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Tag: Monetary Policy Statement 2018

It’s Official, 2008 Is Back. Vice President Announces Price Controls

Vice President Kembo Mohadi has issued the riot act against businesses for ‘overpricing.’ I cannot pretend this doesn’t send a chill down my spine. This is deja vu except it’s not a feeling that this happened before, this actually happened before! Where were you? The Americans have this thing were they ask each other where […]

President Mnangagwa Says Mthuli Ncube’s Measures Are Necessary And That There Are No Easy Fixes, We Have To Be Patient

It’s exactly 8 days after the Finance Minister announced the introduction of a new tax whenever we transact on electronic platforms. He of course made the announcement at the same event where the Governor of the Reserve Bank of Zimbabwe announced the separation of bank accounts into a dedicated RTGS funds account and another for […]

You Can Transfer From FCA To RTGS But Not Vice Versa, So Says Ecobank

Ecobank has a useful Q&A for clients regarding the recently announced separation of bank accounts into the so called ‘FCA Nostro and the FCA RTGS.’ I still grimace to think that J P Mangudya calls the RTGS account ‘FCA.’ Here’s Ecobank’s Q&A: Q: What is a Nostro FCA A: This is an account specifically opened […]

Statement From RBZ Governor Says All Is Well; If He Is Speaking To Us It Actually Means Things Are Not Well

The RBZ has issued a press statement signed by their boss, Dr John P. Mangudya. Here it is: PRESS STATEMENT DRAW DOWN OF FOREIGN CURRENCY FROM USD500 MILLION LINES OF CREDIT FOR PROCUREMENT OF ESSENTIAL COMMODITIES The Reserve Bank of Zimbabwe (the “Bank”) wishes to advise members of the public that it has started drawing […]

Reactions To The Mid-Term Monetary Policy Statement

Yesterday’s Monetary Policy Statement was met with mixed reactions on various social media platforms such as Twitter, WhatsApp, Facebook etc. I am going to present to you just a few reactions from Twitter. Here they are; Zim Bollar Index‏ @ZimBollar 22h22 hours ago It’s now Official: Zim now has two currencies. RTGS/Bond and USD(FCA) Alex T Magaisa  🇿🇼‏ @Wamagaisa 15h15 […]

The Great Contradiction: Mthuli Ncube’s New Transaction Tax Is Accelerating Us Back To The Past

So the big news yesterday was something we have always known but that Mangudya finally admitted: the USD is not equal to bond notes which are not equal to money that is in electronic circulation in Zimbabwe. The second biggest news was that the government is now dipping it’s fingers and getting 2% of the […]

[Update] New Taxes For Transferring Funds Are Simply Ridiculous

Finance Minister Mthuli Ncube delivered some sombre news at the Monetary Policy Statement. From charging 5c per transfer transaction the government will (with immediate effect) charge 2c for every dollar per transaction. In layman terms, this means you’ll now be charged 2% for every transfer transaction you make. It never rains Where you were paying […]