Presenting the 2024 Monetary Policy Statement in Harare yesterday, Reserve Bank Governor Dr John Mushayavanhu, said a transparent price discovery mechanism was now in place in the interbank market and the bank would continue to provide trading liquidity to the market using the 25 percent surrender ...
THE Reserve Bank of Zimbabwe (RBZ) yesterday froze the bank accounts of a Chinese construction company, China Nanchang, on suspicion of injecting millions of dollars into the parallel market to buy foreign currency. RBZ had earlier issued a statement warning illegal foreign exchange rate manipulators...
Business recently suggested that the exchange rate must be determined by this rate, instead of the auction system. However, speaking during a CEO Africa Roundtable meeting in Harare yesterday, RBZ governor John Mangudya said the auction system, which was set up in June 2020 to provide cheaper f...
Midlands provincial police spokesperson, Inspector Emanuel Mahoko yesterday said the two were arrested on Saturday."The two were arrested after they approached management at Vital Supermarket in Shurugwi and demanded to see their receipts and how they were using the forex exchange rate," he said....
“But the only way to prevent the increase in base money (total money supply) with new cash in the market and the impact on the exchange rate is for the banks to acquire these notes using their RTGS dollar balances. “What we are doing is that we are swapping existing RTGS cash for ...
Zimbabwe had the highest inflation rate of 200% before yesterday’s cuts, which came as industries warned of massive production slowdowns if borrowing costs remained at three-digit figures. Still, at 150%, the cost of money in the country remains one of the world’s highest. ...
Business recently suggested that the exchange rate must be determined by this rate, instead of the auction system. However, speaking during a CEO Africa Roundtable meeting in Harare yesterday, RBZ governor John Mangudya said the auction system, which was set up in June 2020 to provide cheaper ...
As has been the tradition, the bulk of the resources was yesterday allocated to firms for raw material procurement with a total of US$10,955 million allotted through the main auction. Also, for raw material procurement, US$1,437 million was disbursed to companies through the Small and Medium...
"The MPC urged the bank to clear the backlog in a month's time to enable it to operate the auction system within the set rules of funding auction allotments within two weeks from the date of auction," Mangudya said in the statement yesterday."The MPC also emphasised the need for banks...
THE Reserve Bank of Zimbabwe (RBZ) yesterday said it would start issuing gold-backed digital tokens on May 8 as one of its several measures to save the free-falling local currency. In July last year, gold coins were introduced as part of several policy measures to ease demand for the gree...