Zimbabwe’s inflation soared to 74.5 percent during the month of June, accelerating by 58.8 percentage points on May inflation rate of 15.7 percent as authorities struggled with exchange rate pressures. The Zimbabwe dollar lost over 30 percent of its value in June alone, putting prices in
Local financiers are increasingly reluctant to lend businesses in US dollars at least until they are informed of further policy positions regarding ongoing currency reforms, just over two years before the multi-currency system comes to an end, 263Chat Business has established. Zimbabwe’s economy is operating under
Thirteen companies have been blacklisted from doing business with the government after being found guilty of siphoning money into the parallel market which has been the key driver in undermining the value of the local currency. The past two weeks have seen a significant movement in
The Reserve Bank of Zimbabwe (RBZ) has cut its policy rate by 10 percentage points to 140 percent –a month after another cut to 150 percent driven by a downward inflation trend. Month-on-month inflation declined from 0.7 percent in January this year to -1.6% in February
The People’s Own Savings Bank (POSB) has unveiled its prepaid and debit cards which are set to enable its customers to seamlessly transact in both the domestic and international markets through a partnership with Mastercard, a global payment technology company. The project involves a local leading
Zimbabwe is targeting a record 50 tonnes of gold this year up from 35.38 tonnes achieved last year as government seek to prop up output from the artisanal miners who have overtaken large gold producers contribution in recent years. Last year artisanal miners produced 18 tonnes
Telecommunications giant, Econet Wireless Zimbabwe says the shortage of foreign currency on the market has adversely affected its capacity to service its network foreign suppliers as well as implement much needed network maintenance and expansion. The situation has been worsened by the persistent power cuts that
The Reserve Bank of Zimbabwe (RBZ) says it has cleared the foreign currency backlog which has been hampering the smooth operations of the auction for the greater part of its existence since 2020. The auction was set up as a price discovery mechanism for the local
A total of US$ 1.1 billion was allotted to local companies for productive purposes from the Reserve Bank of Zimbabwe (RBZ)-run foreign currency auction system during 2022, latest official figures show. The auction system was established as a price discovery mechanism for the local currency as
The Reserve Bank of Zimbabwe (RBZ) has cautioned suppliers of goods and services to government against participating in parallel foreign currency market amid resurgent exchange rate movements devaluing the local currency. The parallel market rates have been steadily increasing since the beginning of last month having
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