Regional Human Capital Operations Manager – Human Capital x2 (Harare)

SAP Support Analyst (F1) – ICT: LEVEL 9 (Harare)

ABAP Developer: Level 9 (Harare)

Procurement Manager: D5 (Harare)

Financial Accountant (Harare)

Sales Consultant (Kadoma)

Cervical Cancer & Clinical Service Mentor Nurse

Laboratory Technician (Harare)

Spport Driver (Harare)

Food Security and Livelihoods Head of Department (Harare)

Accountant (Harare)

Accounting Assistants x3 (Harare)

Communications Intern (Harare)

Corporate Legal Counsel (Kamativi)

Company Secretary (Harare)

Marketing Manager (Harare)

Sales Manager (Harare)

Procurement Manager (D5)

Director Policy and Market Development (Harare)

Assistant Valuer Grade 7

Town Planner Grade 10

Till Operator x2 (Bindura)

Ambulance Technician (Bindura)

Business Development Manager

Intellectual Property Manager

Chief Research Officer (Bindura)

Teaching Assistant: Banking and Finance (Bindura)

Technical Assistant: Natural Resource Management (Bindura)

Administrator (Bindura)

Faculties Manager (Harare)

Staff Development Fellow: Department of Veterinary Pathobiology x4 (Harare)

Staff Development Fellow: Department of Construction & Civil Engineering (Harare)

Officer: Student Residential and Logistical Services (Harare)

Student Development Officers (Harare)

Information Manager (Harare)

Graphic Designer x2 (Harare)

Marketing Officer (Harare)

Technical/Copy Editor x2 (Harare)

Proofreader x2 (Harare)

Typesetter x2 (Harare)

Acquisitions Editors x2 (Harare)

General Hand (Harare)

Locum Pharmacists (Mutare & Ngezi)

Drivers x2 (Harare Campus)

Graphic Designer (Gweru)

Drivers (Harare Campus)

Artisan Supervisor – Fleet Maintenance (Gweru)

Transport and Logistics Officer - Tracking (Gweru)

SHEQ Intern/ Attaché (Bulawayo)

Nutrition Officer (Mutare)

Team Leader (Mutare)

Project Field Officer (Mutare)

Monitoring and Evaluation Officer (Mutare)

Assistant Accountant-Retail (Harare)

Trainee Risk Officer (Harare)

Sales Manager (Bulawayo)

The Standards Association of Zimbabwe (SAZ) has announced that recent tests on six popular mealie meal brands have confirmed the absence of harmful levels of glyphosate, a cancer-causing herbicide commonly used in agriculture.
In a statement released on Monday, 14 October, SAZ detailed that it tested Ngwerewere Super Refined Meal, Red Seal Super Roller Meal, Sunrise Roller Meal, Mega Roller Meal, Pearlenta, and Chibataura Roller Meal at the request of the Grain Millers Association of Zimbabwe (GMAZ).
SAZ Director General Duncan Madambe affirmed that the tests revealed the products available on the market are safe and adhere to international safety standards. Said Madambe:
<blockquote>
The Grain Millers Association of Zimbabwe tasked the laboratory to analyse mealie meal samples for Glyphosate levels.
The six samples of mealie meal for the following brands; Ngwerewere Super refined meal, Red seal Super Roller meal, Sunrise Super Roller meal, Mega Roller meal, Pearlenta and Chibataura Roller meal were then analysed.
In all the analyzed samples, the levels of glyphosate were below (&lt;) 0.5 parts per million (ppm) which is the Limit of Detection for the method of test.
It is important to note that there are governing limits for every pesticide, known as Maximum Residue Levels (MRLS).
These are the maximum concentrations in or on food/feed of plant and animal origin that is legally tolerated for it to be considered safe.
Our National Standard for maize meal (ZWS 760) makes reference to the CODEX (Internationally agreed Food Standards) limits for glyphosate in maize to which manufacturers should comply with.
The CODEX 158:2006 glyphosate limit for maize is 5 parts per million (ppm). This means that the detected levels are below the maximum residue limits and the analyzed mealie meal samples are safe for consumption.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The Standards Association of Zimbabwe tested six popular mealie meal brands and found no harmful levels of cancer-causing herbicide. The brands include Ngwerewere, Red Seal, Sunrise, Mega, Pearlenta, and Chibataura. The director general of SAZ confirmed that the products are safe and meet international safety standards. The levels of glyphosate in the samples were below the maximum allowed, making them safe to eat. This is good news for consumers as the mealie meal brands have been cleared of any health risks related to the herbicide.

