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Full Text: Unproven Nedbank Tellers Spill More Details About The Forex Scandal

The tale of Nedbank’s employees who are being charged with defrauding a million dollars from the bank seems to have got more theatrical. A recording of a meeting that was held by some people claiming to be the accused bank tellers, discussing how the bank was operating, has been leaked. Here’s the transcript of the […]

Here’s Why 28 Nedbank Tellers Were Arrested

Yesterday, several Nedbank employees appeared before the magistrates to answer to allegations of money laundering and fraud. Why? Apparently, more than 28 bank tellers are being accused of fleecing as much as $US 1.1 million from the South African bank. How they stole the $US 1.1 million Remember that before the Monetary Policy Statement in […]

“Bond Note Is The Strongest Currency In SADC”- Eddie Cross. Yes It Is, But………..

Prominent Zimbabwean Economist, Eddie Cross says the controversial bond currency is the strongest currency in the whole of southern Africa (SADC). Speaking to ZBC, the economist said: The underlying economy actually is fine, it’s growing, exports are growing and the fundamentals are strong and this was reflected by the fact that by Christmas the rate […]

Treat All Zimbabwean Financial Results With Extreme Caution

All of  the accountants I know, have noted with concern the rise in a lot of  businesses reporting seemingly massive profits in US dollars. When compared to last year’s earnings, there is a misleading impression that these entities are performing better than they did last year. There are a lot of businesses out there whose […]

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 […]

Zim Stock Exchange (ZSE) On The Rebound As Foreigners Buy More Shares

The self correction we were witnessing on the Zimbabwe Stock Exchange (ZSE) seems to be over as the ZSE is now rising. The stock market capitalisation had reached $15 billion just before the military takeover as investors panic bought shares. As was warned by analysts the capitalisation fell from $15 billion to around $9 billion as […]

More bond coins on the way as RBZ invoiced over $384,000 for $3m worth of bond coins from SA

The Reserve Bank of Zimbabwe ordered 6,048,000 bond coins worth $3,024,000 from the South African Mint company. The bond coins ordered are in the 50c denomination and will be enough to fill 126 drums. This information was obtained from a leaked invoice. The invoice is addressed to the Reserve Bank of Zimbabwe by South African […]

Reserve Bank of Zimbabwe releases $15 million worth of new $5 notes, brings bond total to $88 million

The Reserve Bank of Zimbabwe (RBZ) has introduced the $5 bond note, releasing $15 million worth of the new money into the market. The notes started circulating on Thursday 2 February 2017. The new note is purple in colour and carries images of the balancing rocks and giraffes, as well as the same security features […]