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Zimbabwe’s sovereign wealth fund, the Mutapa Investment Fund (MIF), manages assets valued at US$16 billion, according to CEO John Mangudya.
According to the International Forum of Sovereign Wealth Funds, which monitors such funds globally, Ethiopian Investment Holdings is Africa’s largest sovereign wealth fund, with assets under management of US$150 billion.
The Ethiopian fund holds over 30 state companies, including flagship enterprises such as Ethiopian Airlines and Ethio Telecom.
In an interview with <a href="https://www.sundaymail.co.zw/mutapa-assets-valued-at-us16bn">The Sunday Mail</a>, Mangudya said that MIF completed a “comprehensive diagnostic assessment” of its portfolio which established that as of the end of June 2024, the market value of the assets managed by the fund stood at US$16 billion. He said:
<blockquote>
The Mutapa Investment Fund has been able to undertake a comprehensive diagnostic assessment of all the portfolio companies under its ambit over the past five months.
On the basis of the assessment, the fund came up with six clusters of these entities for ease of management and for tracking performance.
</blockquote>
The Mutapa Investment Fund holds state-owned interests across various sectors, including mining, agriculture, ICT, transport, banking, real estate, energy, and trading.
Companies under the Mutapa umbrella include the National Railways of Zimbabwe, Air Zimbabwe, TelOne, Cottco, and Defold Mine, which now oversees mining assets previously managed by the Zimbabwe Mining Development Corporation.
MIF controls key entities such as the National Oil Company of Zimbabwe, Petrotrade, POSB, ZESA, Fidelity (the country’s sole gold refinery), the Zimbabwe Power Company, PowerTel, Allied Timbers, Telecel, and Hwange Colliery.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The Mutapa Investment Fund in Zimbabwe has assets worth $16 billion, with interests in mining, agriculture, ICT, and more. This makes MIF one of the largest sovereign wealth funds in Africa. The fund oversees companies like National Railways, Air Zimbabwe, and TelOne. John Mangudya, the CEO, said that MIF has analyzed its portfolio and grouped companies for better management. Some of the key entities under MIF are the National Oil Company, ZESA, and Telecel. Ethiopian Investment Holdings is Africa's largest sovereign wealth fund with assets worth $150 billion.

Mutapa Investment Fund Assets Valued At US$16 Billion - Mangudya

The Reserve Bank of Zimbabwe (RBZ) under new governor John Mushayavanhu reportedly destroyed millions’ worth of Zimbabwe Gold (ZiG) banknotes.
According to <a href="https://thenewshawks.com/mushayavanhu-lays-to-waste-zig-banknotes-worth-millions/">The NewsHawks</a>, these banknotes, printed at considerable expense, bore the signature of Mushayavanhu’s predecessor John Mangudya.
When Mushayavanhu announced the introduction of the ZiG currency on April 05, there were already millions of banknotes of the new currency that had been printed under his predecessor, Mangudya.
These pre-printed notes had to be destroyed to remove the ones signed by Mangudya, which Mushayavanhu did not want to circulate alongside notes bearing his signature.
According to the report, that was the reason the new ZiG notes took almost a month to introduce as the RBZ had to print again from scratch. The NewsHawsks reported an RBZ official as saying:
<blockquote>
When Mushayavanhu came in, there were already ZiG banknotes that were printed in large quantities and signed by Mangudya.
Mushayavanhu was initially expected to replace Mangudya whose 10-year term at the RBZ was due to end on 30 April 2024.
However, in a notice, President Emmerson Mnangagwa brought forward his appointment in an official gazette: (It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act (Chapter 22:15) appointed John Mushayavanhu as the Governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024, and ending on March 27, 2029′).
</blockquote>
Mushayavanhu’s tenure at the helm of the Central Bank started more than a month earlier so that he could take charge of the ZiG process.
RBZ officials were cited as saying Mushayavanhu did not want the new currency to be associated with Mangudya in any way, hence the already printed and signed notes had to be destroyed. Said an official:
<blockquote>
The ZiG notes that were signed by Mangudya and bore his signature had to be destroyed as Mushayavanhu wanted a clean break from the past and not to be associated with bond notes or any other currency version issued in the past.
For better or worse, Mushayavanhu’s attitude is that he is different from Mangudya and all his predecessors, which is why he says he will never print money, ‘not under my watch’.
The amount of liquidity in the market at the time was RTGS16.5 trillion (US$500 million).
The proportion of cash in market liquidity varies depending on the market, asset class, and economic conditions…
Now, in this case, cash was about US$50 million in the market and 5% of that had been printed, probably US$5 million which means that the RBZ under Mushayavanhu destroyed or burnt banknotes worth that.
</blockquote>
An RBZ official revealed that the RBZ had started printing ZiG notes well before the new currency was launched. Said the official:
<blockquote>
There was a liaison platform behind the scenes bringing together Mangudya and Mushayavanhu for a smooth transition.
Mangudya started the process and hoped Mushayavanhu would continue from where he left, only to discover that his successor — coincidentally another John — was not interested in that.
He wanted to draw a line and start afresh even though some ZiG notes had been printed.
Mangudya had built some gold and cash reserves which he handed over to Mushayavanhu to ensure he started on stronger footing, but the issue of who signs the ZiG notes became a moot point.
Mangudya thought there was nothing wrong with him signing some of them and Mushayavanhu some, with the ones signed by the former subject to be phased out from circulation gradually, but the latter wanted them out of the market before they were even formally introduced.
That ensured Mushayavanhu launched ZiG without notes, forcing the country and market to wait for a month while they were being printed.
This also implied that millions of dollars worth of banknotes signed by Mangudya had to be burnt or destroyed at a huge cost.
</blockquote>
ZiG notes only hit the market on 30 April, more than three weeks after the currency was launched because the printed notes had been withheld, destroyed and were being reprinted.
Authorities say ZiG is backed by US$575 million worth of reserves: foreign currency, gold, and other precious metals.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Governor John Mushayavanhu Destroyed ZiG Banknotes Worth Millions | Report

