Tag: rbz

UPDATE: EcoCash Was Down For Just About 40 Minutes Maybe Not The Promised Outage

Update: EcoCash is now working again. It’s not clear if the downtime was in relation to the RBZ directive or if they were performing some maintenance of some sort. We are reaching out to EcoCash representatives to find out. When EcoCash services were not accessible from around 9 am we thought EcoCash was not playing […]

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 […]

Former FNB CEO Suggests Zimbabwe Adopt A Stable Cryptocurrency

Michael Joordan who used to be the CEO of FNB recently spoke of Zimbabwe’s ever-rising inflation and what the country can do to address these problems. Joordan blamed the government and its bad choices for putting the poor in a compromising position: Inflation forces the poor to spend their income on basic necessities such as […]

Full RBZ Letter To Banks, Summary: We Have Been Robbed

Below is the letter to Bank CEO’s from the Reserve Bank of Zimbabwe regarding the re-introduced Zim dollar and the banning of forex ATTENTION: CHIEF EXECUTIVE OFFICER Dear Sir/Madam, DIRECTIVE ISSUED IN TERMS OF SECTION 35 (1) OF THE EXCHANGE CONTROL REGULATIONS STATUTORY INSTRUMENT 109 OF 1996 Introduction 1.1          Reference is made to the Reserve […]

Technically The USD And Other Forex Are Not Banned

The news of the moment definitely is that the Zimbabwean Dollar has made a come back of sorts. The come back goes like so: what we were told to call RTGS dollars in February this year, we are now told to call it Zimbabwean Dollar. The real change is that this ‘Zimbabwean Dollar’ is now […]

RBZ To Supply Interbank Forex Market With US$500m

The Reserve Bank Of Zimbabwe has announced (through their Twitter) that they will be drawing down on a US$500 million fund to supply the Interbank foreign currency exchange market on the 20th of May. What does this solve? The Interbank forex market was created in order to tame the black market but thus far it’s […]

5 More Years Of Mangudya As President Mnangagwa Grants RBZ Governor Another Term

John Mangudya’s tenure as RBZ will not be coming to an end as most wanted. Instead, the RBZ announced that he will be getting a new 5-year term in office. If you don’t like the guy for whatever reason, you’re stuck with him for the foreseeable future. The Cabinet Secretary Misheck Sibanda released the following […]

Zim Receives $400K To Counter Cyber Security Threats

The WSBI Africa Regional Group Meeting hosted last week in Vic Falls seems to have bore some fruitful impact in boosting Cyber Security budgets locally as the country is said to have received $400 000 from the International Telecommunications Union. The money is supposed to be allocated towards fending off cyber security threats: Very soon […]

[Download] RBZ’s Exchange Control Directive To Authorised Dealers

This document provides authorised dealers with an administrative framework by which to operate and implement measures found in the Monetary Policy Statement announced in February. The contents of the document include information on: Establishment of an Interbank Foreign Exchange Market Export Receipts Retention Thresholds Export Receipts Retention Periods Administration of Foreign Currency Accounts Discontinuation of […]

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 […]

Interbank RTGS Rate Going Up, Will It Match The Parallel Market Soon?

In the past few days the rate of exchange between the recently introduced RTGS$ and the US dollar has been steadily increasing at the interbank foreign exchange market. When trading started a couple of weeks ago, the rate was set at 1:2.5 (USD:RTGS). The rate seemed stuck there for a little while but movement has […]

$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 […]

Bulawayo Citizen Loses $40 000 To Card Cloning Scheme

A widow in Bulawayo lost over $40 000 in the most recent case of card cloning. Timmy Kuzhangaira allegedly cloned her late husband’s bank card details before going on to complete a number of transactions in retail. It’s been reported that whilst Ms Watson (the widow) was paying for her groceries in a Bulawayo supermarket […]

RBZ Issues Guidelines For How Bureaux De Changes Will Operate

Zimbabwe’s  Central Bank has issued a set of operational guidelines “to provide instructions and direction to persons intending to carry on the business of Bureaux de Change in Zimbabwe.” The guidelines include details regarding; Regulatory framework Licensing and Registration of Bureaux De Change Operational Modalities for Bureaux De Change Corporate Governance Supervision and Monitoring of […]

Money Transfer Agents Running Out Of Cash, You Can Blame Sanctions!

