ED virtual currency to last 6 months 

Source: ED virtual currency to last 6 months – NewsDay Zimbabwe February 27, 2019 BY BLESSED MHLANGA PRESIDENT Emmerson Mnangagwa, using the Presidential (Temporary Measures) Powers Act, introduced a virtual currency, the real-time gross settlement systems (RTGS) dollar, which will remain legal tender for six months if it’s not made substantive through an Act of […]

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Source: ED virtual currency to last 6 months – NewsDay Zimbabwe February 27, 2019

BY BLESSED MHLANGA

PRESIDENT Emmerson Mnangagwa, using the Presidential (Temporary Measures) Powers Act, introduced a virtual currency, the real-time gross settlement systems (RTGS) dollar, which will remain legal tender for six months if it’s not made substantive through an Act of Parliament.

The Presidential Powers (Temporary Measures) allow the President to introduce legally binding laws in an emergency without going through parliamentary processes, with the law only holding for six months.

Statutory Instrument (SI) 33 of 2019 also gave powers to the Reserve Bank of Zimbabwe (RBZ) to issue an electronic currency for local use, which will trade as the RTGS dollar.

“In addition to its powers to issue bank notes and coins in terms of this Act and subject to subsection 3, the bank shall have the sole power to issue or cause to be issued electronic currency in Zimbabwe,” the Statutory instrument read.

Former Finance minister Tendai Biti said according to the law gazetted last Friday, Zimbabwe did not have a currency, but virtual money that only existed as factious figures.

“It is not real money. It’s an electronic currency if you read the law; it is factious money, just figures in the bank which is still at par with the USD,” Biti said.

The SI reads: “That the Reserve Bank has, with effect from the effective date, issued an electronic currency called the RTGS dollar. That the real time gross settlement system balances expressed in USD, immediately before effective date shall, from effective date, be deemed to be opening balances in RTGS dollars at par with the US dollar and that such currency shall be legal tender within Zimbabwe from effective date.”

Economist John Robertson said if the currency could be maintained stable for a month or two, it could be declared a new currency and could build for the eventual return of the Zimdollar.

“It is going to be a new currency if we can make it stable and make it acceptable to the nation. There is a little bit of a gap now developing and we have to see how quickly the currency can become stable. At the moment, it’s trading at the banks at 2,5:1, but out on the streets, there are still people saying we can still make a profit because it’s hard to get for the buyers, so a market exists,” he said.

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VIDEO: Prophet Madungwe who claims he met God 3 times speaks on Lukau’s ‘resurrection’ miracle

In an interview on Star FM, controversial prophet Talent Madungwe defended South African based pastor, Alph Lukau’s resurrection of a Zimbabwean man identified as Elliot Brighton Moyo. Madungwe said there is nothing out of the ordinary from the resurre…

In an interview on Star FM, controversial prophet Talent Madungwe defended South African based pastor, Alph Lukau’s resurrection of a Zimbabwean man identified as Elliot Brighton Moyo. Madungwe said there is nothing out of the ordinary from the resurrection as Jesus did the same with Lazarus who was resurrected after four days. He said ten […]

Ex- minister Machaya’s land scam trial kicks off 

Source: Ex- minister Machaya’s land scam trial kicks off – NewsDay Zimbabwe February 27, 2019 BY BRENNA MATENDERE THE trial of former Midlands Provincial Affairs minister Jason Machaya, who is facing abuse of office charges, kicked off at the Gweru Magistrates’ Court on Monday after several false starts since 2017. Prosecutor Tapiwa Kasema told the […]

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Source: Ex- minister Machaya’s land scam trial kicks off – NewsDay Zimbabwe February 27, 2019

BY BRENNA MATENDERE

THE trial of former Midlands Provincial Affairs minister Jason Machaya, who is facing abuse of office charges, kicked off at the Gweru Magistrates’ Court on Monday after several false starts since 2017.

Prosecutor Tapiwa Kasema told the court that in December 2017, Machaya and his co-accused Chibhururu Chisinyerwa, who is a former Midlands physical planning officer, unlawfully took 1 000 residential stands in Gokwe town that had been allocated to the Local Government ministry as commonage and gave them to a private land developer, Striations World Marketing Company.

The company then allegedly sold the stands to home-seekers, with the accused pocketing the proceeds.

Striations World Marketing Company belongs to former Zanu PF Midlands provincial administrator Francis Chikwira, who held that position during the time of the alleged offence, while Machaya was the ruling party’s provincial chairperson.

The accused, through their defence lawyer Aleck Muchadehama, denied the charges and sought to be acquitted at the close of the State case.

But the State’s first witness, Kristina Koswa Chikotera (40), who is acting deputy director in the Department of State Land Management, insisted that the top government officials had acted contrary to their duties as public officers.

