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Tuesday, 13 August 2019 425 times
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Government in partnership with the World Food Programme and other international development organisations on Tuesday launched a revised humanitarian appeal of nearly US$500 million to assist people facing food insecurity due to last year’s ravaging drought. A previous flash appeal which ran from January to June raised US$133 million. The latest SOS shows that nearly a fifth of Zimbabwe’s 16 million population are in need of food aid. This figure may increase as the year…
Monday, 29 July 2019 520 times
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  Zimbabwe’s year-on-year inflation raced to 175.66 percent in June from 97.85 percent in May driven by a rise in the price of food and nonalcoholic beverages, latest figures show. This comes as a pricing conundrum worsens with business chasing US dollar rates despite government in June formally throwing away multiple currency regime introduced in 2009. The year on year food and non-alcoholic beverages inflation was at 251.94 percent whilst the non-food inflation rate was…
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  That history repeats itself seems to be true in Zimbabwe. At the height of the hyperinflationary era which ended in 2009, then Reserve Bank of Zimbabwe governor Gideon Gono would repeatedly say, “Inflation is Zimbabwe’s number one enemy.” Fast forward to 2019, current Finance minister Mthuli Ncube seems to be singing the same hymn as government battles to contain inflation which has effectively wiped out domestic savings. Workers are now agitated and are threatening…
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The African Development Bank (AfDB) has launched Zimbabwe Infrastructure Report 2019 which shows that Zimbabwe requires US$34 billion to upgrade its infrastructure. This was revealed in the flagship report by the regional lender which among other things serves to provide the government with a master plan for rehabilitation of infrastructure assets and recovery in infrastructure services within the context of Vision 2030. Zimbabwe aspires to be a middle income economy within 11 years. The report…
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Corporate and individual investors in the property sector are beginning to cash in as the sector redollarises to preserve value. A snap survey by Econometer Global Capital shows that most property owners in Harare and other major cities and towns are now cashing in rental income in United States dollars. In Campus towns like Gweru, Chinhoyi and Bindura, that has also become the trend. Property owners cite rising inflation for this development saying a stable…
Tuesday, 02 July 2019 547 times
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Breaking News: Zim drops multicurrency regime. Government has dropped the multicurrency regime nearly 10 years after adopting it to tame runaway inflation. According to Statutory Instrument 142 of 2019, the Zimbabwe dollar will be the sole currency for legal tender. Zim forges ahead with debt clearance plan Zimbabwe will turn to G7 countries to secure bridge financing for its arrears and debt settlement programme, Finance minister Mthuli Ncube has said. View: Zimbabwe owes the World Bank US$1,4bn,…
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President Emmerson Mnangagwa on Friday announced that his administration would introduce a new currency by year end, a development that is expected to bring to an end the current multicurrency regime which was introduced in 2009 to tame runaway inflation. While the dollarization of the economy in late 2008restored macroeconomic stability after hyperinflation, the economy deteriorated sharply after 2015 with high deficits financed through the issuance of quasicurrency instruments from the Reserve Bank of Zimbabwe…
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Government has effectively abandoned the multicurrency regime adopted 10 years ago for the Zimbabwe dollar as inflation continues to spiral out of control. After having an informal meeting with journalists on Sunday morning Finance minister Mthuli Ncube hinted that government would announce policy nnouncement to contain inflation and foreign currency movements on the parallel market. He said an unnamed local conglomerate with monopoly was responsible for buying currency on the informal foreign market. As of…
Tuesday, 02 July 2019 556 times
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That Zimbabwe’s Foreign Direct Investment inflows (FDIs) rose to US$745 million in 2018 from US$349 million in prior year came in as sweet music for authorities who are frantically making efforts to attract inward investments into the country. Zimbabwe’s economy is currently facing serious headwinds which include rising inflation, high cost of living, fuel price hikes, high levels of unemployment and a depreciating local currency. In November 2017, following the resignation of long-time leader Robert…
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