Load shedding to intensify — ZESA

Load shedding to intensify — ZESA 1

Power utility, Zesa Holdings, has announced that it will implement load shedding outside the official schedule following a breakdown at Hwange Power Station. File picture of residents demonstrating against power utility ZESA “Due to a technical fault at Hwange Power Station, local generation is now depressed,” Fullard Gwasira, the spokesperson of Zesa said in a tweet yesterday, adding that “load shedding is now being implemented outside the published schedule”. In an interview, Mr Gwasira said two units at the power station broke down yesterday, reducing output by about 200 megawatts.…

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“Banks Still Refusing Individual Foreign Cash Withdrawals For Domestic Use”

“Banks Still Refusing Individual Foreign Cash Withdrawals For Domestic Use” 2

Reports indicate that banks are still refusing to allow individuals’ withdrawals of cash from Nostro Foreign Currency Accounts. A certain bank has reportedly sent an email to its management, saying that individuals should not be allowed to withdraw foreign cash until the authorities send a different circular or directive in the normal manner. Reads the correspondence: Dear All This update seeks to give clarity to the issue of cash withdrawals for individuals as follows. The current policy being referred to is simply allowing withdrawal of foreign cash for permissible transactions…

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RBZ opens floodgates for bureaux de change

RBZ opens floodgates for bureaux de change 4

By Golden Sibanda The Reserve Bank of Zimbabwe (RBZ) has scrapped the US$10 000 daily trading limit for bureaux de change and the 2,5 percent maximum profit margin for banks to make the interbank forex market more efficient and bolster Government’s currency reforms. The Reserve Bank of Zimbabwe (RBZ) Dr John Mangudya This comes after Government on Monday outlawed the multi-currency regime and restricted transactions to local currency (Zimbabwe dollar), to curb widespread market indiscipline that has seen traders quoting prices of essential products and services in US dollars and…

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Zinara finance director arrested

Zinara finance director arrested 5

Zimbabwe National Road Administration (Zinara) finance director Simon Taranhike has been arrested on allegations of criminal abuse of office and attempts to conceal corruption. Sources close to the investigations said Taranhike released 1 800 litres of fuel to some members of the local media and abused the parastatal’s petty cash. National police spokesperson Assistant Commissioner Paul Nyathi confirmed the arrest and said the Zimbabwe Anti-Corruption Commission (ZACC) was handling the matter. “We can confirm that Simon Taranhike was arrested yesterday (Monday), but he is currently with ZACC officers for further…

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Redefining ROBBERY the Zimbabwean way: – SI 142/2019 and the currency fiasco in Zimbabwe

Redefining ROBBERY the Zimbabwean way: – SI 142/2019 and the currency fiasco in Zimbabwe 6

By Tendai Chabvuta On 24 June 2019, the Government of Zimbabwe gazetted Statutory Instrument 142 of 2019 which basically outlawed the use of foreign currency when transacting locally. Tendai Chabvuta The Finance Minister, Mthuli Ncube has frothed and kicked that there is nothing new and untoward because this arrangement is contained in the IMF TSP which Zimbabwe agreed to and also that he has been listening to “rural people”, civil servants and his “HIS Excellency”. These hallucinations are fair and fine and cannot be argued with. Well … what is…

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NGOs, Embassies Can Still Pay Workers In Foreign Currency – Mangudya

NGOs, Embassies Can Still Pay Workers In Foreign Currency – Mangudya 7

The Central Bank Governor, John Panonetsa Mangudya has swiftly moved to clarify several issues on a directive the Bank issued on Tuesday. Speaking in an exclusive interview with ZBC News from China on Wednesday morning, Mangudya said: Individuals will continue withdrawing their foreign currency from their FCA accounts but will have to change it through the interbank market and bureaux de change in order for them to be able to transact locally. Non-governmental organisations, embassies and other foreign organisations can still pay their employees in foreign currency. No one is…

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RBZ Clarifies On Cash Withdrawals By Individuals From Nostro FCAs

RBZ Clarifies On Cash Withdrawals By Individuals From Nostro FCAs 9

The Reserve Bank of Zimbabwe (RBZ) on Wednesday morning issued a statement to clarify the issue around cash withdrawals by holders of Nostro Foreign Currency Accounts (FCAs). This follows a directive issued by the Central Bank on Tuesday which has seemingly contradictory paragraphs, especially Paragraphs 3.4 and 4.3. The RBZ says that individuals are still able to withdraw their cash from their Nostro FCA accounts; Cash withdrawals For corporates, banks shall apply the KYC principle for any intended cash withdrawals. The current withdrawal limit for individuals remains US$1000 per day.…

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“All Banks Are Not Allowing Nostro Withdrawals By Individuals”

“All Banks Are Not Allowing Nostro Withdrawals By Individuals” 11

The Reserve Bank of Zimbabwe (RBZ) has been castigated for its failure to communicate clearly in its directives especially on the issue of withdrawals from Nostro FCAs. Local journalist and social commentator, Hopewell Chin’ono said that the RBZ has moved to clarify the issue. He wrote; After speaking to Finance Ministry officials, we have established that the Nostro/FCA rule applies to exporters, not you and me. We can still withdraw our US$ in cash. The RBZ must learn to communicate better and release a question and answer sheet for citizens…

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Official Bank Rate & Black Market Exchange Rates Today – 26 June 2019

Official Bank Rate & Black Market Exchange Rates Today – 26 June 2019 13

The bank exchange rates for the RTGS$ are as follows: USD to RTGS$: 6.3698 RTGS$ to RAND: 2.2518 More: Reserve Bank Of Zimbabwe Black Market Rates: USD to RTGS$: 13 USD to BOND: 10.4 RTGS$ to RAND: 1.11 More: marketwatch.co.zw[As of June 25, 2019, 2:11 pm] Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act…

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BitCoin Surge Continue

BitCoin Surge Continue 15

Bitcoin has crossed the $12000 mark this month since January 2018. As of this morning, it’s trading at,  $12557.58 according to Coinsdesk.com It hit its 17 months high yesterday as it traded for $12.9k yesterday. Cryptocurrencies have gained a fair share of acceptance in the last 2 years with other retailers and wholesalers accepting Bitcoin and other cryptos as their mode of payment. Closer home in Zimbabwe Bitcoin made a mark through Golix and other exchanges before the RBZ put a stop to it. According to TechCentral, BitCoin last traded…

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