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
Tanganda Tea Company (Tanganda) has posted a nine percent decline in revenue during the first quarter (Q1) to December 2023 as the mandatory foreign currency liquidation scheme set by the Reserve Bank of Zimbabwe (RBZ) continues to dampen exporters’ earnings. The company is a net exporter
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
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