The government’s foreign currency auction-determined exchange rate of the United States dollar against the local currency is to blame for the price distortions in the market and has to be done away with, former finance minister Tendai Biti told Parliament Tuesday. The Zimbabwe dollar as at Tuesday is trading at ZWL$83.88 against the greenbacks according […]
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Zim dollar ‘stability’ triggers RBZ to introduce ZWL$50 notes
The ‘stability’ of the Zimbabwe dollar against the United States dollar, brought about by the introduction of the foreign currency auction trading system in June last year has given monetary authorities confidence to introduce more banknotes to curb cash shortages for the convenience of the transacting public. Before the introduction of the forex auction floors, the […]
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Fixed exchange rate mechanism: Rio-Zim halts gold production
Gold producer, Rio-Zim has with immediate effect suspended gold production citing failure to meet operating expenditure as a result of the fixed exchange rate mechanism, the limited forex retention policy and the delays in receipt of gold sale proceeds. In a cautionary statement to its shareholders and the investing public, Rio-Zim directors said the listed […]
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Zim back to 2008 era: MDC
By Albert Nxumalo President Emmerson Mnangagwa’s administration has been accused of plunging the country back into the 2008 economic malaise as basic commodities are now in short supply and beyond the reach of many. For the first time in more than a decade, Zimbabwe has begun a feeding programme to the urban poor, an illustration of the […]
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No signs of recovery yet for Zim economy
There are still no signs of recovery yet for the Zimbabwean economy in the New Year, which last year contracted by 6, 5 percent. In his New Year message, President Emmerson Mnangagwa, however, said the economy would rebound in 2020. The Zimbabwe dollar which ended 2019 at par with the South African Rand has since […]
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2019: A year of beatings and price hikes
2019 will go down in Zimbabwe as the ‘year of beatings’ as citizens experienced the heavy hand of the country’s security forces. The year was marred by massive price hikes that ignited anger, with the opposition calling for nationwide anti-government demonstrations resulting in widespread torture, abductions and beatings. The year opened on a sad note […]
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Gloomy Christmas beckons for Zimbabweans
A gloomy Christmas for many, and most probably the worst since the end of the coalition government era in 2013, is beckoning in Zimbabwe. This year’s Christmas celebrations, marking the birth of Jesus Christ, come at a time when the country’s economy is at its lowest in a decade with basic commodities beyond the reach […]
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Zimbabweans lose saving culture
The culture of saving among Zimbabweans has since been eroded following the two-decade-long economic meltdown that has left many citizens of the Southern African country poorer. Those born years after independence are yet to taste the benefits of saving and let alone begin saving. With prices of almost everything that is sold, continuing to skyrocket, […]
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Zim crisis deepens as political talks yield nothing
Zimbabwe’s economic situation which has been deteriorating since the disputed 2018 general elections, worsened this month with the unprecedented hikes in the prices of basic commodities to levels beyond the reach of ordinary citizens. Fuel prices have also shot up, while no meaningful improvement has been registered in the energy sector with citizens continuing to […]
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Latest price hikes worry stakeholders
The latest wave of price hikes which saw prices of basic commodities shoot up following the skyrocketing of foreign currency exchange rates against the local currency last week has become a bone of contention for stakeholders in Bulawayo. Between Wednesday and Friday last week the United State Dollar was selling at ZW$24 up from ZW$13 […]