I WILL SHUT DOWN HARARE : CHAMISA

MDC leader, Nelson Chamisa says he will shut down Harare if President Mnangagwa does not agree to a power sharing arrangement.

He told his supporters in Gweru that his party was prepared to use its “political muscle” through demonstrations in which al…

MDC leader, Nelson Chamisa says he will shut down Harare if President Mnangagwa does not agree to a power sharing arrangement. He told his supporters in Gweru that his party was prepared to use its “political muscle” through demonstrations in which all its supporters countrywide would descend on Harare. “Last month there was a stay away called by our mother, the Zimbabwe Congress of Trade

POOR SOUND MARS ENZO SHOW

Zimdancehall chanter Enzo Ishall’s second performance in Bulawayo on Saturday was dampened by a sound glitch during his set that disappointed many fans who had packed Club Cosmopolitan.

This was his second performance in the city following another so…

Zimdancehall chanter Enzo Ishall’s second performance in Bulawayo on Saturday was dampened by a sound glitch during his set that disappointed many fans who had packed Club Cosmopolitan. This was his second performance in the city following another sold out event at The Vista last weekend. With surprise performances from his Chillspot Records stable-mates, Hwinza, Pumacol and Uncle Epatan, the

ZIMRA TO COLLECT BILLIONS

The Zimbabwe Revenue Authority (Zimra) is set to rake in
billions of dollars, thanks to an International Monetary Fund tool that puts
the tax collector into the global-best category.

Zimra has targeted to collect $6 037 293 100, but the
figure is …

The Zimbabwe Revenue Authority (Zimra) is set to rake in billions of dollars, thanks to an International Monetary Fund tool that puts the tax collector into the global-best category. Zimra has targeted to collect $6 037 293 100, but the figure is likely to be surpassed due to changes in the monetary regime announced by the Reserve Bank last week which floated foreign currency rates. Tax

Mnangagwa lashes out at Chamisa’s uncle

HARARE – President Emmerson Mnangagwa’s government looks to be lining up opposition leader Nelson Chamisa’s uncle Peter to be the fall guy after the Zanu PF leader angrily blasted an unnamed official for allegedly withholding fuel meant […]

HARARE – President Emmerson Mnangagwa’s government looks to be lining up opposition leader Nelson Chamisa’s uncle Peter to be the fall guy after the Zanu PF leader angrily blasted an unnamed official for allegedly withholding fuel meant [...]

Chatunga Mugabe’s photo dressed in camouflage circulates on social media (SEE PHOTO)

President Robert Mugabe’s last-born son and South African hip hop star Riky Rick dared Zimbabwean authorities on Saturday after flying into Harare from Johannesburg dressed in camouflage. Chatunga Bellarmine and Riky Rick wore camouflage jackets on the…

President Robert Mugabe’s last-born son and South African hip hop star Riky Rick dared Zimbabwean authorities on Saturday after flying into Harare from Johannesburg dressed in camouflage. Chatunga Bellarmine and Riky Rick wore camouflage jackets on the same day that journalist Edmund Kudzayi appeared in court for being in possession of a camouflage umbrella. Riky […]

SAD NEWS: Veteran musician dies

Zimbabwe-born veteran jazz musician Dorothy Masuka has died. She was 83. Details of her death were still sketchy at the time of going to print last night. However, thousands of fans, politicians and prominent artistes from across the globe took to soci…

Zimbabwe-born veteran jazz musician Dorothy Masuka has died. She was 83. Details of her death were still sketchy at the time of going to print last night. However, thousands of fans, politicians and prominent artistes from across the globe took to social media to convey their condolences to the Masuka family following the announcement of […]

Chamisa brings Gweru to a standstill as bumper crowd attends his ‘Thank You’ rally (PICS & VIDEO)

The MDC led by Advocate Nelson Chamisa held a Thank You Rally in Mkoba, Gweru on Saturday afternoon. Below are pictures of the thousands of people who congregated at the venue: WATCH VIDEO BELOW

The MDC led by Advocate Nelson Chamisa held a Thank You Rally in Mkoba, Gweru on Saturday afternoon. Below are pictures of the thousands of people who congregated at the venue: WATCH VIDEO BELOW

ED GUNS FOR CHAMISA’S UNCLE

 President Emmerson Mnangagwa’s government looks to be lining up opposition leader Nelson Chamisa’s uncle Peter to be the fall guy after the Zanu PF leader angrily blasted an unnamed official for allegedly withholding fuel meant for farmers involved in…

 President Emmerson Mnangagwa’s government looks to be lining up opposition leader Nelson Chamisa’s uncle Peter to be the fall guy after the Zanu PF leader angrily blasted an unnamed official for allegedly withholding fuel meant for farmers involved in the government’s much-hyped Command Agriculture programme. In an unrestrained tirade, Mnangagwa attacked the “leader of the programme” at a

