Zimbabwe Economy

Zimbabwe civil servants to be paid ‘cushioning allowance’ amid economic crisis

The Zimbabwean government has said it was going to start (as of January 14, 2020) paying an allowance to civil servants in the light of biting economic crisis. A statement from the ministry said the “Cushioning Allowance” was as the name implies

January 14, 2020

Zimbabwe

Zimbabwe central bank cuts main lending rate to 35% from 70% -statement

HARARE (Reuters) – Zimbabwe’s central bank cut its main lending rate to 35% from 70% effective Wednesday after a meeting of the monetary policy committee, which said the inflation outlook was positive despite a recent spike in prices. The month-on-month inflation rate

November 18, 2019

Zimbabwe

Zimbabwe Bourse CEO Bemoans 80% Currency Crash Ravaging Market

Bloomberg) — When it comes to adverse conditions for stock-market trading, Zimbabwe’s bourse belongs in a special category for extreme cases. Consider the challenges confronting Zimbabwe Stock Exchange Chief Executive Officer Justin Bgoni: a local currency that has crashed more than 80%

November 11, 2019

Zimbabwe

Harare runs dry as water treatment plant shuts down

Harare-A disease outbreak is looming in Zimbabwe’s capital Harare after the City council shut the main water treatment plant owing to shortage of water treatment chemicals. On Sunday the City of Harare issued a statement to the effect that they were buying

September 24, 2019

Zimbabwe

Zimbabwe citizens converge to find way out of crisis

Harare-Social movement organisation under the banner Citizens Manifesto will converge in Harare on Tuesday and Wednesday as they seek to map the way out of Zimbabwe’s current political and economic crisis. Speaking to journalists in Harare, Citizens’ Manifesto convener Briggs Bomba said

September 24, 2019

Zimbabwe

Zimbabwe teachers have been ‘reduced to beggars’

Zimbabwe teachers protesting their low wages are threatening to go on strike when schools reopen next month as the country’s deteriorating economy simultaneously faces yet another hike in fuel prices. The Progressive Teachers’ Union Secretary-General, Raymond Majongwe, issued the warning on Twitter

August 12, 2019

Zimbabwe

Zimbabwe’s banks begin trading in new currency – source

Zimbabwe’s banks on Friday started trading a new currency with corporate clients and individuals, although interbank trading won’t begin until Monday, a banking source said. Zimbabwe’s central bank announced on Wednesday it would scrap the official 1:1 peg between its quasi-currency bond

February 22, 2019

Zimbabwe

Zimbabwe inflation has hit 290%, says economist

Harare ‑ Zimbabwe’s inflation rate has hit 290 percent – the second highest in the world after Venezuela (reportedly 80 000 percent at the end of 2018), United States economist and currency expert Steve Hanke said. This inflation rate is in stark

January 27, 2019

Zimbabwe

Rand Implementation would help Zimbabwe out of economic crisis, MDC Alliance says

Zimbabwe economy is on a precipice, and some retailers have closed shop in response to the pricing crisis that has seen the cost of goods shooting up daily. At the heart of the economic crisis are currency distortions: Zimbabwe has mainly used

October 10, 2018

Africa·Zimbabwe

We have no plans to seize Zimbabwe assets says China

China has reportedly said that it has “no plans to seize any Zimbabwean assets” despite Zimbabwe failing to settle debt arrears. According to the privately-owned Zimbabwe Independent newspaper, this came as China tried to downplay and reject “the oft-repeated charge that it is building

October 2, 2018

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