On Thursday, President Emmerson Mnangagwa decided to retire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya a month ahead of schedule. This move was aimed at providing space for his successor, John Mushayavanhu, to issue a long-awaited Monetary Policy Statement (MPS), as reported by <a href="https://www.newsday.co.zw/local-news/article/200024983/why-mnangagwa-cut-short-mangudyas-reserve-bank-stay">NewsDay</a>.
Mushayavanhu is anticipated to devise new strategies to stabilize the economy, which is grappling with surging inflation and significant depreciation of the local currency.
According to NewsDay, a source revealed that Mnangagwa found himself compelled to take action after prematurely disclosing the government’s intentions to introduce a structured currency. Said the source:
<blockquote>
It would not have made sense to allow Mangudya to release a Monetary Policy Statement (MPS) when he will be leaving office in a month.
In addition, monetary authorities were under pressure to release the MPS after President Mnangagwa jumped the gun by announcing plans for a structured currency. The announcement caught everyone by surprise.
</blockquote>
Next week, Mushayavanhu is set to unveil the highly anticipated Monetary Policy Statement (MPS), wherein he will delve into the structured currency—a potential long-term remedy for the woes faced by the Zimbabwe dollar.
On Thursday, Deputy Minister of Finance, Economic Development, and Investment Promotion, Kudakwashe Mnangagwa, alluded to forthcoming measures aimed at shoring up the local currency.
Posting on the Ministry’s X page, Mnangagwa advised Zimbabweans against disposing of the Zimdollar. He wrote:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
In a notice published in the Government Gazette yesterday, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said:
<blockquote>
It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] appointed John Mushayavanhu as the governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024 and ending on March 27, 2029.
</blockquote>
In December 2023, Mnangagwa appointed Mushayavanhu as Mangudya’s successor. His official start date was May 1, immediately following the end of Mangudya’s term.
Mangudya’s term was scheduled to conclude on April 30, at which point he would transition to his new role as the Chief Executive Officer of the Mutapa Investment Fund on May 1.
Mushayavanhu faces the formidable challenge of halting the Zimdollar’s rapid depreciation. Over the past three months, it has plummeted by more than 250%, and last year alone, the local currency depreciated by a staggering 700%.
Despite previous efforts, the government’s measures to stabilize the local currency have proven ineffective.
Back in 2022, when the government introduced gold coins to absorb excess local currency, the Zim dollar was trading at a rate of US$1 to ZWL$2,000 on the parallel market.
By yesterday, March 28, 2024, the parallel market rate had surged to ZWL$30,000 per US$1.
The depreciation of the currency has driven up prices, resulting in annual inflation skyrocketing to 55.3% in March from 47.62% in February.
Interestingly, inflation has continued to rise even though more than 80% of transactions now occur in United States dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Here Is What Prompted Mnangagwa To Cut Short Mangudya’s RBZ Tenure

President Emmerson Mnangagwa has appointed John Mushayavanhu as the new Reserve Bank of Zimbabwe (RBZ) Governor.
The appointment is for five years beginning on 28 March 2024, and ending on 27 March 2029.
The Minister of Finance, Economic Development, and Investment Promotion, Mthuli Ncube, announced Mushayavanhu’s appointment as the new central bank Government through General Notice 410 of 2024 dated March 29, 2024. It reads:
<blockquote>
IT is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], appointed John Mushayavanhu as the Governor of the Reserve Bank of Zimbabwe for a period of five years beginning on 28th March, 2024, and ending on the 27th March, 2029.
</blockquote>
Mushayavanhu is beginning his first term as RBZ governor a month earlier than initially expected. His predecessor John Mangudya’s term of office was due to end on April 30.
Mushayavanhu is expected to issue the Monetary Policy Statement (MPS) shortly. The MPS has been delayed since February when it was legally due.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

OFFICIAL: John Mushayavanhu Appointed RBZ Governor

A South African judge has ruled that BP, a British oil company, must pay $15 million as the fuel it claimed to have exported to Zimbabwe in 2019 never actually arrived. The case was brought to court by the South African Revenue Service (SARS), which argued that BP received tax rebates of $12 million for the consignment of diesel. However, the judge found no evidence that the diesel crossed the border into Zimbabwe, stating that BP failed to provide a factual case supporting their claim, <a href="https://newzwire.live/sa-court-hears-how-diesel-consignment-from-oil-firm-bp-to-zimbabwe-disappeared/">newZWire</a> reported. The document purporting to record the export was deemed a forgery. As a result, SARS intends to seize BP’s properties.
The case sheds light on dealers’ abuse of fuel trade channels in Zimbabwe, particularly during the fuel crisis of 2019. Many traders took advantage of favourable exchange rates to order fuel using US dollars from official channels, only to divert it to other markets. The quantity of fuel involved in the BP case was sufficient to last four days based on Zimbabwe’s diesel consumption levels.
Zimbabwe has struggled with a significant annual fuel import bill, averaging $1.3 billion between 2017 and 2019. In response to persistent fuel shortages and rising costs, the government removed subsidies in 2020 and allowed market prices in US dollars. Import volumes subsequently dropped by 50%. However, industry players suspected that the import bill had been inflated previously, suggesting possible misuse of foreign exchange allocations.
The Indigenous Petroleum Association of Zimbabwe (IPAZ) raised concerns about fuel shortages and questioned the high import volumes. They highlighted discrepancies between the economy’s size and the quantity of fuel being imported. The Reserve Bank of Zimbabwe governor, John Mangudya, acknowledged the shortages but did not provide a clear explanation, mentioning factors such as “invisible hands” and “indiscipline.”
According to government critics, Zimbabwe has experienced its most corrupt period since gaining independence between 2018 and the present day. This coincides with President Emmerson Mnangagwa coming into power in 2018. When he assumed office, President Mnangagwa promised to tackle corruption head-on. He set up various anti-corruption units, but critics argue that the situation has actually worsened, as no effective measures have been taken to combat corruption. These critics claim that even the anti-corruption units have members who have been engaged in corrupt activities themselves.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

British Oil Company Ordered To Pay $15 Million As Alleged Fuel Export To Zimbabwe Is Disputed

The cost of meat in Zimbabwe has increased due to the introduction of a new 15% Value Added Tax (VAT) implemented through the 2024 National Budget by Finance Minister Mthuli Ncube.
According to a statement from Texas Chicken, a subsidiary of Associated Meat Packers that specializes in chicken, their chicken prices have remained the same, but they have added the VAT. In a statement seen by Pindula News, the company said:
<blockquote>
Dear Valued Customers
Texas Chicken have been forced to increase beef, chicken, pork and fish prices in line with the introduction of 15% VAT by the Ministry of Finance on the aformentioned product categories.
This is effective 1 January 2024. Please note that our product prices are NOT being increased by our butcheries, but only by the addition of VAT.
Thank you for understanding.
TEXAS CHICKEN MANAGEMENT
</blockquote>
Journalist Hopewell Chin’ono pointed out that these taxes burden poor Zimbabweans who are already facing unemployment and unstable incomes due to a struggling economy and failed politics. He said:
<blockquote>
This is the moment those that say they don’t do politics look foolish and stupid because politics is now doing them, it always does. When we talk about the direct consequences of corrupt rule, incompetence and misplaced policies, this is what we will be talking about! These economic failures will affect you regardless of your political views, when we fight for a better society, we are fighting for everyone including those who are used by ZANUPF as its social base! Economic policies affect people across various political perspectives, they don’t segregate. The conversation around improving society involves addressing such political issues that impact everyone financially especially the poor in townships and rural areas regardless of their political affiliation.
</blockquote>
Some experts, like Professor Gideon Zhou from the University of Zimbabwe, who specialises in Governance and Public Management, have expressed concerns that the budget could have significant negative effects. He said:
<blockquote>
Indeed, a very extractive budget informed by the canons of austerity. However, extracting revenue from an already over-taxed and poverty-ridden citizenry looks like a recipe for far-reaching worse-off livelihood future scenarios. We are at risk of compromising the concerns of Vision 2030 which envisages not only a HEALTHY ECONOMY but a HEALTHY SOCIETY as well. The 2024 Budget seems to be leaving society behind in its efforts to steer the economy towards a middle-income ranking.
</blockquote>
Government authorities, including Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya, have defended the taxes, stating that they are necessary to generate revenue for the struggling economy. They argued that Zimbabwe is unable to secure credit facilities from international financial institutions, hence the need to raise revenue internally. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

