Zimbabwe
Mugabe arrests his Finance Minister
Zimbabwe's finance minister was arrested on Saturday (24 April) on charges of dealing in foreign currency. He is the first senior official in President Robert Mugabe's government to be detained in a corruption crackdown.
RBZ declares foreign currency use illegal
The Reserve Bank of Zimbabwe has declared it illegal to use foreign currency to pay for goods and services within the country. The RBZ said the practice contravened the Reserve Bank of Zimbabwe Act.
RBZ head Gono receives death threats
The head of the Reserve Bank of Zimbabwe, Gideon Gono, picked by President Robert Mugabe to lead the government's anti-corruption drive, has claimed he has received death threats from corrupt businessmen and politicians, a newspaper reported this week.
A plot to discredit Zimbabwe's Gono?
A plot to discredit Reserve Bank of Zimbabwe Governor Dr Gideon Gono has been unearthed and there are behind-the-scenes plans to cause his downfall, according to reports.
Zimbabwe c bank ends 1st for ex auction
Zimbabwe's central bank has completed its first auctions of foreign currency in a new drive to clean up the financial sector and bring the black market to an end.
Zimbabwe to announce new monetary policy
The new governor of the Reserve Bank of Zimbabwe, Gideon Gono, is due to announce a new monetary policy on Thursday 18 December, according to all Africa News. Economists say he has two options: one being to leave the situation to find its own levels or…
US backs expulsion of 'pariah' Zimbabwe from IMF
US deputy State Department spokesman Adam Ereli has backed moves to expel Zimbabwe from the IMF, termed a "compulsory withdrawal", saying "We believe that Zimbabwe's actions have made it a pariah in the international community", according to an AFP…
Zimbabwe's inflation set to top 700 per cent
Presenting the National Budget last week, Zimbabwe's Finance and Economic Development Minister said inflation was likely to hit 700 percent by the end of March 2004, according to the Financial gazette. "However, it is my projection that inflation will…
RBZ calls for concerted fight against inflation
Zimbabwe's Reserve Bank called for a concerted fight against inflation last Thursday, 13 November, according to Associated Press. In its latest weekly economic highlights it said "Given the vagaries of high inflation in the economy, the need for…
New RBZ governor speaks of challenges ahead
Gideon Gono was appointed governor of the Reserve Bank of Zimbabwe last week. Gono, a prominent banker, was appointed by President Mugabe and follows the announcement of a planned overhaul of the central bank. After accepting the job Gono spoke of it as…
Zimbabwe clamps down on illegal FX
Police in Zimbabwe are stopping motorists with road blocks as part of a crackdown on illegal foreign currency trade, Reuters reports. The Reserve Bank of Zimbabwe has also set up a unit to probe the flow of local bank-notes to neighbouring countries…
Gono accepts appointment as RBZ Governor
Gideon Gono has been appointed governor of the Reserve Bank of Zimbabwe with effect from 1 December, The Harare Herald reported. Gono, a prominent banker, was appointed by President Mugabe and follows last weeks announcement of a planned restructure and…
Zimbabwe issues $150bn bearers' cheques
The Reserve Bank of Zimbabwe says it has so far issued $153 billion worth of bearers' cheques onto the cash-starved market, reports the Zimbabwe Independent. The bank however, refused to shed light on market speculation that it had stopped printing…
Heads set to roll at troubled RBZ
Zimbabwe's Financial Gazette reports trouble brewing at the Reserve Bank. Not only does the country have a cash crisis, but the central bank is in turmoil with rumours that the government plans to bring experts in from Bank Negara Malaysia to sort things…
Zimbabwe withdraws travellers' cheques
The Zimbabwean government has ordered the withdrawal of its travellers' cheques, according to Business Day, barely two months after they were introduced to remedy the country's cash shortage. A senior central bank official said on Thursday 9 October that…
Response to new Zimbabwe cheques encouraging
Zimbabwe's new bearer cheques introduced on Tuesday 23 September seem to have had some effect, according to The Harare Herald, with reports saying shorter queues, and the expression of relief by ordinary people means the radical idea may succeed.
Zimbabwe begins issuing new 'money'
The Reserve Bank of Zimbabwe launched its new temporary bank notes on Tuesday 23 September, according to Sapa. The so-called "bearer checks" resemble bank notes but will only be valid as legal tender until January 31, the Reserve Bank said.
Zimbabwe tries to tame cash crisis with new money
The Reserve Bank of Zimbabwe intends to introduce "bearer cheques" next week in an attempt to alleviate the desperate shortage of cash in the country, Sapa AFP reports. The cheques were printed on banknote paper, looked like banknotes and were as "good…
RBZ governor's post not offered to anyone
Highly-placed Government sources said at the weekend that the post of Reserve Bank of Zimbabwe governor has not been offered to anyone, the Zimbabwe Herald said. Reports last week said that Government interference in the running of the RBZ was scaring…
Zimbabwe's central bankers urged to go
Things aren't getting any less desperate in Zimbabwe, which is in the thick of a crippling cash crisis, now that parliament is demanding that the central bank management just leave.
Zimbabwe limits currency holdings
Zimbabwe has outlawed of individuals holding cash exceeding five million Zimbabwean dollars (US$6,250) in another attempt to halt the cash crisis, reports the Sunday Times in South Africa.
Zimbabwe's retailers reject new travellers cheques
After the introduction of new travellers' cheques in Zimbabwe to ease the cash crisis, reports say some retailers are turning away customers who have the cheques, according to All Africa News.
Zimbabwe gov't bans cash 'hoarding'
Zimbabwe's President Robert Mugabe passed a law last week banning the hoarding of bank notes, according to a report by Reuters. The law bypassed parliament and one economist said he was "mystified" about how it would be applied.
Major shake-up looming at Reserve Bank of Zimbabwe
The cash crisis in Zimbabwe is likely to result in a reshuffle in the next few weeks at the country's central bank, according to a report by the Zimbabwe Independent. It is understood the shake-up comes with the full blessing of President Robert Mugabe…