Zimbabwe’s new currency reforms are a “step in the right direction” towards solving market distortions, but they have to be backed up by prudence on the fiscal side and market-driven interest rates, the International Monetary Fund (IMF)...
Sardonic Zimbabweans have a joke for every crisis.
One of the many crisis-fueled wisecracks goes: What’s the best time to fill up your fuel tank?
Answer: “When...
Caledonia Mining says its earnings per share will fall by US$5.4 million after central bank dropped the export incentive scheme. The London-listed company, which owns Blanket gold mine, will not be the only one taking a...
Tobacco farmers will now retain 50% of their earnings, up from the 30% proposed in the February 20 monetary policy statement, after growers successfully lobbied for an increase.
Last season, tobacco growers got paid...
With foreign currency on the new interbank market still a
trickle, the Reserve Bank of Zimbabwe is pushing companies in the productive
sectors to the front of the queue of forex buyers.
A directive issued...
Finance Minister Mthuli Ncube says government is staying out of the newly launched interbank market and will only intervene to deal with any volatility.
After a second day of foreign currency trading on Tuesday,...
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)...
Three years after introducing the bond note at a contested
par rate of 1:1 with the US dollar, Reserve Bank of Zimbabwe has finally abandoned
the peg and effectively floated the exchange rate.
Central bank...
Devaluation of the local bond-note is said to be one of the considerations at central bank ahead of Wednesday’s monetary policy statement. But that is just one piece of a complex puzzle for Reserve Bank of Zimbabwe...
