The Zimbabwe Energy Regulatory Authority (ZERA) now controls the prices of LP Gas just like they do with fuel and ZESA tariffs. ZERA is empowered to do so under Section 54 of the Petroleum Act as refined by Statutory 90 of 2021. According to the Statutory Instrument, ZERA can review the monthly prices of fuel […]
One of the most memorable ads from the last decade is, at least for me, the Vodacom “we have been having it” series of ads including this one. In them, an Id Amin inspired character expresses amazement that people are constantly praising (yep yep yeping) Vodacom’s features like custom ring tones and having up to […]
Monetary Policy Committee says Individuals can now transact up to US$50 per week via Bureau de Changes
These days the ZWL official rate is more or less stable and the government has also stopped rocking the boat with the rash policies like the infamous Statutory Instrument 127 of 2021. However, the Monetary Policy Committee which is responsible for crafting some of these policies is still very much in existence. Recently they met […]
Zimbabwe’s National Social and Security Authority (NSSA) has always been accused of harbouring a lot of ghost accounts on its books among scores of other improprieties revealed in several audits. Lately, they embarked on a mission to rectify this anomaly but they seemed to have bungled it. Now their latest attempt to clean the books […]
The Zimbabwean government has officially announced that they have received almost a billion US dollars from the International Monetary Fund via the institution’s Special Drawing Rights (SDR). SDR refers to supplementary foreign exchange reserve assets that are maintained by the IMF and availed to member countries if they so choose. Zimbabwe will probably use the […]
Our esteemed government has unleashed so many harsh Statutory Instruments on us sometimes it’s hard to remember the cheerful ones. For example, we can all recall the pain of SI 127 of 2021 and the chaos it brought. If you mention ex-Japs or secondhand vehicles everyone groans because they are very much aware of the […]
Zimbabwean government says it’s suspending its chaotic COVID-19 allowance facility after a good harvest
In April of last year, when COVID-19 hit the country and tough lockdowns were introduced, Finance Minister Mthuli Ncube announced that the government had a budgeted $600 million dollars that were meant for the vulnerable members of society as well as small informal business owners who had been exposed by the lockdown. There was a […]
Remittances look on course to breaking the US$1 billion and some change record that was set last year. According to the Reserve Bank of Zimbabwe’s (RBZ) Mid-Term Monetary Policy Statement, remittance figures are up by 73% at US$649 million from the US$374 million that was recorded over the same period last year. Inflows January to […]
The Reserve Bank of Zimbabwe (RBZ) today released the Mid Term Monetary Policy Statement which highlighted the events of the previous year and this one. In that statement, there was an interesting revelation. The RBZ has acquired or is set to acquire a 15% stake in the national payments switch, Zimswitch. “The Bank is proceeding […]
I was joined yet again by Economist and former member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee Eddie Cross to talk about financing a nation, tax collection and administration as well as electronic transactions You can play or download the podcast with the link below. Alternatively, you can download the podcast on WhatsApp […]
A few weeks ago we received some pleasant news, several Bureau de Changes were now allowing people to pay for their DStv using RTGS at the official rate. One of these exchanges was ContiCash who are part of the Conti family of fintech services that includes a money remittance service and a payment gateway that […]
It has been almost three years since Finance Minister Mthuli Ncube introduced his much-hated 2% tax. It’s still not clear why the tax was introduced, so many reasons have been given, but it is now an accepted fact of our lives. Sometimes something outrageous concerning the tax happens however and people are forced to question […]
Multichoice Nigeria, a subsidiary of the South African giant and pay-TV operator has had their Nigeria accounts frozen. They are embroiled in a spat with the Nigerian Tax authorities (Nigerian Federal Inland Revenue Services i.e. FIRS) who claim that the pay-tv operator owes them a staggering US$4.3 billion (1.8 trillion Naira) in taxes. According to […]
Today I was joined by the former member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee, Eddie Cross. We explored the recently launched ZWL $50 note, the contrast in policy and environment from Rhodesia to present-day Zimbabwe. The forex auction system and if it has been a success, his current capacity in financial policymaking […]
Earlier this year, former member of the Reserve Bank of Zimbabwe’s (RBZ) Monetary Policy Committee Eddie Cross said that Zimbabwe will soon get a ZWL $50, $100 and $200 note. “The only new note which is due to come in shortly is the $50 note, and I’m not certain when that is going to be […]
The Reserve Bank of Zimbabwe (RBZ) has announced the introduction of the ZWL $50 (fifty dollar) note into circulation. “The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW $50 (fifty dollar) banknote issued on 6 July 2021 through Statutory Instrument 196 of 2021 will be introduced into circulation on […]
The Reserve Bank of Zimbabwe (RBZ) today released a statement outlining the deliberations of its Monetary Policy Committee. The document outlines the strides that the Reserve Bank has noted in the economy but also included mention of the RBZ working on securing USD deposits via the Deposit Protection Corporation (DPC). The full statement by the […]
If you are South African or in South Africa and want to buy something from a local eCommerce shop such as Takealot you have so many payment options when it comes to checking out. Besides the standard Visa/MasterCard options there is: The option to pay locally using Visa/MasterCard. By locally I mean the transaction is […]
It’s a well-known fact, the only bank Zimbabweans will trust with their hard-earned money is the National Mattress Bank-NMB. The fact that there is actually a bank called NMB is of course coincidental but still part of the joke. What is not a joke is the suffering we have endured at the hands of Zimbabwe’s […]
Deputy Minister for Finance, Clemence Chiduwa said in Parliament that the Zim dollar (ZWL$) is accepted regionally and internationally according to a report by OpenParly. The issue of the convertibility and regional or international acceptance of our currency as we speak now, the Zimbabwean Dollar is accepted regionally and internationally through the exchange rate. Not […]
It has been a couple of weeks since the government/RBZ introduced its latest shock grenade in the form of Statutory Instrument 127 of 2021. They riled the entire economy by trying to dictate what exchange rate businesses use when conducting operations. They also banned USD cash discounts and any incentives to induce USD payments. This […]
Earlier this week, Minister for Finance Mthuli Ncube said that Zimbabwe had a budget surplus of ZWL$9.8 billion in Q1 of 2021. A budget surplus is essentially the government making more money from income like taxes and the likes than it is spending. Now there are many ways to interpret this especially with COVID-19 being […]
This time last week we got the news that the government had issued Statutory Instrument 127 of 2021. In SI 127 are a raft of new measures that govern the rules of forex in the country not only for those participating in RBZ’s Forex Auction but for the nation at large. And as I am […]
Let chaos reign supreme!
Will rates fall & the black market die now that Bureaux de Change can now sell forex to individuals?
A hail Mary, wise decision or is this the RBZ trying to stop a hurricane with an electric fan?
After spending months locked down and returning to low business the informal sector now has to contend with a government shakedown.
The Tax Relief measures in the 2021 National Budget didn’t go far enough as Zimbabweans are struggling to survive because of the COVID19 pandemic .
Zimbabwe’s most recent economic revival plans are now a trilogy, will the NDS1 be any different from the last?
First Capital Bank has announced the opening of a money transfer service. The bank partnered with Money Transfer agents RIA Financial Services, the 3rd largest remittance company in the world. Under what they are describing as an “exciting partnership” First Capital Bank will take advantage of RIAs 160 country & 385 000 location network. People […]
So the Victoria Falls Stock Exchange, the one the government said was for companies to raise foreign currency capital is being officially launched this coming Friday. Its doors will open next week Monday. What we found to be interesting is that dual listed counters (you know those companies that are listed on the Zimbabwe Stocks […]