When you see the list of things Zimbabwe imports it’s hard for you not to wonder: Is there something this country does not import? I mean we import everything from razor blades to matches. Now you can add another thing to the list: USD currency. Yes, we import those flashy dollar bills and most of […]

What Are EMV Cards And Why The RBZ Wants Banks To Migrate To These

Tucked in the latest Monetary Policy was a statement by the RBZ governor that 80% of card infrastructure in Zimbabwe was EMV compliant. The governor also expressed his preference for technology as he clearly believes EMV has superpowers. Further to the cyber security guidance, market participants are required to migrate to Euro MasterCard and Visa […]

The Government Stole Our USD, There Is No Denying It Now

Well, the Zimbabwean government has now been finally forced to admit what we have known all along: Bond notes are not equal to real US dollars despite what the law says (or used to say). Nor are RTGS balances that now flood our accounts equal to US dollars. We all know that. We have known […]

What Is IFRS 9 And Why Is It Mentioned In The Latest Monetary Policy

Tacked in between the surprising but not so surprising revelation that bond notes and all of Zimbabwe’s pseudo currencies were no longer equal to the USD, was a cryptic reference to something called IFRS 9. If you were one of the people stumped by this, fear not, I am here to educate you. What is […]

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 […]

Mangudya Throws In The Towel As The RBZ Floats The Bond But Avoids Dollarisation

As we have mentioned in an early article, the government has finally abandoned the 1:1 ship. Bond notes, coins, Ecocash, Telecash and bank balances are now known as RTGS dollars. Personally, I think he should have just called them bollars like the rest of us but at least the governor is on the right track. […]

[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, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash number: Buy {{error_message}} {{error_message}}

Econet: It’s Fake News,Government Has Not Directed Us To Clear Ecocash Balances

For the past few weeks there has been a message circulating telling people that their Ecocash balances were going to be written down to $0.00 in response to a government directive. The tone of the message is carefully crafted to match the tone of the two SMS messages that Econet sent out when the government […]

Government Dissuades Delta From Charging In Forex Only For Now

I have got to hand it to Delta Beverages, they know how to negotiate with the Zimbabwean government. They cooked up a storm when they sent out a circular to various stakeholders telling them that starting today drinks would be paid for using real US dollars instead of vanity money ( RTGS/Ecocash and Bonds). In […]

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 […]

So, The Finance Minister Didn’t Appoint A Communications Taskforce After all…

It seems the Communication Task Force set up by Finance Minister Mthuli Ncube has already been laid to rest. In fact, if you believe what the Ministry of Information says then the Communication Task Force never truly was. The Ministry of Information’s official Twitter account took to the realm of social media to denounce the […]

RBZ Suspends 4 Officials After Acie Lumumba Acuses Them Of Forex Trading Scandal On Social Media

It seems the naming and shaming is quickly becoming a go-to tactic whenever the government wants to do something. The Finance Minister Mthuli Ncube made an infamous appointment of ‘Acie Lumumba’ as part of his Communications Taskforce and it seems the wheels are turning. Following Lumumba’s Twitter rant which was meant to ‘out’ some of the […]

Is the Zimbabwean Central Bank Finally Warming Up To Cryptocurrencies?

In a surprising turn of events, it seems the RBZ is finally warming up to cryptos.  It took the President appointing a new Minister of Finance and said Minister of Finance stating his affinity for cryptos, but here we are. Mangudya was one of the officials who recently travelled to the US and during a […]

Zim Central Bank Registered 19 Microfinance Institutions In The First Half Of 2018

According to a report in the Herald, the Reserve bank of Zimbabwe opened 19 microfinance institutions during the first half of 2018. Though the Empowerbank launch was publicised by the government more overtly, the RBZ has registered 18 such institutions and some of the other institutions include Mula Microfinance and Raysun Capital. Overall, there are […]

RBZ Releases More Forex, 2 Weeks After Stopping Disbursing It: Hopes To Put Moneychangers Out Of “Business”

Following the recent sharp increase of cash burning rate, the Reserve Bank of Zimbabwe (RBZ) has decided to increase foreign currency (forex) in the economy by a further $50 million to tame this rate. Cash Burning is essentially a form of selling hard cash US dollars (USD) on the black market to those who are desperate […]

Golix CEO Adresses Concerned Customer’s Questions On Reddit

The Chief Executive of Zim’s leading cryptocurrency Exchange fielded some questions that concerned customers had in relation to the on-going crypto ban that was imposed by the RBZ two months back. Tawanda Kembo of Golix talked about giving customers the option to switch their fiat balances to GLX Tokens, crypto and fiat withdrawals which have […]