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Tag: US Dollar

MultiCurrency System To Remain in Place Until Further Notice: Zimbabwe 2019 National Budget

Yesterday’s budget presentation confirmed that the government is still okay with the multicurrency system. This is despite the fact that,  there has been a rise in the illegal trading of currencies (US Dollars and Bond notes and RTGS balances) which has, in a way, lately fueled the rise of cost of living in the country. […]

Banks Given Two Weeks To Separate Nostro US Dollar Accounts And Local RTGS/Bond Accounts

The major highlight of today’s monetary policy statement was the directive that banks must now separate the Nostro foreign accounts and local RTGS or Bond with effect from 15 October 2018. What it means This means that unofficially Zimbabwe has two currencies, that’s US dollars and RTGS/Bond. Consequently, banks will allow depositors to hold separate accounts […]

New Finance Minister, Mthuli Ncube Proposes These Three Solutions To Solve The Cash (Economic) Crisis

Many are calling him President Mnangagwa’s best appointment. That’s new the Finance Minister Mthuli Ncube, a technocrat as many of us are saying. He starts his reign as the Minister of Finance in the back of a struggling economy. Shortage of bond cash, shortage of foreign currency cash, increasing prices etc are some of the […]

Expect More Cash From Banks As RBZ Instructs Banks To Pass Cash To Customers

The central bank, Reserve Bank of Zimbabwe (RBZ) has told people to expect more physical cash (cash), to withdraw, as it will be injecting more foreign currency into the financial sector in the foreseeable future. The move will obviously relieve the acute cash shortages Zimbabwe is experiencing. Zimbabwe has been languishing from cash shortages for a […]

You Cannot Take Your Bank To Court For Swapping Your US Dollars For Bond Notes: The Court Decided

Last week we ran a story of a messenger who was arrested for swapping US dollars for Bond notes. The messenger was arrested for allegedly stealing US$4 000 delivery money and replacing it with $4 010 bond notes. We then questioned why the messenger would be arrested for stealing if he replaced the USD dollars […]

Zimbabwe Hyperinflation 2.0: The US Dollar Version

This story was originally posted on Rolling Alpha: Finance and Economics blog (reshared with permission) Here are words that I didn’t think I’d be writing: the Zimbabwe hyperinflation is re-emerging. We haven’t had any official inflation figures to back that up. But you don’t really need those to see what’s happening. To be clear: Zimbabwe is […]

Total Fuel Station and the separate fuel pump pricing…

Over the weekend, Zimbabwean social media was abuzz with photos of Total Fuel Station charging its customers in US dollars. Many feared that 2008 had come back and that this would be the onset of fuel ques. Here’s my take on it and why I think people should not fear, as well as why they […]

Start-up solves Zimbabwe’s change problem with a mobile airtime solution

Since the adoption of the mixed hard currencies monetary regime in Zimbabwe at the end of 2009, the one problem that has refused to go away is that of change. Retailers just don’t have enough change to give shoppers. It’s the same situation with commuter bus operators, street vendors and just about anyone that sells goods.