By Judith Nyuke Two men have been arraigned before a Harare Regional magistrate after making a USD$2 632 500 payment outside Zimbabwe without the authority of the Reserve Bank of Zimbabwe. Ipaishe Richman Madziwa (29), Willmore Nyama (29) appeared before Harare magistrate Musaiona Shortgame charged with violating
The Reserve Bank of Zimbabwe (RBZ) has laid out an ambitious roadmap to phase out the multi-currency system by 2030 declaring that the ZiG currency will become the sole legal tender for domestic transactions. In a statement, the RBZ said the country is currently operating under
The Consumer Protection Commission has urged the public to report businesses refusing to accept Point-of-Sale (POS) transactions, focusing on those rejecting Zimbabwe Gold (ZiG) payments in favor of U.S. dollars. The blitz comes as Zimbabwe's local currency continues its downward slide, further complicating the economic
The Reserve Bank of Zimbabwe (RBZ) has injected a cumulative US$64 million into the interbank foreign exchange market in September, Governor John Mushayavanhu announced. This intervention aims to address the "transitory foreign currency supply and demand mismatches" that have been putting undue pressure on the foreign
A recent Afrobarometer survey has revealed that most Zimbabweans have little confidence in the Zimbabwe Gold backed (ZIG) currency's ability to address the country’s chronic economic difficulties. The survey shows widespread skepticism across various demographics, with a significant portion of the population doubting the currency's efficacy. "Doubts
Last week, Reserve Bank of Zimbabwe (RBZ) Deputy Director William Mamhimanzi caused an uproar when he said the bank should convert diaspora remittances to the local ZiG currency. Speaking at an event, Mamhimanzi said diaspora remittances are fuelling the informal sector. He said it might be
Local debt and development advocacy group, the Zimbabwe Coalition on Debt and Development (ZIMCODD) has highlighted the critical connection between politics and economics, stressing the imperative need for political will to support the swift implementation of the 2024 monetary policy measures announced by the Reserve
On 5 April 2024, the Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mushayavanhu, announced the Zimbabwe Gold (ZiG) as the new currency to replace the inflation-battered Zimbabwe Dollar (ZWL). Prior to the Monetary Policy Statement on 5 April that introduced the new currency, there was
The government is set to borrow ZW$ 9 trillion, approximately US$640 million, largely from the domestic market to cover its 2024 budget gap, a move many fear may rattle the local financial market. Zimbabwe’s government has largely relied on the domestic market to raise funds to
The Zimbabwe Dollar (ZWL) is expected to accelerate its downfall in the few coming months as fiscal and monetary pressures will force authorities to backtrack on their hawkish monetary policy stance, research firm Morgan &Co predicts. The Central Bank governor, Dr John Mangudya has become synonymous
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