In a move aimed at streamlining financial transactions in Zimbabwe, ZIMSWITCH, the national payments provider, has announced new limits for sending and receiving money using the ZIPIT platform. This comes after the recent introduction of the ZiG, the new Zimbabwean currency, replacing the inflation-battered ZWL. Let’s delve into what these new limits mean for you. […]
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Zimbabweans have been warned to prepare for crippling power cuts in the coming few months as the El Nino weather phenomenon is expected to negatively impact rainfall patterns resulting in reduced water inflows at Lake Kariba, the site of the country’s most reliable power plant. The Permanent Secretary in the Ministry of Energy and […]
Read MoreThe Zimbabwean dollar, for a third consecutive week, depreciated against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s (RBZ) wholesale foreign exchange auction held on August 8, 2023. According to the RBZ, the USD was sold at a rate of ZW$4,559.7414, compared to ZW$4,542.3710 on August 1, 2023. Notably, on July 25, […]
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PRESIDENT Mnangagwa has said the country is agreeable to the use of alternative forms of payment for various transactions as opposed to the sole use of the United States dollar. Yesterday during a bilateral meeting with Russian President Vladimir Putin at the ongoing Russia-Africa Economic and Humanitarian Summit in St Petersburg, the President also appealed […]
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Economic blogger Tinashe Murapata, also known as Baba Nyenyedzi, has said the government’s claim of sucking the Zimbabwe dollar from the market is rigged. He was commenting after the Zimbabwe dollar’s recent increase in value against the United States dollar a development the authorities attributed to the disappearance of the Zimbabwe dollar from the market. […]
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The Zimbabwe National Chamber of Commerce (ZNCC) has issued a note to its members saying the Reserve Bank of Zimbabwe has assured that Nostro balances and liquidity in the overall banking system are safe and secure and can be used for external payments as before. This followed claims of unfunded Nostro balances circulating on […]
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