The Cost Of Meat Has Gone Up In Zimbabwe Due To The New 15% Value Added Tax

The government of Zimbabwe has defended the proposed increase in taxes and fees included in the <a href="https://www.pindula.co.zw/2023/11/30/zimbabwe-2024-national-budget-allocations-to-government-ministries-and-departments/">2024 National Budget</a>, stating that they are necessary to provide critical services across the country. <a href="https://www.pindula.co.zw/2023/12/01/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks/">The budget includes plans to raise tollgate fees, and passport fees, and introduce a wealth tax, and a tax on soft drinks, among other measures</a>. Some citizens have expressed displeasure with these proposals.
Finance and Investment Promotion Minister, Professor Mthuli Ncube, claims that the aim of increasing passport fees is to ensure that passport services are accessible to all parts of the country, according to <a href="https://www.zbcnews.co.zw/?p=17878">ZBC News</a>. He said:
<blockquote>
When this is done, we will definitely review the fees downwards. As for the proposed increase in tollgates, we want to upgrade our roads, for instance, the Bulawayo-Victoria Falls which is being attended to. It is costly to construct roads it needs lots of money. As for the wealth tax, Zimbabwe like most countries in Africa has challenges with inequality and wealth tax is one way of redistributing the wealth and we have linked it to the value of property. Money in wealth tax will be used to develop urban infrastructure such as water which is currently a challenge.
We have since increased royalties for platinum and lithium to 7% from something that was as low as 2.5 %, that was progress. In the budget, I propose that there must be further beneficiation for instance, lithium must be refined to lithium carbonates. If this is not done, a company will pay an export tax as a penalty for meeting the beneficiation target. Once the minerals are beneficiated like that, will earn more in export earnings and that’s positive for the country.
</blockquote>
The government’s statement about increasing passport fees to ensure accessibility is unclear. It is also unclear how the government plans to use the passport fees, especially considering that in 2021, <a href="https://www.sundaymail.co.zw/passport-backlog-cleared">they engaged a security printing company,</a> Garsu Pasaulis, to set up modern infrastructure for producing new e-passports and other identification documents in a build, own, operate, and transfer (BOOT) deal. Typically, in a BOOT model, the company invests its own resources and recoups the costs during its operation of the facilities. Therefore, it is unclear why the government needs to increase passport fees if the infrastructure has already been established.
Several people have criticised the proposed budget, saying it takes too much money from citizens who are already heavily taxed. Some argue that taxes in other countries are justified because they receive good services in return, but in Zimbabwe, service delivery is poor or nonexistent. They believe their taxes are being misused. The Reserve Bank of Zimbabwe governor, John Mangudya, defended the proposed budget saying that Zimbabwe has had less access to credit from international financial institutions, so the government needs to find revenue from within the country to meet its financial obligations.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Minister Ncube Defends Increase In Taxes And Fees In The 2024 National Budget

Chalton Hwende, a Member of Parliament for Kuwadzana East constituency, has expressed concern that implementing a <a href="https://www.pindula.co.zw/2023/12/01/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks/">tax on soft drinks</a> would lead to increased smuggling. The Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, recently proposed introducing this tax in the 2024 National Budget. He said the aim is to generate revenue and discourage the consumption of high-sugar beverages.
However, Hwende who is also a member of the Citizens Coalition for Change (CCC), believes that due to the country’s porous borders, traders will turn to informal imports from countries like South Africa. As these imported products would be cheaper than locally produced ones, it may harm local businesses. He said:
<blockquote>
A levy on the sugar content of beverages is going to lead to many job losses from Manufacturers to sugar cane farmers. Consumers will also be affected as most companies are likely to pass the burden to the already overtaxed citizens The proposed levy is US$0.02 per gram of sugar in beverages, excluding water.
If we don’t fight it next week during the budget debate the levy will take effect from January 1, 2024. As a country do not have an obesity issue but malnutrition is our biggest problem with many families struggling to have two meals. The tax level of US2c\g is very heavy. It will affect the current sales volumes of Beverages manufacturing companies. Using the 300ml Coca-Cola bottle as an example (which has 35g of sugar content) the proposed tax levy will lead to a total tax of US 70c – a ridiculous level of tax for a product selling for US25c, implying the consumer will pay US95-US110c per 300ml bottle after factoring VAT and retail margins.
Traders will resort to informal import from countries like SA given the porous borders because such products will be cheaper than the local produce, pushing out local businesses. Sugar companies will be forced to scale down threatening thousands of jobs and even sugarcane farmers. Producers will most likely move to artificial sweeteners in place of sugar.
</blockquote>
The budget has received criticism, especially for the higher taxes and new taxes that have been introduced. Some experts, like Professor Gideon Zhou from the University of Zimbabwe, who specializes in Governance and Public Management, have expressed concerns that the budget could have significant negative effects. He said:
<blockquote>
Indeed, a very extractive budget informed by the canons of austerity. However, extracting revenue from an already over-taxed and poverty-ridden citizenry looks like a recipe for far-reaching worse-off livelihood future scenarios. We are at risk of compromising the concerns of Vision 2030 which envisages not only a HEALTHY ECONOMY but a HEALTHY SOCIETY as well. The 2024 Budget seems to be leaving society behind in its efforts to steer the economy towards a middle-income ranking.
</blockquote>
The public has been urging Members of Parliament to reject the Budget, but some senior government officials have publicly supported it. Dr. John Mangudya, the governor of the Reserve Bank of Zimbabwe, has stated that raising revenue through taxes is necessary because Zimbabwe’s access to credit from international institutions is decreasing. He believes that this is the only viable option for the country to fulfil its financial responsibilities.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Tax On Soft Drinks Will Worsen Smuggling - Hwende

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

The Reserve Bank of Zimbabwe (RBZ) is in the final stages of preparing to introduce gold-backed digital tokens as a medium of exchange for domestic transactions, alongside the US dollar, according to Governor Dr John Mangudya. In his presentation of the Mid-Term Monetary Policy Statement, Mangudya said:
<blockquote>
The Bank is at an advanced stage in preparations for the rolling out of GBDTs (Gold-Backed Digital Tokens) for transactional purposes in Phase II of the project under the code or name ZiG, which stands for Zimbabwe Gold. It is envisaged that the transactional phase will see GBDTs complimenting the demand for the US dollar in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange. As such, appropriate awareness campaigns would be conducted in all provinces and districts of the country to educate the public on the use and benefits of GBDT.
Consultations with various stakeholders including the Confederation of Zimbabwe Industries (CZI) and the Zimbabwe National Chamber of Commerce (ZNCC) and the Retailers Association of Zimbabwe (RAZ) have already been undertaken and banks are now configuring their systems to allow for the issuance of cards which will be denominated in ZiG.
</blockquote>
According to Governor Dr John Mangudya, the gold coins introduced as an alternative store of value have been effective in mopping up over ZW$35 billion from the sale of 36,059 coins. He said only 769 coins (2% of the total sold) have been redeemed, indicating their value as a store of value.
Mangudya said to further expand value-preserving instruments and increase accessibility, the central bank introduced Gold-Backed Digital Tokens (GBDT) on May 12, 2023. These tokens are fully backed by physical gold held by the Bank. He said as of July 21, 2023, RBZ had issued 325,024,524 milligrams (equivalent to 325.02 kgs) of gold through 11 issuances, valued at ZW$50.50 billion and US$7,794.87.
Economic blogger Tinashe Murapata expresses scepticism regarding the introduction of gold-backed digital tokens as a medium of exchange, suggesting it may be an attempt to reintroduce the Zimbabwe dollar. Murapata raises concerns about multiple currencies in circulation and the potential conversion of local Nostro to ZiG, making it another form of Zimbabwean currency. He said:
<blockquote>
The Gold Backed Digital token will now evolve from being an investment vehicle to being a currency. This will be called ZiG. It is being touted as an alternative for USD. Never mind the efficacy of how this currency will work. But, does it not bother the authorities that Zimbabwe will have another currency on top of the four currencies will already have. Namely. RTGS, Nostro, Bond notes, USD. This will mean five competing currencies with five different exchange rates. Why would a retailer accept ZiG, whose price is determined by the variability of the Auction rate? Well, they will be forced to. The second worry is that local Nostro is a direct substitute of ZiG. Meaning the authorities could easily convert all local nostro to ZiG. On the ostensible claim of facilitating transactions. The post-election period will be very interesting as ZWL is now effectively less than 20% of money supply. Meaning probably 10% of transactions. ZiG will be another attempt at the new ZWL currency. Buyer beware.
</blockquote>
If the RBZ is successful, Zimbabweans will be able to purchase groceries using gold coins and gold-backed digital tokens. To prepare for Phase II, which is the transactional phase of the Gold-Backed Digital Tokens (GBDT), the RBZ plans to conduct an awareness campaign in all national provinces. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

