Price hikes fail to end fuel crisis

Price hikes fail to end fuel crisis 1

There is no immediate relief for motorists and transport operators despite government’s shocking fuel hikes as long and winding queues continue to stalk several garages which are struggling to stock the much-sought products. In this photo taken on Friday Dec, 21, 2018, a driver takes a nap with his feet sticking out of the car while in a fuel queue in Harare. The Christmas lights are up in Zimbabwe’s capital but the mood is less than festive as the country grapples with an economic crisis that prevents many families from…

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Experts: Government rebate incentive will not keep prices down

Experts: Government rebate incentive will not keep prices down 2

By Alois Vinga ECONOMIC experts say government’s rebate incentive offered to firms to entice them not to hike their prices will not bring any price stability in a volatile economy dominated by mistrust between government and busness. Announcing a fuel hike a week ago, President Emmerson Mnangagwa said the rebate system offered to manufacturers, mines, transport and the agricultural sector was aimed at averting a resultant hike on goods. Finance Ministry’s secretary George Guvamatanga also said the arrangement will see players being refunded all the extra costs they would have…

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Consumer Council boss blasts govt economic advisors for leading country astray

Consumer Council boss blasts govt economic advisors for leading country astray 4

19th January 2019 Business, Economy By Business Reporter CONSUMER Council of Zimbabwe (CCZ) deputy director, Rose Mpofu has scorned government’s highly qualified economic advisors for allegedly leading the country astray and failing to proffer correct advice to avert the current economic mess. She was speaking during last week’s retailer’s breakfast meeting in Harare. “It is disturbing to note that most government departments have a lot of economists coming in all shapes and some even being called chief economists. But why after such efforts of investing in education do we continue…

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LIVE:$1,4 Billion Lost This Week Alone Due To Internet ShutDown | CHIWENGA CLEVER or TOTALY STUPID?

LIVE:$1,4 Billion Lost This Week Alone Due To Internet ShutDown | CHIWENGA CLEVER or TOTALY STUPID? 5

If our services have assisted you, our work would be much more secure with your help – For as little as £5, you can support ZimEye – and it only takes a minute.  To receive news updates daily, enter your email address Enter your email address: – INSTANT NEWS UPDATES – Breaking News delivered to your mailbox Source: Zimeye

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Zimbabwe inflation data hugely understated – economists

Zimbabwe inflation data hugely understated – economists 7

18th January 2019 Business, Economy By Business Report HARARE: A steep rise in Zimbabwe’s inflation has worsened the country’s economic plight, with Zimstats data showing yesterday that inflation now stands at 42 percent, but economists say the figures are hugely understated. The country is battling to tame price increases exacerbated by a foreign currency crunch that has been pushing up prices of goods and commodities. Zimstats said Zimbabwe’s year-on-year inflation rate for the month of December 2018 as measured by the all items Consumer Price Index (CPI) stood at 42.09 percent.  This…

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WorldRemit Clarifies That Transfers Were Only Delayed On Govt Orders, They Will Resume

WorldRemit Clarifies That Transfers Were Only Delayed On Govt Orders, They Will Resume 8

By A Correspondent| The money transfer giant, Worldremit has clarified saying cash transfers into Zimbabwe which were on a halt into Friday afternoon, were only delayed. Since Tuesday, the government which is currently under Constantino Chiwenga, has several times shut down internet gateways while abruptly variating access. Worldremit has since moved to clarify that funds, which have been sent to WorldRemit for recipients in Zimbabwe, will be paid out when services are restored. The updated statement reads saying: “Please note due to disruption to internet connectivity in Zimbabwe impacting remittance payments and…

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Inflation hits 42.09 percent – and that’s before fuel price increases

Inflation hits 42.09 percent – and that’s before fuel price increases 10

HARARE – Zimbabwe’s inflation hit a fresh 10-year high of 42.09 percent year-on-year in December, from 31.01 percent in November, driven by increases in the price of basic goods, the statistical agency Zimstats said on Thursday. On a monthly basis, prices increased 9.01 percent during the same period compared to 9.20 percent in November. Zimbabwe President Emmerson Mnangagwa on Wednesday called for calm as he vowed to tackle the “monumental task” of fixing the shattered economy that has sparked violent protests this week. “Resolving Zimbabwe’s economic challenges is a monumental…

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STEVE Hanke: Zimbabwe’s Monetary Death Spiral

STEVE Hanke: Zimbabwe’s Monetary Death Spiral 12

This flagrant abuse of property rights and the rule of law sent the economy into a deep dive. From 2000 to 2008, real G.D.P. per capita contracted on average by 8.29%  per year. During this period, Zimbabwe ran large fiscal deficits financed by printing money and experienced the second most severe case of hyperinflation in history. On November 14, 2008, the annual inflation rate peaked at 89.7 sextillion percent every day, making Zimbabwe’s 100 trillion dollar notes worthless. In the end, the government was forced to scrap the Zimbabwean dollar, because Zimbabweans simply refused to…

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Inflation Shock at 42.1%; Adds to Harare’s Woes

Inflation Shock at 42.1%; Adds to Harare’s Woes 15

18th January 2019 Business, Economy By Agencies Zimbabwean consumer prices rose at a new post-hyperinflation record pace in December, adding to the economic woes of a country that’s reeling from foreign-exchange and fuel shortages. Inflation accelerated to 42.1 percent, from 31 percent in the previous month, the Zimbabwe National Statistics Agency said in a statement emailed Thursday. While that’s well below the 500 billion percent the International Monetary Fund estimated it reached in 2008, there are big price discrepancies depending on whether goods are paid for electronically or with banknotes,…

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Zim inflation shoots to 42,09%

Zim inflation shoots to 42,09% 16

ZIMBABWE’S inflation rose to 42,09% year-on-year in December, its highest for a decade, from 31,01% in November driven by increases in the price of basic goods, the Zimbabwe National Statistics Agency (Zimstat) said on Thursday, underlining the challenge faced by President Emmerson Mnangagwa’s administration to revive the economy. BY ALFONCE MBIZWO On a monthly basis, prices rose by 9,01%, compared to a rise of 9,20% in November last year, as fears of hyperinflation continue to grow. Mnangagwa promised to revive the economy in the run-up to elections in July last…

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