The 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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The price of bread in Zimbabwe has experienced a significant increase within a span of 12 hours, rising from Z$10,000 to Z$12,200. The increase in bread prices has occurred in the context of a rapidly depreciating Zimbabwean Dollar and macroeconomic instability that has persisted in recent months. Award-winning journalist, Hopewell Chin’ono, says the upsurge […]
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THE government’s ambitious growth projections are unlikely to be met because of protracted blackouts, which have stifled exports and further weakened the local currency. In December last year, Finance minister Mthuli Ncube projected that the GDP would grow by 3,8% this year. Last month, he scaled his projections to 6%, citing a “good […]
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