RBZ Preparing To Introduce Gold-backed Digital Tokens As A Medium Of Exchange

On Wednesday, August 9, 2023, the Governor of the Reserve Bank of Zimbabwe, Dr. John Mangudya, released the Mid-Term Monetary Policy Statement. He highlighted that the implemented policy measures have set the country on a path towards macroeconomic stability. The focus will be on maintaining the current tight monetary policy stance to ensure price stability and achieve the benefits of monetary and fiscal consolidation. Regarding global economic developments, a slowdown in global GDP growth is expected due to reduced growth in advanced economies. This has led to a decrease in global commodity prices. These global factors have had spillover effects on the domestic economy through trade, imported inflation, and financial linkages, Mangudya said.

<ul style="list-style-type: circle;">
<li>Download: <a href="https://news.pindula.co.zw/wp-content/uploads/2023/08/Mid-Term_Monetary_Policy_Statement_2023.pdf">Mid-Term_Monetary_Policy_Statement_2023</a></li>
</ul>
However, despite the volatility in the exchange rate during the second quarter of 2023, the domestic economic prospects remain robust, Mangudya added. Economic growth is projected at 5.3% for 2023. Mangudya said the measures implemented by the Government and the Bank have stabilized the exchange rate and domestic consumer prices. Inflation, which rose sharply in June 2023, has reversed considerably and is expected to decline further as the policy measures take full effect.
He notes that the Reserve Bank of Zimbabwe will maintain the current monetary policy stance, utilizing open market operations and interest rates to stabilize the exchange rate and inflation expectations. The strong macroeconomic fundamentals and commitment to monetary and fiscal consolidation will sustain stability in domestic consumer prices and the exchange rate.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Mangudya Emphasises Macroeconomic Stability In Mid-Term Monetary Policy Statement

The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services.
Private credit has saved Zimbabwe’s economy from total collapse, according to John Mangudya, the central bank’s governor. He told Bloomberg:
<blockquote>
The creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans. It’s only right that the country repays.
</blockquote>
Trafigura is Zimbabwe’s second-largest private creditor, owed $66 million, behind Holbud, which is owed $85 million. SAA is owed $61 million for airline services. Mangudya expects the recent appreciation of the Zimbabwean dollar against the greenback to continue, which should alleviate pricing pressures.
John Mangudya expects the recent appreciation of the Zimbabwean dollar against the US dollar to continue, which he believes will alleviate pricing pressures. He also expects to see negative month-on-month inflation in July.
The central bank’s quasi-fiscal activities have been criticised by the International Monetary Fund, which has urged authorities to end them. Zimbabwe cannot access credit from international financial institutions as it is already $17 billion in arrears. Zimbabwe’s Treasury plans to seek lawmaker approval to assume the central bank’s external obligations.
Former Finance Minister Tendai Biti is also on record criticising the central government for off-budget spending such as subsidies, loan guarantees, and tax exemptions, as well as the accumulation of off-budget debts or other financial obligations and sidelining of Parliament in key economic policy decisions. Biti argues that laws affecting the economy have mostly been made through Statutory Instruments and the Presidential Powers (Temporary Measures) Act, bypassing the role of Parliament. He argues that Parliament should take back its powers to act on policies that affect the economy to prevent negative consequences for millions of people, particularly pensioners. 
<h3><a href="https://www.pindula.co.zw/">More Pindul News</a></h3>

Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services

According to economists and business executives, the demand for commodities and services has started to weaken due to the rising cost of living. The depreciation of the Zimbabwe dollar has eroded the buying power of many people, particularly those formally employed and earning local currency.
Economics professor <a href="https://www.pindula.co.zw/Gift_Mugano/">Gift Mugano</a> stated that disposable incomes have been significantly eroded by inflation, leaving consumers with little to spend. While 80% of transactions are now conducted in US dollars, there is not enough liquidity in that currency to stimulate demand. Mugano believes that the majority of workers in the formal and informal sectors are not earning enough to stimulate demand. He said last week:
<blockquote>
It’s not about dollarisation or the US dollar dominance, but it is about liquidity, which is quite small.
That is why we have seen prices in the US dollars going down because there is no money to stimulate demand.
Buying power has been eroded and the US dollar incomes have been typically quite low.
</blockquote>
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries/">Confederation of Zimbabwe Industries (CZI)</a> president, Kurai Matsheza, stated that companies are beginning to witness a massive decline in aggregate demand. He said:
<blockquote>
Certainly until and unless the pay adjustments match the depreciation (of the currency), aggregate demand naturally diminishes and more importantly, would the employers be able to match the salaries to the levels of (currency) depreciation? I don’t think so.
 What we are seeing in our businesses is the coming down of demand; it is drying up even the order quantities have also come down.
</blockquote>
However, the chief executive of the <a href="https://www.pindula.co.zw/ZNCC/">Zimbabwe National Chamber of Commerce (ZNCC),</a> Christopher Mugaga, believes that aggregate demand is not determined by incomes and salaries from the formal sector because they are insignificant and compensated by artificial demand. He said:
<blockquote>
Aggregate demand is not determined by incomes and salaries from the formal sector because they are very insignificant. That insignificant portion is compensated by artificial demand because there are already fears of shortages of products.
</blockquote>
According to some analysts, the decline in order quantities for manufacturers may not be due to weakening demand, but rather changes in trading terms. Schweppes managing director, Charles Msipa said companies are now insisting on upfront Zimbabwe dollar payments, which has become difficult for some. Msipa added that it is still too early to determine the demand patterns due to these changes, particularly in the formal sector, which predominantly uses the Zimbabwe dollar. Msipa stated that it is hard to know if the uptake of the product is low when retailers do not have their products on their shelves.
Last month, the Finance and Economic Development Minister, Prof <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, announced policy measures to stabilize the economy. However, the domestic currency has depreciated by roughly 393% against the US dollar.
While some suggest dollarisation may help, Reserve Bank of Zimbabwe Governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya/">John Mangudya</a>, stated that full dollarisation of the economy would lead to weakening demand for goods and services. He said the rate at which US dollars go out is faster than the rate at which they come in, and dollarisation would lead to companies scaling down and job losses.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Business Executives: Demand Weakens Due To Rising Cost Of Living

