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Zimbabwe and regional technology news and updates

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RBZ announces mobile money rule: Individuals can’t have more than one wallet anymore

The Monetary Policy Statement (MPS) is out and as we expect, the RBZ has announced some surprise regulations. The war against mobile money is far from over it appears… What’s the new rule? Under the section titled “measures to address mobile banking deficiencies” is a set of new regulations. Mobile money operators “shall with immediate […]


Mangudya – Contrary to expectation, remittances skyrocketed after COVID-19

The Reserve Bank of Zimbabwe governor John Mangudya has said that remittances grew exponentially after COVID-19. It was largely expected that remittances would crash due to job-losses and the Coronavirus-induced economic recession. Mangudya speaking during a ZIMRA press conference mentioned that contrary to that belief remittances actually grew. From January to July 2019 Zimbabwe received […]


Second combined Forex Auction results, rate at 82.92

The second combined Forex results are in and the rate. from the weighted average, is ZWL$82.92. The results are as follows: SME Auction #3 Main Auction #9 Amount Allotted US$517 630.88 US$13 679 558.32 Highest Rate ZWL$85.0000 ZWL$88.3800 Lowest Rate ZWL$78.0000 ZWL$80.0000 Lowest Accepted Rate ZWL$78.0000 ZWL$80.0000 Total Bids Accepted US$517 630.88 US$13 679 558.32 […]


ZIMBOCASH still working on their payments platform. Promises solution in a few weeks…

ZIMBOCASH launched their payments platform to a lot of fanfare earlier this year. Unfortunately for the team behind ZASH, they did not anticipate that people would try to create multiple accounts and hog value. This is what happened and ZIMBOCASH subsequently decided to take down the Peer to peer (P2P) payment platform. Today ZASH account […]


First-ever combined forex auction results are in, rate now at 82.56

The first-ever combined forex auction (SMEs and Grand Auction) results are in. The Reserve bank last week decided to merge the two auctions after what seemed to have been a test run of the SMEs Auction. The results are as follows: SME Auction #2 Main Auction #8 Amount Allotted USD789 866.02 USD17 981 174.01 Highest […]


New Statutory Instrument reveals details on upcoming Victoria Falls Stock Exchange

A new Statutory Instrument (SI) was effected into law a few days ago and the SI gives more detail regarding how the Victoria Falls Exchange (VFEX) will work. Granted that VFEX has been pitched as an offshore capital centre by the Ministry of Finance, one of the questions that came up was which currency would […]


The first SMEs forex auction results are in

The first small to medium enterprises (SMEs) foreign exchange auction has concluded. This second auction is meant to be inclusive of smaller businesses. The big auction that is held every Tuesday has a minimum entry of bid US$50 000.00. So as you can imagine there would be a lot of businesses that wouldn’t be able […]


Full Text: RBZ introduces a second forex auction for small to medium enterprises

One of the criticisms against the foreign currency auction introduced by Zimbabwe’s central bank some two months ago was that it was a big boys and gals club. The minimum amount of forex an entity could bid for in this auction was USD50,000. It looks as if the central bank seeks to correct that. Here […]


Forex Auction number 7, rate now at 80.47

This week’s foreign exchange auction has been completed and the results are as follows: Amount Allotted US$ 18 531 336.74 The Highest Rate ZWL$ 87.00 The Lowest Rate ZWL$ 70.00 The Lowest Bid Accepted Rate ZWL$ 78.00 Total Bids: US$ 19 773 961.25 Weighted Average Rate ZWL$80.4663 PURPOSE AMOUNT ALLOTTED Raw materials 7,566,099.30 Machinery and […]


Full Text: Statement on the Zimbabwe Stock Exchange reopening

PRESS STATEMENT CONCLUSION OF INVESTIGATIONS ON ACTIVITIES ON THE ZIMBABWE STOCK EXCHANGE Following the unprecedented speculative and destabilizing behaviour on the Zimbabwe Stock Exchange-(ZSE), which was in large part contributing to broader macro-economic instability, a decision was made to suspend trading on the ZSE in order to pave way for a thorough inquiry by the […]


New law to penalise shops not using the official exchange rate

The government published a new Statutory Instrument (SI 185 of 2020) today that spells out punishment for service providers who are not using the official exchange rates (the rates determined by the interbank) to conduct business. The SI ammendment Reads; (1) Any person who provides goods or services in Zimbabwe shall display, quote or offer […]


2% tax still lives even during a global pandemic, if only Zimbabwe were Kenya

The Finance Ministry, on Thursday last week published the mid-year budget review, in this they outlined the “progress” the country has made over the past six months. The more interesting part of that were the proposals set forward by the Minister. Some of these measures were aimed at mitigating the financial woes Zimbabweans are currently […]


RBZ forex auction round 5, rate now at 72.15

The fifth Foreign Exchange has been completed and the results are as follows: New rate is ZWL$72.147 The highest rate ZWL$82.17000 The lowest rate ZWL$55.00 The lowest accepted rate ZWL$70.00 Total bids amounted to US$20 316 153.74 Allotted amountUS$14 853 708.88 PURPOSE AMOUNT ALLOTTED US$ Raw Material 7 417 479.47 Machinery and Equipment 2 309 […]


Domestic USD NOSTRO cards: Seems like govt employees were short-changed… again.

