Tag: Mangudya

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 […]

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 […]

Zimswitch: a quick refresher on what it is and what it does

The Reserve Bank this afternoon issued a statement that made Zimswitch the national payment switch. This means that EcoCash will be relegated to just being wallet and will have to use Zimswitch as the universal transaction hub. Now, as more information about this comes out, and we see how EcoCash responds to this. Let’s have […]

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 […]

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 […]

What does the RBZ directive mean for EcoCash and other mobile money platforms?

Yesterday the Reserve Bank followed up a statement made by Nick Mangwana on Friday night. The original statement looked to totally ban mobile money platforms. The government was planning to take a: “Series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetrated by the “wolves in sheep skins amongst our […]

Govt saves face, RBZ statement on EcoCash ban: reversing from the original plan

Yesterday the government through Nick Mangwana issued a statement declaring that mobile money was suspended with immediate effect. Naturally the public wasn’t happy and all three mobile telecommunications companies released statements to the effect that they would wait for a directive from the relevant authority. It seems like they have revised the original plan, probably […]

RBZ Says Zimbabwe Will Have Official Exchange Rates After Tuesday’s Auction.

The governor of the Reserve Bank John Mangudya has said in an interview in the Sunday Mail that the official exchange rate will be pegged after the Foriegn Currency Auction on Tuesday. What we are saying is very clear in that the auction market is going to receive bids starting Tuesday from an array of […]

You Can Now Do More Than Two Bank Transfers A Day. RBZ Reverses Decision.

The Financial Intelligence Unit (FIU) an agency of the Reserve Bank of Zimbabwe has reversed it decision issued on June 4th. The directive issued was to limit the number of internal bank transfers to 2 a day. The turn around came after Members of The Bankers Association of Zimbabwe made an appeal to the Reserve […]

RBZ Outlaws Promoting Of “Illegal” Forex Trade In WhatsApp Groups

Another day another interesting regulatory measure by the Financial Intelligence Unit ( by extension the RBZ). This time the target being money changers operating on WhatsApp groups. Here’s the FIUs full statement: ACTION AGAINST ILLEGAL FOREIGN CURRENCY TRADING ADVERTS 1. The Financial Intelligence Unit (FIU) has been monitoring social media platforms where foreign currency dealers […]

Exchange Rate Problem Is Due To RBZ Not Being In Control When Agents Move Money, Says Mangudya

It’s been a scandalous month for the Reserve Bank and mobile money service providers with EcoCash at the centre of the Central Bank’s dart board. Background… The economy has been spiralling wildly and the Reserve Bank believes the fault lies with mobile money services. This thinking is what led the Central Bank to issue out […]

RBZ Says Leaked De-Dollarisation Document Is Not Official

The RBZ has come out with a statement regarding the 5-years de-dollarisation project document which has been making the news after leaking last night. The Central Bank has said that whilst the document was being worked on by RBZ personnel, it isn’t the official position and had not even been inspected by the government. The […]

EcoCash Should Help Us To Monitor & Control It’s Platform – RBZ

RBZ Governor, Dr John Mangudya has urged EcoCash to help the central bank to monitor and control it’s platform. Dr Mangudya’s comments are on the heels of a controversial ban which EcoCash is already challenging in the High Court. First off Dr Mandudya started by acknowledging that EcoCash’s platform is not inherently bad but rather […]

RBZ “Refines” Operations of Bureau De Changes In Response To Spiralling ZWL$

Over the past two weeks, forex rates decided to take up space exploration as a hobby and have thus rocketed in a manner that has left businesses and the public in shock. The central bank is responding to all this by changing the way Bureaux De Changes operate. The RBZ has sent out a press […]

{Video} Watch African Economic Research Consortium’s Senior Policy Seminar Livestream

Quick NetOne, Telecel, Africom, And Econet Airtime Recharge Number to recharge: Airtime amount: EcoCash number: {{error_message}} {{error_message}} If anything goes wrong, chat with us using the chat feature at the bottom right of this screen

The Interbank Rate Is Just Another Legal Form Of Daylight Robbery

I have to be honest prior to the announcement of the latest Monetary Policy we all knew that the Bank needed to float the bond/RTGS and allow them at market rates, I was sure they would not do it. You see our current in general government and the RBZ in particular hate not being in […]

$24 Million Traded Since The Introduction Of The Bank Rate

Last month the RBZ governor finally let the bond and RTGS balances loose. The government was essentially dispensing with the fiction that bond notes were on par with the USD due to the fact that they were backed by some mysterious Nostro facility. The hope was that the introduction of a market based rate instead […]

Bond Notes Have Worked That’s Why I’m Not Resigning -Mangudya

The RBZ Governor John Mangudya remains defiant not to resign despite the seeming failure of the bond notes (and bond coins). The currency had lost more than 50% of its value before it was converted into the RTGS dollars late last month. But yesterday, the Governor seemed to imply that people misquoted him when he talked […]

Mangudya: Banks Should Submit Cybersecurity Policies By 31 March 2019

During the Monetary Policy Statement delivered earlier on today, RBZ Governor gave banks an ultimate to ensure that they bolster their security in order to fight against the ever-growing Cybercrime threats that were becoming more widespread in the country. The governor has given banks upto 31 March 2019 to have hand-in their cybersecurity policies. Mangudya […]

[Video] Watch The Monetary Policy Statement 2019 Livestream

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya presents the 2019 Monetary Policy Statement today. Watch the livestream below: Download the Monetary Policy Statement  Quick NetOne, Telecel, Africom, And Econet Airtime Recharge Number to recharge: Airtime amount: EcoCash number: {{error_message}} {{error_message}} If anything goes wrong, chat with us using the chat feature at the bottom […]

Hello Darkness: 2019 Preview

According to Zimbabwe’s largest daily, The Herald, Zimbabweans are very optimistic about the country’s economic prospects in 2019. That’s the thing about stuff you see in the Herald- always assume the opposite of whatever you read is true and this is no exception. 2019 is going to be tougher than 2018 and Zimbabweans have been […]

RBZ Says Officials Accused Of Forex Dealings By Lumumba Are Innocent

Back in October RBZ suspended 4 top officials after Acie Lumumba had called them out on a Facebook Live video. The officials were alleged to be behind the foreign currency that was (and still is) flooding the streets. The officials were suspended pending investigation and now that the investigations are complete, the central bank has […]