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that the latest policy measures implemented by fiscal and monetary policy authorities have strongly impressed the private sector.
Speaking in an interview with <a href="https://www.businessweekly.co.zw/we-are-almost-there-declares-mangudya/">State media</a> on the sidelines of the Afreximbank Annual Meetings that ended on Wednesday in Accra, Ghana, Mangudya said the measures will address currency and price instability in the economy. He said:
<blockquote>
Definitely, we have struck the right chord, that’s what we have been longing for as a country, and because of the reaction to those measures by both the private sector and Government, it means we have struck the right chord.
</blockquote>
Mangudya said what is now left is consistency as it will increase confidence. He said:
<blockquote>
So what we now need in the country is to consistently apply our policies in the way we have put them on the table and I do believe what we have put in place is the best foot forward which we don’t need to change anymore.
One can only improve but not change the measures that we have put in place. That way we become credible, we become consistent and increase confidence, because confidence is the best currency that any Government, any central bank, can give to its society.
</blockquote>
Asked why this time will be different given unsuccessful measures in the past, Mangudya said:
<blockquote>
We cannot continue to live in the past, we now need to go forward and we cannot go forward using historical reasons which will not make us prosper.
</blockquote>
Below are some of the latest measures introduced by authorities to tackle price and exchange rate volatility:
<ul>
<li>Businesses are now allowed to retain 100 percent of foreign currency proceeds from domestic sales.</li>
<li>Treasury announced it would assume all sovereign external debt payment obligations from the RBZ.</li>
<li>Treasury also said Customs duty is now payable in local currency, with the exception of designated or luxury goods and where an importer opts to pay in foreign currency.</li>
<li>The RBZ’s Monetary Policy Committee resolved to increase the bank policy rate from 140 percent to 150 percent per annum in response to the recent increase in inflation.</li>
<li>The weekly auction was changed and now offers just US$5 million a week with bid limits set at a minimum of US$1 500 and a maximum of US$50 000.</li>
<li>A new wholesale auction system, where banks bid on behalf of their clients, was introduced. The interbank maximum trading limits of between US$100 000 to US$500 000.</li>
</ul>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

We Have Struck The Right Chord, Says Mangudya

<a href="https://pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ) Governor <a href="https://pindula.co.zw/John_Mangudya">John Mangudya</a> has for the umpteenth time ruled out dollarisation arguing that Zimbabwe has no capacity to do so.
Addressing delegates attending the Chamber of Mines of Zimbabwe (CoMZ) annual conference in Victoria Falls on Thursday, Mangudya urged Zimbabweans to embrace the Zimbabwe dollar saying dollarisation was not only unattainable but would also have negative consequences. He said:
<blockquote>
Let’s be resolute to maintain that to go forward. The only country that we have is this country.
My message is that the country cannot sustain itself by using other people’s foreign currency.
So, you need to embrace your own. That’s what it means. That 30% should not drive the other 70%, they should co-exist properly without manipulation.
This year up to the 30th of April, 70% of the exports came from mining. So, you are consistently performing well.
The foreign currency belongs to the exporter because 75% of the money belongs to the export.
I have read that many people are confused that we can now dollarise because of these funds. These funds aren’t ours.
You can’t take it from Zimplats or Unki or Mimosa’s accounts and then we go and dollarise the economy.
We have no capacity to dollarise because the money in the banks is not ours.
It belongs to the exporters so that they can export more. Now people are always confused that this US$11 billion is ours, no it’s not ours
The numbers don’t lie. If you can measure it, you can manage it. Ours is 25% which is supposed to go through the rest of the economy.
That’s what we use for auction, for reserves and for paying debts. That’s what it is.
</blockquote>
Some economists, trade unions and opposition political parties have been calling on authorities to dump the Zimbabwe dollar as most shops and service providers are demanding US dollars and using parallel rates for products pegged in the local currency.
Even Government departments and parastatals, such as the Zimbabwe National Roads Administration (ZINARA) and ZESA Holdings, constantly adjusts fees and tariffs to keep up with rising inflation.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mangudya Says Zimbabwe Cannot Sustain Dollarisation

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that gold-backed digital tokens that were introduced last week are working well as 140 kilogrammes of the tokens valued at more than ZWL$14 billion were taken up by the market.
The central bank says it has sold 31 866 Mosi-oa-Tunya gold coins since their introduction last year for ZWL$25.8 billion.
Mangudya told <a href="https://www.sundaymail.co.zw/rbz-confident-of-price-stability">The Sunday Mail</a> that the huge demand for gold coins and digital tokens could help remove excess liquidity and stabilise the Zimbabwe dollar. He said:
<blockquote>
The purpose of digital gold tokens, just like the physical gold coins, is to store value, act as an investment tool and mop up excess liquidity from the market.
The reason the parallel market exchange rate goes up is that we are a dual-currency economy.
In a dual-currency economy, where there is a local currency and the US dollar, many will obviously find the US dollar as the most attractive.
By providing digital gold tokens, we are saying do not go to the parallel market, but store value in the coins and tokens, which are known worldwide as a store of value.
Therefore, it is working very well, because the demand for the gold coins is higher than the supply, while the electronic version is actually working very well.
About $14 billion was used to purchase digital gold tokens.
That money could have gone into the parallel market but was not channeled there and was used to buy digital gold tokens. So, it is working.
</blockquote>
The gold tokens are being introduced in two phases.
The first phase entails issuing gold tokens with a vesting period of 180 days for investment purposes.
The second phase involves issuing gold-backed digital tokens held in either e-gold wallets or e-gold cards being tradable and capable of facilitating person-to-person transactions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Digital Gold Tokens Working Well - Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that the digital gold tokens will assist in stabilising the Zimbabwe dollar by acting as an alternative store of value and helping facilitate transactions for ordinary people.
The central bank is set to release the digital gold tokens on Monday, 08 May.
Speaking to <a href="https://www.sundaymail.co.zw/digital-gold-tokens-out-tomorrow">The Sunday Mail</a>, Mangudya said the decline in value of the local currency is being driven by “unlimited demand” for the US dollar.
He said the digital gold tokens will complement the Mosi-oa-Tunya gold coins in mopping up excess liquidity in the market. Mangudya said:
<blockquote>
The tokens function in the same way as the physical gold coins and will work in parallel with the physical gold coins introduced last year to mop up excess liquidity, reduce demand for the US dollar as a store of value and stop the depreciation of the local currency.
</blockquote>
He said the digital tokens will be issued in milligrammes, and will be available for sale at banks in both foreign and local currency, with specific accounts such as e-gold wallets or e-gold cards for holding the assets. Added Mangudya:
<blockquote>
The purpose is threefold, as it seeks to save, invest and be for transacting purposes, with one having the option to buy the digital gold coins in foreign currency or in local currency.
The digital gold tokens have the same characteristics as the physical gold coins; the vesting period of 180 days is the same and will act as a store of value, among other things.
However, the beauty of digital gold tokens is the issue of visibility and also in terms of financial inclusion. 
Anyone can buy them. We are talking of 1000 milligramme which is valued at 6 cents.
There was an outcry on the exclusivity on gold coins, with some saying they can only be accessed by a few, so with digital gold tokens, they will be accessible to everyone.
</blockquote>
Last week the RBZ said applications of tokens will be accessible from banks for a minimum of US$10 for individuals and US$5 000 for financial institutions, corporates and other entities.
Payment for digital tokens or physical gold coins in local currency shall be at a 20 percent margin above the willing-buyer, willing-seller interbank mid-rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Digital Gold Tokens To Enhance Financial Inclusion - Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has announced the introduction of gold-backed digital tokens to be used “both as a means of payment and a store of value.”
In a statement on Friday, Mangudya said the gold-backed digital tokens will be introduced in two phases, starting on 08 May 2023.
He said tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollars. Reads the statement:
<blockquote>
Pursuant to the resolution of the Monetary Policy Committee (the MPC) on 28 March 2023 to complement the issuance of physical gold coins with gold-backed digital products, the Bank wishes to advise that it will be issuing gold-backed digital tokens with effect from 8 May 2023.
The gold-backed tokens will be fully backed by physical gold held by the Bank.
As previously advised, the issuance of gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.
The issuance and usage of the gold-backed digital tokens shall be in two phases as follows:
<ol>
<li>Phase 1: Gold-backed digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins. The tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollar. Banks will create dedicated or specific accounts for the holding of the gold-backed digital tokens (e-gold wallets or e-gold cards). Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens.</li>
<li>Phase 2: The gold-backed digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating Person-to-Person (P2P) and Person-to- Business (P2B) transactions and settlements. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.</li>
</ol>
The Bank also advises that the pricing of the gold-backed digital tokens in foreign currency shall remain the same as the pricing model of the physical gold coins as informed or guided by the international gold price as determined by the London Bullion Market Association (LBMA) PM fix.
Payment for the gold-backed digital tokens or physical gold coins in Zimbabwe dollar shall remain at the current 20% margin above the willing-buyer willing-seller interbank mid- rate.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

