Former deputy prime minister Arthur Mutambara has described the Reserve Bank of Zimbabwe’s gold coins as a “self-enrichment scheme” for the Zanu PF elites. The central bank issued 2000 22-carat gold coins worth US$1,824 each on Monday, which central bank governor John Mangudya said would help tackle chronic hyperinflation. The …
Read More »Experts See Little Benefit For The Poor As RBZ Launches Gold Coins
“For the common man, there is not really much to benefit directly from this, especially if you don’t have any excess cash.” HARARE: Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency. The …
Read More »Civil Servants Call Pay Strikes For Wednesday & Thursday
Civil servants will stage a two-day strike on Wednesday and Thursday this week demanding United States dollar salaries at the same level as they were paid before October 2018 when Zimbabwe lifted the 1:1 pegging between the United States dollar and the bond note. The government raised salaries by 100 …
Read More »Government Officials Complicit In Human Trafficking
A new report has exposed government complicity in human trafficking, with the authorities failing to act on several cases involving abuse of local and foreign nationals. According to the United States State Department Trafficking in Persons report on Zimbabwe, there is no political will to fight human trafficking. Some officials …
Read More »ED Summons Ncube, Mangudya
President Emmerson Mnangagwa summoned finance minister, Mthuli Ncube and the Reserve Bank of Zimbabwe governor, John Mangudya, to a crisis meeting over the worsening economic condition, it has been learnt. Multiple government sources told Business Times that the meeting held at the State House on Thursday, Mnangagwa demanded that Ncube …
Read More »Key Russian Pipeline Resumes Pumping Gas To Europe
Russia has resumed pumping gas to Europe through its biggest pipeline after warnings it could curb or halt supplies altogether. The Nord Stream 1 pipeline restarted following a 10-day maintenance break but at a reduced level. On Wednesday, the European Commission urged countries to cut gas use by 15% over …
Read More »Zimbabwe Chokes Under Weight Of $13b In China Loans
Zimbabwe is choking under mounting international debt as it begins to pay the price for borrowing heavily from China for infrastructure projects at the tail end of Robert Mugabe’s rule. Beijing funded the expansion of Victoria Falls International Airport and that of the southern African country’s main source of electricity, …
Read More »Zim Unemployment Rate Now At 19pc
Zimbabwe’s unemployment rate now stands at 19% basing on the strictest definition of employment, Zimbabwe National Statistics Agency (ZIMSTAT) has reported. The details, contained in the agency’s Quarterly Labour Force Survey for the first three months, showed the country’s unemployment rate is relatively lower. ZIMSTAT’s definition of employed people includes …
Read More »Bid To Nullify 100-Hectare Land Deal Between HCC & Sharpe Fails
A court bid to stop the transfer of 100 hectares of land in Harare to a company owned by property tycoon Kenneth Raydon Sharpe has failed after the High Court said the challenge was filed out of time. Justice David Mangota said the legal challenge brought by the Zimbabwe Homeless …
Read More »Petrol Price Marginally Reduced
Zimbabwe has reduced the price of petrol by 0,3% to ZW$675,35 per litre as the country battles to ease the cost of living for citizens. A recent update by the Zimbabwe Energy Regulatory Authority (ZERA) shows that diesel will also be sold at Z$714,45 per litre from Z$714.91. The developments …
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