Zimbabwe’s new currency will be backed up with fiscal discipline, Finance Minister Mthuli Ncube says, adding that the government would allow the RTGS dollar to fluctuate but would manage excessive volatility. Ncube spoke as...
Business people and economists welcomed last week’s decision to abandon an unrealistic dollar peg for the country’s surrogate bond notes and electronic dollars, which were merged into a new currency called the Real Time Gross Settlement (RTGS)...
By Godfrey Marawanyika Zimbabwe’s central bank is considering devaluing its quasi-currency as part of a raft of reforms to the nation’s foreign-exchange system, according to a central bank official. Depreciating...
The amount of foreign currency held by the banking sector jumped 38% between September and November 2018, reaching near two-year highs following a central bank directive to separate forex accounts from bond note and electronic deposits, official...
During a December 20, 2018 appearance before a parliamentary committee, central bank governor John Mangudya was asked if it was sustainable for government to continue subsidising fuel. Why not let all fuel retailers sell in forex?, one...
Government must urgently end its exchange rate fiction and implement currency reforms to avert imminent economic implosion, leading asset manager Imara has said in a searing note to investors. Imara says President Emmerson Mnangagwa’s...
The production of gold, Zimbabwe’s top export, collapsed 59% percent September and November, mirroring a foreign currency crisis that has hit the country’s major mines and could deter new investment into the industry. With cumulative output just shy of 32...
EACH time Tendai Biti gets up to address an MDC Alliance rally, he is greeted with ‘USA! USA!’ chants. This adulation is not for America, but its coveted currency. Biti, Zimbabwe’s finance minister between February 2009 and June 2013,...
ZIMBABWE’S economy is, once again, in turmoil. Unrestrained government expenditure has rekindled inflationary flames, the country’s huge import bill continues to exert pressure on limited foreign currency earnings and the dollarisation project has long unravelled. A raft of government subsidies...
IN his first address as president last November, Emmerson Mnangagwa promised to focus on economic recovery and to “shed misbehaviours and acts of indiscipline which have characterised the past.” But, faced with a tough battle to secure a fresh mandate...
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