The government last month promised to give civil servants an allowance of US$75.00 a month after they protested against the working conditions as well as the poor wages they were being given. The government also said that this foreign currency that Civil Servants would be getting wouldn’t be in cash but will be a deposit […]


Mthuli Ncube says Zim Stock Exchange will reopen after investigation

Finance Minister has said ZSE is under probe and will only reopen after the Financial Intelligence Unit has completed their investigations which could take as many as two weeks. We are waiting for the conclusions of the investigations led by the Financial Intelligence Unit (FIU). They should be able to conclude within the next week […]


NetOne & TelOne privatisation delayed because both companies couldn’t afford transaction fees

NetOne and TelOne were supposed to be privatised since 2018, and despite government rhetoric to the effect that this was close to materialising, it turns out both companies cannot afford the transaction fees for the privatisation process. In the 2020 mid-term budget review, the government reveals some details regarding why the privatisation has taken this […]


[Updated] Finance Minister shares more details regarding Vic Falls Exchange

Mthuli Ncube shared the mid-term budget review yesterday and in it is a bunch of interesting updates and government’s plan to revive our ailing economy. One of the projects announced with intent to help government get its paws on foreign currency is the Victoria Falls Exchange (VFEX). The securities exchange was launched to in order […]


Businesses could get away with not paying VAT for USD transactions – Mthuli Ncube on it

As far as Mthuli Ncube is concerned it’s still not dollarisation even when civil servants will be paid in pseudo USD, even when businesses are now required to display prices in USD, even when government charges for services in USD and even when today he proposes that all VAT registered business configure fiscal devices to […]


2020 Mid-Term Budget Review: Ministry of Finance allocating ZW$341m to e-Government program

Ah eGovernment… The conversation around eGovernance and making it easier for citizens to access government services is one that has been ongoing since 2015! In the current budget review unveiled today, eGovernance is again part of the budget and this time government is allocating ZW$341.7 million to eGovernance. In the budget review, the goals of […]


[Download] 2020 Mid-Term Budget Review

Finance Minister Mthuli Ncube shared his 2020 Mid-Term Budget review this afternoon. The Mid-Term Review details economic developments during the first half of the year, progress on implementation of the 2020 National Budget and also makes proposals for re-alignment of economic policy going forward. A big influence in this year’s Mid-Term review is COVID-19 which […]


Full Text: Veritas says banning of ZSE & Mobile Money illegal

Over the past month, Zimbabwe Stock Exchange and mobile money platforms have come under scrutiny from the government. This scrutiny came to a head when the Permanent Secretary of the Ministry of Information announced a ban and temporary closure of both ZSE and mobile money in the country. All entities affected by the ban came […]


Forex Auction number 4 results, rate now at 68.89

The fourth running of the Foreign Exchange Auction has been completed and the weighted average is ZWL$68.8879. An increase from last week’s ZWL$65.88. Which means the “official” rate is US$1 : ZWL$ 68.89 Bids: The Highest Rate ZWL$85.00 (down from last week’s ZWL$90.00) the Lowest Rate ZWL$40.00 (up from last week’s ZWL$30.00) Allotted Amount this […]


Old Mutual Zim issues vague statement addressing delisting allegations

There have been reports that Old Mutual Zimbabwe had been delisted from the ZSE because they were accused of being a big contributor in the economic turmoil we (Zimbabweans) find ourselves in at the moment. The reports started a few days ago, when Patrick Chinamasa speaking in his capacity as ZANU-PF spokesperson endorsed the decision […]


EcoCash & banks can’t magically create balances

A friend brought up a question recently, can’t a software developer at EcoCash just create a balance in their account. Then, said developer can go buy a shiny new Lamborghini Gallardo LP460? (I may be adding a bit of sweetening but you get the point). A soccer analogy Let us talk about soccer for a […]


Foreign Exchange Auction results are in, “official” rate is 65.88

Foreign exchange auction results are in. The rate is sitting at US$1.00 to ZWL$65.8765 (rounded up to 65.88). The highest bid was ZWL$90.00 and the lowest was ZWL$30.00. The weighted average was ZWL$65.8765 an increase from last week’s ZWL$63.7. The amount allotted was US$13 602 407.84 a decrease from last week’s US$16 321 028.61. (The […]


RBZ to issue US dollar linked IOUs (bonds), don’t confuse them with bond notes

The Reserve Bank of Zimbabwe is, according to the Financial Gazette, to introduce United States Dollar linked Bonds. Now these aren’t to be confused with actual currency like that failed attempt to have a US$ placeholder they tried a few years back. These are bank bonds: “A bond is a fixed income instrument that represents a loan […]


“Official” ZW$ To US$ Rate Now At 63

The second interbank auction was held earlier today and the ZW$:US$ is now at 1:63.7. The FX auction availed US$16.3 million this week, up from last week’s US$10 million. The highest bid was ZW$92 and the lowest was ZW$37. The weighted average was ZW$63.7 up slightly from $57.3 we saw last week. Again demand continues […]


RBZ adds ZWL$64 million into circulation

The Reserve Bank has added more bond notes into circulation. The most recent increase came on the 19th of June where they injected ZWL$64 million. This raised the hard currency in circulation from ZWL$ 1,552 billion to 1,661 billion. The central bank has been cautious in injecting more because there isn’t any confidence in the […]


Confusion, contradiction, lies – Breaking down the ban on EcoCash and others

Of course we will keep going to town about the most stupid decision announced by the Zimbabwean government ever. Scrutinising the statement that announced the suspension of all mobile money and the Zimbabwe Stock Exchange word for word will give us volumes upon volumes to criticise. I’ll try to pick a few words to illustrate: […]


Here’s everything the government has blamed for manipulating the forex rate since 2018

With recent news of Government’s attempt to ban EcoCash and all mobile money platforms, I got to thinking. How many times has the government and financial authorities shifted the goalposts regarding what our problem really is? In 2018 what had been a steady decline turned into the opening of flood gates and since then the […]