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...
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...
Zimbabwe imported 1.63 billion litres of petrol and diesel in 2018, a 24% increase on the previous year, Zimra data has shown. The country has experienced extended fuel shortages since October 2018, as a...
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...
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