RBZ To Introduce Gold-backed Digital Tokens On 8 May

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> is reportedly planning to stabilise the Zimbabwe dollar by introducing a new currency backed by gold tokens.
<a href="https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency">The Sunday Mail</a> reported that RBZ would issue digital gold tokens backed by gold held at the central bank. This will allow people holding Zimbabwe dollars, which have been losing value, to exchange them for the tokens. RBZ governor John Mangudya said:
<blockquote>
 The movements in the parallel market rate are mainly because of the expectations of increased foreign currency supply in the market when the tobacco marketing season opened. However, the supply of foreign currency over the past three weeks has been lower than expected. That expectation raised the rates because people thought there will be more money in the market.
It means anyone with local currency would want to convert it to foreign currency. We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.
We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.
</blockquote>
The value of the gold-backed currency is based on the current market price of gold and can be used for transactions just like any other type of currency.
The value of the Zimbabwe dollar has decreased significantly against the USD in recent months. The official exchange rate, set by the central bank, is 1 USD to 1 000 Zimbabwe dollars. However, obtaining this rate is challenging because the unofficial market values it at over 1 750 Zimbabwe dollars per USD.
The Zimbabwean government has implemented several measures to stabilize the Zimbabwean dollar, which has been volatile in recent years due to a variety of economic and political factors. Some of these measures include:
<ol>
<li>
Currency Reforms: In June 2019, the government of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, replacing the multi-currency regime that had been in place for over a decade. The reintroduction of the Zimbabwean dollar aimed to reduce currency fragmentation and enhance the effectiveness of the monetary policy.
</li>
<li>
Tightening monetary policy: The Reserve Bank of Zimbabwe (RBZ) has increased interest rates to tighten monetary policy and control inflation. The RBZ has also limited the amount of money that can be withdrawn from banks to reduce demand for foreign currency.
</li>
<li>
Boosting exports: The government has implemented measures to promote exports and reduce imports. For example, it has introduced export incentives, increased funding for agriculture, and banned the importation of certain goods to encourage local production.
</li>
<li>
Improving fiscal policy: The government has implemented a range of fiscal measures to reduce expenditure and increase revenue, such as the introduction of taxes on electronic transactions and a reduction in government spending.
</li>
<li>
Negotiating with international organizations: The government has engaged with international organizations such as the International Monetary Fund (IMF) to access financial assistance and technical support. The IMF has approved a $400 million loan to Zimbabwe to support economic reforms and stabilize the currency.
</li>
</ol>
However, these measures have not been effective so far because of a range of factors, including political instability, ineffective implementation, and external factors such as global economic conditions.
Government critics say members of the public do not have confidence in the government, especially after the 2008 era during which the Zimbabwe dollar plunged.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Introducing New Currency Backed By Gold Tokens

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said inflation has stabilised as 70% of all transactions are in US dollars, reported <a href="https://www.newsday.co.zw/business/article/200009985/inflation-is-not-on-paper-you-feel-it-rbz-chief">NewsDay</a>.
Addressing delegates at the release of the Confederation of Zimbabwe Industries (CZI) 2022 Manufacturing Sector Survey last Thursday, Mangudya, however, acknowledged that there has been a widening between the official forex rate and the parallel market rate. He said:
<blockquote>
We have seen the parallel forex market widening over the past three weeks and we have an idea of what is causing it.
Our job is to make sure that we rein in that disparity between the official exchange rate and parallel market (one) and, of course, the effects to make sure it doesn’t go into the private system.
But on inflation, we are happy that it has been going down from about 30%, month-on-month in July 2022, to 0.7% in January, month-on-month, -1,6% in February, and 0,1% in March this year.
Inflation, Hon minister (Industry and Commerce Minister Sekai Nzenza) and colleagues is — if you are in hyperinflation you will feel it. You don’t see it on paper. Inflation is felt.
If you don’t feel inflation — never worry about people and statistics and don’t worry about historical issues, worry about month-on-month inflation.
</blockquote>
According to Zimstat, the annual inflation for March was 87.6%, down from 92.3% in February, while the month-on-month inflation was 0.1% last month from -1.6% in the comparative prior period.
The statistics were based on the new blended calculation measured using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Before the new “blended rate”, inflation was being measured using the local currency only.
A fall in inflation does not mean prices are decreasing. Rather, it reflects the slow pace of price increases.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabweans Not Feeling Inflation - Mangudya