She told the court that the stands deal was meant to deprive the government and personally benefit the accused.

Chikotera also said that Gokwe Town Council was pressured by Machaya to approve a layout plan that had been designed by Chisinyerwa in order to formalise the land grab.

“The stands were allocated at an area known as Mupfungautsi Extension, which had been laid out by second accused as the then provincial physical planning officer. It was not above board and it constitutes a crime,” she said.

The witness also highlighted that the former minister had no right to distribute stands to anyone.

She told the court that the stands were sold for $3 900 each and the money was converted to personal use by the accused.

Provincial magistrate Charity Maphosa postponed the trial to March 20 for continuation.

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Botswana ministers jet in for BNC 

Source: Botswana ministers jet in for BNC | The Herald February 27, 2019 Minister Unity Dow Fidelis Munyoro and Victor Maphosa TWO senior Botswana government officials arrived yesterday ahead of the Bi-National Commission (BNC) meeting set for tomorrow. The meeting will culminate in the signing of the agreements by Presidents Mnangagwa and Mokgweetsi Masisi. Botswana’s […]

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Source: Botswana ministers jet in for BNC | The Herald February 27, 2019

Botswana ministers jet in for BNC
Minister Unity Dow

Fidelis Munyoro and Victor Maphosa
TWO senior Botswana government officials arrived yesterday ahead of the Bi-National Commission (BNC) meeting set for tomorrow.

The meeting will culminate in the signing of the agreements by Presidents Mnangagwa and Mokgweetsi Masisi.

Botswana’s International Affairs and Cooperation Minister Unity Dow and Mineral Resources, Green Technology and Energy Security Minister Mr Eric Molale landed in Harare last night.

They were welcomed at Robert Gabriel Mugabe International Airport by Foreign Affairs and International Trade Minister Sibusiso Busi Moyo, Botswana Ambassador to Zimbabwe Lieutenant-General Louis Fisher (Rtd) and other high-ranking Government officials.

Speaking to journalists, Minister Dow described relations between Zimbabwe and Botswana as not new.

She said they were coming to strengthening the existing relationship.

“So we are having a bi-national meeting like this. We are meeting at all levels, ministers, officials and head of states,” said Minister Dow.

Minister Dow said the BNC would provide the sister countries with a platform to share, exchange notes and concretise their relations in different facets of the economy.

“For us Zimbabwe is a very important partner and a very important neighbour. When we have a neighbour like this we must sit down and talk and find out if the relationship is still in force and what we can do to make it better. At the end of the day it is about people of the two republics,” she added.

Minister Dow said the two countries share a common border and the authorities have to constantly ask themselves whether “we are managing this border properly or not and again it is about the economy and our people”.

“Remember we have people from Zimbabwe living in Botswana and people from Botswana living in Zimbabwe. We have also common areas like in education, we have Memorandum of Understanding in certain areas so we need to sit down and talk always to strengthen the relationship.”

Minister Dow said that her delegation wants to make sure that when they leave for Botswana tomorrow both countries’ people would be satisfied with the outcomes of the BNC.

Minister Moyo said the relations between the two countries had reached another level.

“It is significant also in the sense that this is the first time we are having a bi-national commission which is discussing policy on political, economic and defence and security issues which are common issues between two brother and sister countries,” he said.

President Masisi is expected in the country tomorrow.

Botswana is extending $600 million to support the private sector in Zimbabwe.

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4 illegal forex dealers freed on bail

Source: 4 illegal forex dealers freed on bail | Newsday (News) BY JAIROS SAUNYAMA FOUR suspected illegal foreign currency dealers arrested in a weekend police blitz in Marondera were brought to court on Monday and granted $50 bail each. Rutendo Mudzimurema (31), Stephania Gore (43), Tafara Charakupa (37) and Memory Madziwa (29), who were nabbed […]

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Source: 4 illegal forex dealers freed on bail | Newsday (News)

BY JAIROS SAUNYAMA

FOUR suspected illegal foreign currency dealers arrested in a weekend police blitz in Marondera were brought to court on Monday and granted $50 bail each.

Rutendo Mudzimurema (31), Stephania Gore (43), Tafara Charakupa (37) and Memory Madziwa (29), who were nabbed on Sunday, were remanded to March 5 for trial.

According to court papers, on one of the counts, police officers were on February 23 deployed to arrest foreign currency dealers operating at N Richards Wholesalers in Marondera.

The police officers allegedly pounced on Mudzimurema, who was selling $10, which she had withdrawn from a local bureau de change.

A search was conducted on Mudzimurema and police recovered US$10 and $121 bond notes, while Gore was found in possession of $141 bond notes.

The pair was arrested and charged with illegally dealing in foreign currency.

Zvikomborero Chidavaenzi represented the State.

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