Banks get $7m weekly: RBZ boss

Banks get $7m weekly: RBZ boss 1

On Mar 9, 2019 17,866 0 Government is selling an average of $7 million to banks for trading on the newly-launched forex interbank market, with Finance and Economic development minister Mthuli Ncube saying government will stay out of the foreign currency exchange market to avoid disrupting the market structure. 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) He said around $7,5…

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Mangudya grilled over RTGS$, US rate disparity

Mangudya grilled over RTGS$, US rate disparity 2

BY VENERANDA LANGA RESERVE Bank of Zimbabwe Governor John Mangudya was on Thursday grilled in Parliament over disparities between the official United States dollar rates of 1:2,5 and the parallel market rate of 1:3,6 resulting in price increases of goods and services. Mangudya appeared before Parliament to speak about fuel challenges in the country when he was asked to explain the impact on the economy of the non-availability of foreign currency in the country and the introduction of the real time gross settlement dollars. In his recent Monetary Policy statement,…

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Zim urged to adopt currency board

Zim urged to adopt currency board 4

BY TATIRA ZWINOIRA ZIMBABWE should introduce an independent currency board which would stop the Reserve Bank of Zimbabwe (RBZ) from controlling the foreign currency exchange rate, an industry expert has said. In a recent opinion piece in American magazine, Forbes, financial expert Steve Hanke said a currency board would help the country be “open for business”. “That would make Zimbabwe’s currency a clone of the US dollar, or some other suitable anchor, such as gold. A currency board would mandate that exchange controls be thrown in the dustbin. Free convertibility…

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Eddie Cross: Issuing a new currency mid-year will strengthen Reserve Bank and eliminate queues

Eddie Cross: Issuing a new currency mid-year will strengthen Reserve Bank and eliminate queues 6

By Eddie Cross The Reserve Bank Governor gave a long awaited monetary policy statement. This had been expected in January and was postponed several times because of disagreements in Government as to what should be announced. The Minister of Finance has been following a carefully crafted reform program to restore fiscal and monetary stability within the framework of sound macro-economic conditions. Former BULAWAYO South MDC-T legislator, Eddie Cross When he first came into office I warned him that when he walked into his office, that a bucket full of nasty…

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Zimbabwe scraps bond-note dollar peg

Zimbabwe scraps bond-note dollar peg 7

By MacDonald Dzirutwe | Reuters | Zimbabwe scrapped the peg between its quasi-currency bond note and the U.S dollar on Wednesday, its central bank governor said, potentially paving the way for its official currency exchange rate to slide sharply to match its value on the streets. The Reserve Bank of Zimbabwe (RBZ) Dr John Mangudya Central Bank Governor John Mangudya said the surrogate bond notes and electronic dollars known as Real Time Gross Settlement (RTGS) would trade in a managed float against the U.S. dollar and other foreign currencies in…

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Monetary policy: Return of the Zimdollar

Monetary policy: Return of the Zimdollar 8

THE Reserve Bank of Zimbabwe (RBZ) governor John Mangudya is due to release the monetary policy and the policy position is highly anticipated against the sustained monetary related macro-economic deficiencies. As a symptom, the economy has endured a southward gravitation of the exchange rate, including a sharp loss of value through inflation. Guest column: Respect Gwenzi Prices of most basics have risen by over 200% since September 2018, and the parallel market has discounted Real Time Gross Settlement (RTGS) and bond notes by 75% over the past 24 months, with…

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RBZ boss’ bail conditions relaxed

RBZ boss’ bail conditions relaxed 10

On Jan 26, 2019 18,977 0 By Shamiso Dzingire Reserve Bank of Zimbabwe (RBZ) financial intelligence unit director Mirirai Chiremba’s bail conditions have been relaxed.Chiremba stands accused of criminal abuse of office after he allegedly reviewed a gold dealer’s daily withdrawal amount to $195 000 from $95 000 at a time when the broker’s application was still undergoing due diligence at NMB Bank. Mirirai Chiremba He had approached the court seeking the release of his passport and the alteration of police reporting conditions. When Chiremba was admitted to $6 000 bail…

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Forex allocation committee unveiled

Forex allocation committee unveiled 11

On Jan 6, 2019 18,986 2 By Caroline Chiimba Finance minister Mthuli Ncube has announced names of the foreign currency (forex) allocation committee in line with his 2019 National Budget statement. Zimbabwe’s new finance minister Mthuli Ncube says he feels privileged to have been chosen to bring about the vision of new President Emmerson Mnangagwa who has vowed to make fixing the economy his priority The nine-member committee will be co-chaired by senior officials from the Finance ministry and the Reserve Bank of Zimbabwe (RBZ). It comprises A. Chikondo (from…

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Zimbabwe government duped $3,5bn

Zimbabwe government duped $3,5bn 12

Government has been prejudiced in excess of $3,5 billion by company directors who shut-down their firms in order to avoid payment of taxes only to re-establish themselves under different trading names. Finance Minister Mthuli Ncube This was revealed by Finance minister Mthuli Ncube in the National Assembly last month during the debate on the Finance Bill. Ncube is proposing the insertion of a harsh clause to the statutes to hold devious directors of companies that are wound up or declared insolvent liable in their personal capacities. Lawmakers have taken great…

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Cash crisis persists in Zimbabwe

Cash crisis persists in Zimbabwe 13

By Tendayi Madhomu The cash crisis is worsening with some banks reportedly turning away their clients as early as 7am yesterday, advising that they had no money. Queues for cash outside banks are now a common sight Contacted for comment,  Reserve Bank of Zimbabwe governor John Mangudya, however, said there is no crisis and individuals should resort to plastic money. “There is no cash crisis. The banking public should also continue to use plastic money so as to avoid the inconvenience of spending valuable time at banks,” he said. Related Articles…

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