ED’S TRIPS GOBBLE MILLIONS

President Emmerson Mnangagwa’s penchant for travelling in state-of-the-art airplanes has come at a huge cost to the taxpayer, thus undermining his government’s ‘austerity for prosperity’ mantra. Since coming to power in November 2017, Mnangagwa has tra…

President Emmerson Mnangagwa’s penchant for travelling in state-of-the-art airplanes has come at a huge cost to the taxpayer, thus undermining his government’s ‘austerity for prosperity’ mantra. Since coming to power in November 2017, Mnangagwa has travelled over 25 trips. In nearly 16 months, he has been to countries such as Russia, Rwanda, Belarus, Guinea, Azerbaijan, Kazakhstan, South

RBZ allays fears on bank balances

Source: RBZ allays fears on bank balances | Sunday News (local news) Peter Matika, Senior Reporter BANK balances for both RTGS dollars and FCA Nostros will remain the same and the Reserve Bank of Zimbabwe will not raid anyone’s foreign currency account, the Governor, Dr John Mangudya has said. Last year the RBZ advised banks […]

The post RBZ allays fears on bank balances appeared first on Zimbabwe Situation.

Source: RBZ allays fears on bank balances | Sunday News (local news)

Peter Matika, Senior Reporter
BANK balances for both RTGS dollars and FCA Nostros will remain the same and the Reserve Bank of Zimbabwe will not raid anyone’s foreign currency account, the Governor, Dr John Mangudya has said.

Last year the RBZ advised banks to separate foreign currency accounts and RTGS money. Under the stewardship of former Governor Dr Gideon Gono, the RBZ was accused of raiding foreign currency from exporters’ accounts, but Dr Mangudya has assured account holders that all forms of money were safe in the bank, adding that there would be no changes in bank balances despite the recently announced changes through the monetary policy.

“We have never raided anyone’s nostro account, our records can testify and we will not do so going forward,” he said at a breakfast meeting in Harare to discuss the monetary policy he delivered last week.

The breakfast meeting was attended by Finance and Economic Development Minister Prof Mthuli Ncube and captains of industry.

He said although banks agreed to start trading the RTGS dollars as $2,50 to US$1, going forward the rate will be determined on a daily basis by market forces.

“The bank rate will determine the rate on the market. We will arrange foreign lines of credit since demand will be greater than the supply of foreign currency. We need to cloud seed the market with foreign currency,” he said.

Dr Mangudya added that this would also pose an opportunity for foreign currency traders to set up formal bureau de change companies.

“For the foreign currency dealer this is your opportunity to open formal bureau de changes and trade formally. We only have one Zimbabwe and should work together. The parallel market (street) rate is way too high because there is a risk premium, you can go to jail for 10 years. We delayed presenting the monetary policy because we wanted to analyse all submissions from all sectors of the economy so that we speak to everyone, nothing else. Bulk of money in Zimbabwe is seating on the RTGS platform. We only have $437 million of bond notes,” he said.

Dr Mangudya said the implementation of the bond note was necessitated to formalise the export incentive.

“The percent incentive scheme was a shadow exchange rate. It went on well when inflation was below five percent. When the inflation went beyond 20 percent in October the 1:1 exchange became unsustainable,” said Dr Mangudya.

Economists have said the market has received the measures announced by the central bank in a positive way despite fears people had that the policy was likely to cause tremours on the market.

“This is a positive start, people feared after the announcement that prices would go up and there will be chaos in the market. The market has embraced the changes and even retailers have not increased prices,” said an economist with a banking institution. He said the move also gave the RBZ some air to breathe on monetary matters.

“When we were exclusively using foreign currency, the bank was constrained in controlling money matters because it had no control over money supply. With the RTGS dollars there is some way of negotiating the matter although the ultimate solution lies in introducing our own currency which obviously has to be backed by output.”

The RTGS dollars will also help Government to control its spending. Finance Minister Prof Ncube has already indicated that the Government was now standing on a cash position since it can also harness plastic money. The Government paid its January and February salaries standing on cash position, he added.

Economists say a cash position represents the amount of cash that a company, investment fund or bank has on its books at a specific point in time. The cash position is a sign of financial strength and liquidity.

“Fiscal consolidation measures are already helping to balance the budget. On the other hand, the income from two percent tax (on electronic transfers) will also be used to rejuvenate and improve the new Zimbabwe; building schools, roads and making sure our nurses, doctors and teachers receive the wages they deserve. We can already see that shelves are full and fuel lines have petered out.”

He added that the ministry will undertake a global deal road show in different countries to explain the country’s economic situation in June or July.

“We will be in Frankfurt and Tokyo. We expect to sign deals that will benefit the country’s economic performance.”

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