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It’s business as usual with Zimbabwe’s bond note, for now

It’s business as usual with Zimbabwe’s bond note, for now

It has been over two weeks since the Reserve Bank of Zimbabwe (RBZ) released its controversial bond note into the market at a denomination of $2, and the initial protests and public uproar have died down with consumers heading into the festive season. As economist John Robertson, managing director at…

RBZ cancels Capital Bank licence as NSSA refuses to inject more funds

RBZ cancels Capital Bank licence as NSSA refuses to inject more funds

The central bank on Thursday cancelled the licence of Capital Bank Corporation at the bank’s request after the major shareholder, National Social Security Authority (NSSA) indicated that it was no longer willing to inject additional capital into the institution. “The bank has been operating in an unsafe and unsound financial…

Zimbabwe postpones higher bank capital demands, permits Asian currencies

Zimbabwe postpones higher bank capital demands, permits Asian currencies

Zimbabwe has pushed back by six years its June deadline for banks to raise minimum capital to $100 million from $25 million, the central bank said on Wednesday, relieving pressure on undercapitalised local banks. It also said it would allow more currencies, including the Japanese yen, Chinese yuan, Indian rupee and…

RBZ Governor Gono steps down

RBZ Governor Gono steps down

Zimbabwe’s reserve bank governor Gideon Gono, who put the bank’s printing press into overdrive to keep pace with hyper-inflation, has left the central bank after completing his final five-year term on Friday. At the height of the southern African country’s decade-long economic crisis, Zimbabweans were plagued by acute shortages of…

Govt needs $200 million to recapitalise RBZ, considers resuming interbank market

Govt needs $200 million to recapitalise RBZ, considers resuming interbank market

Finance minister, Patrick Chinamasa on Wednesday said government needs $200 million to recapitalise the Reserve Bank of Zimbabwe to restore its lender-of-last-resort capacity in a bid to lower the cost of borrowing. Zimbabwe adopted the use of multiple foreign currencies – chiefly the United States dollar and South Africa’s rand…

AfriAsia Kingdom seeks shareholder approval to reorganise and raise capital

AfriAsia Kingdom seeks shareholder approval to reorganise and raise capital

AfrAsia Kingdom Zimbabwe Limited (AKZL) its shareholders’ approval to execute a series of transactions in pursuit of a reorganisation program and to raise capital by way of a rights issue and private placement in fulfilment of the minimum capital requirements set by the Reserve Bank of Zimbabwe. The series of…

Zimbabwe faces cash crunch as bank savings withdrawn

Zimbabwe faces cash crunch as bank savings withdrawn

HARARE — A biting liquidity crunch in Zimbabwe’s banking sector that has seen depositors queuing for days to withdraw their savings is threatening to put a damper on merry-making this festive season. Economists fear the liquidity crunch could ultimately lead to the collapse of some banks. Cash shortages and long,…

Econet targets unbanked Zimbabwe with mobile money savings account

Econet targets unbanked Zimbabwe with mobile money savings account

HARARE (Zimbabwe Investor) – Econet Wireless (ECO.zw) has launched a mobile money savings product on the EcoCash Wallet platform targeting its 3 million users. In a statement released today, Econet announced the launch of EcoCashSave which allows EcoCash customers to move money from their eWallet to an interest bearing account.…

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