era of December 2008. Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare. —(Picture by Tawanda Mudimu) Mangudya who took over from Dr Gideon…

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Mnangagwa says Mangudya beyond reproach

By Gift Phiri Despite explosive broadsides being fired at the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, the 55-year-old neoclassical economist-turned banker will stay on in his job until February 2023. Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare. —(Picture by Tawanda Mudimu) In an exclusive interview with the Daily News on Sunday, presidential spokesperson George Charamba said the appointing authority — President…

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Mnangagwa to use emergency powers to deal with unexplained wealth and bank deposits

By Gift Phiri President Emmerson Mnangagwa is finalising drafting legislation that will restore stability and eliminate mischief in the money markets, his spokesperson George Charamba told the Daily News. President Emmerson Mnangagwa Charamba also revealed that Mnangagwa will use emergency powers to deal with unexplained wealth and bank deposits in wide-sweeping measures that will see tighter bank surveillance as well as target tax dodgers. “If we find that an account that had two cents yesterday suddenly has $40 million, the first thing we do is to provisionally impound that and we…

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Mangudya to get second term as RBZ governor

On Nov 1, 2018 24,354 0 By MacDonald Dzirutwe | Reuters | President Emmerson Mnangagwa will retain John Mangudya for a second term as governor of the Reserve Bank of Zimbabwe, a state-owned newspaper reported on Thursday. Reserve Bank of Zimbabwe Governor Dr John Mangudya The announcement follows speculation this week that the bank chief, who was first appointed for a five-year term in May 2014, would lose his job in the face of a worsening dollar crunch. But the president’s spokesman George Charamba told the Herald newspaper that Mnangagwa would…

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Government plans mass public sector retrenchments

By Letwin Nyambayo President Emmerson Mnangagwa’s government is planning mass layoffs of public sector workers as it considers various ways to pull the economy out of a recession that has rattled investor confidence. Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare. —(Picture by Tawanda Mudimu) This comes as the economy has slipped into recession in the second quarter, according to September data, a stinging…

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Forex shortage hits 3 RioZim mines

By Golden Sibanda Diversified Zimbabwe Stock Exchange (ZSE) listed miner, RioZim Limited, has suspended production at three of its gold mines citing shortage of foreign currency needed to import critical consumables and spare parts. RioZim said in a letter to Reserve Bank of Zimbabwe Governor Dr John Mangudya, signed by board chair Lovemore Chihota, that it had stopped operations at Cam and Motor in Kadoma, Renco Mine in Masvingo and Dalny Mine in Chegutu over crippling shortage of foreign currency. Mr Chihota said RioZim had received only 14 percent of…

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