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has revised the terms for mandatory retentions on USD Point of Sale (POS) and e-commerce settlements. 
In a statement seen by Pindula News, Nedbank told its clients that the central bank had directed that the tourism sector was no longer exempted from mandatory retentions. Reads the statement issued on 28 March 2023:
<blockquote>
Dear Valued Client.
<h2>EXCHANGE CONTROL DIRECTIVE RY002-2023 DATED 3 FEBRUARY 2023: MANDATORY RETENTIONS ON USD POS AND E-COMMERCE SETTLEMENTS</h2>
Further to the abovementioned Directive, the Reserve Bank of Zimbabwe has revised the terms for mandatory retentions on USD POS and E-Commerce settlements in respect of the tourism sector. 
To this end, the tourism sector is no longer exempt from mandatory retentions with effect from 6 February 2023. As such, the Bank shall be mandated to surrender to the Central Bank export Retentions on Export and Domestic sales as follows: –
• 25% Retention on POS settlements acquired from foreign-issued cards.
• 15% Retention on POS settlements on transactions issued by domestic cards 
Kindly be advised that the Bank shall be collecting the Retentions in retrospect (at the prevailing interbank market rate on the day of the transaction), dating back to 6 February 2023. 
In need of further clarity, kindly contact your respective Business Manager, SME Banker, or Branch Manager.
</blockquote>
The RBZ announced last year that players in the tourism and hospitality industry shall retain 100% of their foreign currency earnings. 
This was meant to allow them to quickly recapitalise and procure the necessary goods and services required by tourists and travellers, said RBZ governor John Mangudya in his Monetary Policy statement of 7 February 2022.
<ul>
<li><a href="https://zero.pindula.co.zw/wp-content/uploads/2023/03/Monetary-Policy-Statement-February-2022.pdf">Monetary-Policy-Statement-February-2022</a></li>
</ul>
Mangudya said this was a measure in response to the adverse effects of COVID-19 on the tourism sector, which was hard hit by the pandemic.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Has Revised Terms For Retentions On USD POS & E-Commerce Settlements

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has sought to clarify the issue of Gold Dealing Licence fees following the publication of Statutory Instrument 32 of 2023 on Monday, 20 March 2023.
The Statutory Instrument set the fee for a Gold Dealing Licence at US$200 000 per annum.
In a statement issued this Tuesday, 21 March, Mangudya said that only gold refiners will pay US$200 000, while permits for gold-buying agents cost US$2 500 per annum. Reads the statement:
<blockquote>
<h2>GOLD DEALING LICENCE FEES AND GOLD BUYING AGENCY FEES</h2>
It has come to the attention of the Reserve Bank of Zimbabwe (the Bank) that there has been some misunderstanding pertaining to payment of gold dealing licence fees and gold buying agency fees following the publication of Statutory Instrument 32 of 2023, (Gold Trade (Licence Fees) Amendment Notice, 2023 (No.1)), on 20 March 2023.
In line with its mandate to promote the development of gold mining and production in Zimbabwe, the Bank wishes to provide clarity as follows:
(a) Statutory Instrument 32 of 2023 provides for annual licence fees payable by gold dealers – that is, persons licensed to buy, refine and export gold. Thus only gold refiners shall be liable to pay the US$200 000 licence fees.
(b) Gold buying agents are issued with permits by holders of a gold dealing licence and in the case of Fidelity Gold Refinery (Private) Limited, the agents are appointed to buy gold on its behalf in areas where it does not have gold buying centres and the permit costs US$2 500 per annum.
In that regard, a gold dealing licence is distinct from a gold buying agency permit.
</blockquote>
Of late, stakeholders in the gold mining sector have been complaining over increases in gold sector licensing fees, but <a href="https://www.newzimbabwe.com/mthuli-ncube-pegs-gold-dealers-licence-at-us200k/">NewZimbabwe.com</a> reported government sources as saying licensing fees will allow the lower levels of society to benefit from the yellow metal.
Earlier this month, Fidelity Gold Refiners (FGR) general manager, Peter Magaramombe, told <a href="https://businesstimes.co.zw/rains-wash-away-gold-output/">Business Times</a> that gold production in Zimbabwe dropped by 26% to 3.79 tonnes in the first two months of this year from the 5.129 tonnes reported in the preceding comparative period.
The significant drop in gold output has been blamed on heavy rains received in most parts of the country.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

RBZ Speaks On Gold Dealing Licence Fees

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that he has no problem with Qatar-based broadcaster, Al Jazeera, following the release of snippets of a documentary exposing alleged money laundering involving the country’s gold.
Al Jazeera recently set the cat among the pigeons by announcing that it will release a four-part documentary titled: “Gold Mafia” exposing how Zimbabwe’s gold is used to launder money by top ZANU PF and RBZ officials.
On Monday, Mangudya issued a statement denying claims that the central bank is involved in money laundering, describing the allegations as scurrilous and malicious.
Speaking during a breakfast meeting in Harare, Mangudya said he has “nothing against” Al Jazeera. Said Mangudya:
<blockquote>
That is why I said we don’t know the reasons why those people who were interviewed told Al Jazeera what they did. I have nothing against Al Jazeera.
It was those people who were interviewed, who were volunteering, who were trying to be big people in talking about Zimbabwe, that this is a place where you can launder your funds.
</blockquote>
Mangudya said the allegations of money laundering through the RBZ cannot go unchallenged. He said:
<blockquote>
The snippets for the documentary that were coming are not rumours or grapevine.
When something like that is advertised, I will not sit down and wait when someone is demonising the central bank and Government of Zimbabwe. I am the custodian of the financial system in this country.
Money laundering is serious. Even when people say I responded fast or I was supposed to wait, wait for what when the house is burning?
You are told that there is an allegation of money laundering in your country and the Reserve Bank is the one cleaning it and you sleep comfortably waiting, that’s not acceptable. We are a central bank that has its own integrity.
We were just removed from the FATF (Financial Action Task Force) grey list which is about money laundering and counter financing terrorism because we worked very hard for it, then someone is trying to put a knife in us for whatever reasons.
</blockquote>
According to <a href="https://www.newsday.co.zw/local-news/article/200008492/ive-nothing-against-al-jazeera-mangudya">NewsDay</a>, Zimbabwe was removed from the grey list in March 2022, after being placed on the list in 2019.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Mangudya Says He Has "Nothing Against" Al Jazeera

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has said Zimbabwe remains under economic sanctions that have hampered the movement of funds and trade in the past two decades.
On Monday Mangudya said there are no sanctions on Zimbabwean imports and exports, including on gold, and this was interpreted by some commentators as an admission by the central bank governor that the country is not under sanctions.
Speaking in an interview with <a href="https://www.herald.co.zw/mangudya-clears-air-on-economic-sanctions/">The Herald</a> on Tuesday, Mangudya said sanctions in the form of the Zimbabwe Democracy Recovery Act (ZDERA) remain. He said:
<blockquote>
Sanctions on Zimbabwe are through ZDERA and augmented by OFAC through placing entities on the designated list of sanctions.
What this means is that whilst these sanctions are not directly on trade per se they negatively affect the movement of funds within the international banking system.
The Zimbabwean banking sector has lost a substantial number of corresponding banking relationships over the past 20 years, through de-risking, because of the OFAC sanctions.
OFAC sanctions also affect the smooth flow of funds across borders as financial institutions are obligated to comply with OFAC sanctions.
ZDERA on the other hand is designed to put a credit freeze on official financial flows to Zimbabwe.
</blockquote>
ZDERA was passed by the United States government in 2001 in response to what was described as the “fast-track land reform” in Zimbabwe.
In 2021, the U.S. Embassy in Harare said ZDERA calls for the Government of Zimbabwe to restore rule of law, hold free and fair elections, commit to equitable and transparent land reform, and subordinate military and national police to civilian government.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

