Business

Chombo’s health deteriorates, denied passport to seek medical attention in abroad

FORMER Cabinet minister Ignatius Chombo yesterday said his health was deteriorating and needed urgent medical attention abroad, but a Harare magistrate again denied him his passport to enable him to travel. Chombo, who was represented by Lovemore Madhuku and Tungamirai Muganhiri, submitted before magistrate Francis Mapfumo that he needed to go to South Africa for medical attention. The former Zanu-PF ...

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New Zimdollar the worst-performing currency in the world

If you thought Argentina’s currency crisis was bad, spare a thought for Zimbabwe. Measures to protect the Zimbabwe dollar – including sky-high interest rates – seem to be coming to naught. Since the southern African nation allowed formal trading of what was effectively a new currency in February, the unit has depreciated to 13.52 per U.S. dollar, from 2.50. That ...

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ZB introduces international bank cards

ZB Financial Holdings Limited (ZBFHL) is currently working on introducing an international bank card following its removal from the US sanctions list in 2016, chief executive Ron Mutandagayi has revealed. The Office of Foreign Assets of the US Department of Treasury in October 2016 removed ZBFHL from the sanctions list; thereby unlocking the corporate’s potential to start attracting lines of ...

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RBZ explains exchange rate depreciation

THE depreciation of the Zimbabwe dollar against the United States dollar and other currencies in recent weeks is as a result of the closure of the tobacco marketing season which is a major foreign currency earner for the country. This was said by Reserve Bank of Zimbabwe Deputy Governor, Dr Kupukile Mlambo, who was standing in for RBZ Governor Dr ...

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Fuel price hike expected in Zimbabwe

The Zimbabwe Energy Regulatory Authority (ZERA) is expected to increase petrol and diesel prices after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the US has blamed on Iran. In an extraordinary start to trading on Monday, London’s Brent futures leapt almost $12 in the seconds after the open, the most in ...

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RBZ to address cash shortage

The Reserve Bank of Zimbabwe (RBZ) plans to increase the amount of physical cash in circulation after realising that some critical sectors of the economy such as the informal sector, senior citizens and the rural folk are excluded from fully participating in the economy. RBZ governor Dr John Mangudya said this yesterday in the 2019 Mid-Term Monetary Policy Review Statement ...

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Zimbabwe hikes interest rate to 70% to help plummeting currency

Zimbabwe’s central bank raised its main interest rate to 70% to stabilize a plummeting currency and rein in surging inflation. The decision is the first by the southern African nation’s Monetary Policy Committee, which was formed three days ago. The increase follows the government’s decision in June to ban the use of foreign currency and reintroduce the Zimbabwe dollar, abandoned ...

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Zimbabwe’s MPC, RBZ boards face a daunting task

The new Monetary Policy Committee (MPC) and Reserve Bank of Zimbabwe (RBZ) boards face a daunting task in dealing with the country’s monetary problems and bring the much-needed stability and confidence in the market. These problems range from the cash crisis, banks’ liquidity crunch and land bankability. On Tuesday, Finance minister Mthuli Ncube appointed RBZ and MPC boards chaired by ...

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Prices for basic commodities go up 100% in one week

PRICES of basic commodities have increased by up to 100 percent this week thereby pushing the prices beyond the reach of most consumers. Shops, including big supermarkets, have increased prices of basic goods such as bread, mealie-meal, cooking oil, meat, rice and vegetables among others. A snap survey carried out by The Chronicle in Bulawayo yesterday revealed that prices of ...

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Mthuli Ncube appoints advisory team for RBZ

FINANCE and Economic Development Minister, Professor Mthuli Ncube, has appointed a nine-member Monetary Policy Committee that will render an advisory role to the Reserve Bank of Zimbabwe (RBZ). The move is in keeping with global trends where monetary policy committees assist governments in stabilising the economy through devolved decision making in areas such as fixing the benchmark interest rate, monitoring ...

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