I Did Not Say There Are No Sanctions On Zimbabwe - Mangudya

Zimbabwe is now measuring inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars (USD), Reuters reported citing a government statement issued on Friday.
Previously the official rate was based only on items in the local currency.
In his 2023 monetary policy statement released earlier in February, <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> governor, <a href="https://www.pindula.co.zw/John_Mangudya">Dr John Panonetsa Mangudya</a>, urged economic players to focus more on blended inflation since large parts of the Zimbabwean economy had dollarised.
The USD is widely used in the country alongside the Zimbabwe dollar and South African rand.
The government relaunched the Zimbabwean dollar in 2019 after a decade of dollarisation, but in 2020 it authorised the use of foreign currencies as part of measures to respond to the Covid-19 pandemic.
Last year, it said the multi-currency system would be maintained for a further five years.
Blended inflation for February stood at 92.3 per cent year-on-year compared to 101.5 per cent in January, the <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> said.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Now Measuring Inflation Using USD, Local Currency

The Foreign Exchange Auction System’s backlog of foreign exchange allotments has been resolved, according to the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a>.
The central bank’s statement seen by Pindula News ascribed the trend to higher foreign currency inflows into the nation of southern Africa. Reads the statement issued by RBZ Governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya">John Panonetsa Mangudya</a>:
<blockquote>
<h2>CLEARANCE OF BACKLOG OF FOREIGN EXCHANGE AUCTION ALLOTMENTS</h2>
The Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public that it has cleared the backlog of foreign exchange allotments under the Foreign Exchange Auction System. This development is a result of improved foreign exchange inflows in the Country.
Going forward, the Bank will abide by the Foreign Exchange Auction Rules and ensure that foreign currency is available to successful bidders within 14 days from the date of auction. This will go a long way in maintaining a stable foreign exchange rate and sustaining financial stability in the economy.
</blockquote>
In December 2022, deputy governor Dr Innocent Matshe stated that the apex bank was <a href="https://zero.pindula.co.zw/rbz-forex-allotments-between-june-2020-and-december-2022/">striving to shorten the period</a> between the time that allotments are made and run and the time that the allottee receives money in foreign currency accounts.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Speaks On Clearance Of Foreign Exchange Allotments Backlog

The Reserve Bank of Zimbabwe (RBZ) says nearly 500 out of the 4 000 small gold coins it introduced on 15 November 2022 have been purchased so far in their first week.
The central bank introduced gold coins, known as the Mosi-a-Tunya gold coins, to be used as a store of value by both individuals and companies.
This has resulted in the reduction of the excessive money supply since their introduction, according to RBZ governor John Panonetsa Mangudya as quoted by <a href="https://zbcnews.co.zw/2022/11/19/public-acceptance-of-gold-coins-a-signal-of-improved-financial-confidence/">ZBC News</a>. He said:
<blockquote>
The high demand for gold coins is a positive move to the country’s fight against high inflation and going forward we are maintaining the status quo, there will be no excess liquidity that caused exchange rate instability like in the past.
</blockquote>
In his Mid-Term Monetary Policy Statement released on Thursday, 11 August 2022, central bank governor John Mangudya said:
<blockquote>
Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022.
The features, characteristics and the sale terms and conditions shall remain the same as the current trading arrangements of the gold coins in circulation.
</blockquote>

High Demand For Gold Coins A Positive Development - Mangudya

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has advised that all banknotes that have been issued by the central bank remain legal tender, following the rejection of smaller denomination notes by some businesses.
Reports indicate that most transport operators and shops in Bulawayo are now rejecting the ZW$20 notes, while ZW$5 and ZW$10 have since been rejected by the transacting public.
Responding to questions from  Sunday News Business, Mangudya said all the bank notes remain legal tender in the country. He said:
<blockquote>
While we are not privy to that predicament raised, it is important to advise that all the bank notes that we issued remain legal tender which can be deposited at banks and banks can bank the same at the RBZ under the normal banking process.
</blockquote>
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu urged businesses to accept the $20 banknotes to avoid inconveniencing the public. Mutashu said;
<blockquote>
We encourage businesses to accept all notes including the ZW$20 notes and not inconvenience the transacting public.
Rejection of particular denominations is usually synonymous with high inflation as currency value erodes, unfortunately, it is only in our environment that economic agencies decide to reject notes.
In Malawi, Zambia, South Africa and other jurisdictions, even the smallest of the denominations like coins are accepted at the point of transacting.
</blockquote>

$5, $10, $20 Notes Still Legal Tender - Mangudya

The Government has <a href="https://news.pindula.co.zw/2022/08/11/rbz-to-release-gold-coins-in-smaller-units/">reiterated plans to introduce smaller gold coin denominations</a> in a bid to make them accessible to people from all walks of life.
The Reserve Bank of Zimbabwe <a href="https://news.pindula.co.zw/2022/07/25/rbz-releases-first-batch-of-the-2-000-mosi-oa-tunya-gold-coins-25-july-2022/">introduced the Mosi-oa-Tunya gold coins on the 25th of July</a> as part of a raft of measures meant to stabilise the economy and quench the appetite for foreign currency as a store of value.
Speaking to Sunday News in an exclusive interview Saturday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, said the demand for gold coins has been very high. He said:
<blockquote>
We are happy with the uptake of the gold coin and we so far sold in excess of Z$8 billion since their introduction. Many people are happy with hedging their investments against the gold coins instead of holding onto cash as they have been doing in the past. We are now looking at introducing a smaller denomination to make these gold coins more inclusive across the entire Zimbabwean population. We want every Zimbabwean not to be left behind in our efforts to manage our economy. Every Zimbabwean will be afforded a chance to acquire these gold coins.
</blockquote>
Prof Ncube also spoke about the need to maintain the 200 per cent bank interest rate as well as measures that were put in place by Government to stabilise the local currency. 
He also said the expected rate of economic growth for this year has been reviewed from 5.5 per cent to 4.6 per cent.
Prof Ncube said the Government was happy with the uptake of gold coins. 
He said Zimbabweans had been largely shunning the local dollar in favour of the US dollar, which is acceptable abroad and better at holding value long term.
Previously, RBZ Governor Dr John Mangudya said smaller gold coins are expected to go on sale in November so that ordinary people can invest in them and store value for their local currency. 
<h2>Pindula News</h2>

Zimbabwe Reiterates Plans To Introduce Smaller Gold Coin Denominations

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that Zimbabweans should not expect new drastic measures when he presents his mid-term monetary policy statement.
The central bank chief is expected to present his statement soon, and on Tuesday, he told NewsDay that there will be no shock announcements. He said:
<blockquote>
There is nothing spectacular, but it’s (mid-term, monetary policy statement) coming. It’s a matter of consolidation.
</blockquote>
<ul>
<li>In May, the government suspended bank lending but later reversed the decree after an outcry.</li>
<li>In June, the RBZ hiked interest rates from 80% to 200%.</li>
<li>In July, RBZ introduced the Mosi-oa-Tunya gold coins</li>
</ul>
Finance and Economic Development ministry spokesperson Clive Mphambela said:
<blockquote>
There are a series of measures put in place in the last eight weeks which have impacted positively on inflation.
As you can see, the parallel market which has been the key driver of inflation is very stable … As we speak, we can see stability which needs to be consolidated.
</blockquote>
More: <a href="https://www.newsday.co.zw/2022/08/no-more-shock-therapy-mangudya/">NewsDay</a>

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