Zimbabwe Six Major Mealie Meal Brands Cleared Of Cancer-Causing Herbicide

Meikles Limited has named Matthew John Moxon as its acting Chief Executive Officer. Announcing the appointment, company secretary Thabani Mpofu said that Moxon succeeds Malcolm Mycroft, who has stepped down from the CEO position but will continue to serve as Managing Director of TM Supermarkets. Reads the statement:
<blockquote>
Shareholders are hereby advised that Meikles Limited has experienced changes in its executive structure. As of 2 October 2024, Mr Malcolm Mycroft vacated the position of Chief Executive Officer of Meikles Limited.
He remains the Managing Director of TM Supermarkets (Private) Limited, a subsidiary of Meikles Limited.
The Board of Directors appointed Mr Matthew John Stewart Moxon, as Acting Chief Executive Officer, on 4 October 2024 until a substantive Chief Executive Officer is appointed.
Matthew Moxon has a strong academic foundation and experience in retail and property management.
He holds a Bachelor of Arts in Political Science and History from Stellenbosch University, a Bachelor of Laws from the University of Cape Town.
He recently completed his Master of Business Administration (MBA) at the University of Cape Town’s Graduate School of Business.
Matthew began his career at Shoprite Checkers, where he completed their rigorous Management Training Programme, advancing through project management and operations roles in their Buying and Mozambique Divisions.
In 2017, he joined Meikles Limited, where his strategic leadership and business development skills have been instrumental in driving growth.
Currently, Matthew serves as the Managing Director of Thomas Meikle Properties (Private) Limited.
He is also a Director of Tanganda Limited, where he plays a role in guiding the strategic direction.
His dynamic leadership style, combined with his legal and business expertise, continues to foster growth and innovation.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Meikles Limited has a new acting CEO named Matthew John Moxon. He replaces Malcolm Mycroft, who will still be in charge of TM Supermarkets. Matthew has a good education and experience in retail and property. He used to work at Shoprite Checkers and has been with Meikles Limited since 2017. Matthew's leadership skills and knowledge are helping the company grow. He will be the acting CEO until they find a permanent one.

Meikles Limited Names Matthew John Moxon As  Acting CEO

Ropafadzo Msipa, a 25-year-old housekeeper at a local lodge in Chiredzi, has won a smart house and an Econet Smart House security system through the 2024 Econet Tapinda Sesingenile Promotion.
Ropafadzo entered the promotion by recharging a US$5 airtime voucher, which led to her winning a smart house in Penrose Estate, Nyabhira, located about 32 kilometres from Harare along Chinhoyi Road.
The new smart house includes three bedrooms, is solar-powered, and comes with fitted cupboards
In an interview with <a href="https://masvingomirror.com/chiredzi-maid-25-wins-house-in-econet-promo/">The Mirror</a>, Ropafadzo expressed her astonishment at the win, saying she is at a loss for words. She said:
<blockquote>
I could not believe it when I received a call from an unknown number and the person told me that I had won a smart house from Econet promotion.
At first I thought it was a prank and I refused to give the caller my identification details.
I later received another call in September and I was told to come to Harare, I went there and they took me to my house and I signed all the papers, what is left is for me to go and stay at my new house.
I am grateful to Econet Zimbabwe for giving back to community, just imagine I recharged with US$5 only and I won a house, I had no hopes of becoming a landlord anytime soon.
</blockquote>
Econet posted Ropafadzo’s name and those of other winners on its website. Other recipients of the promotion included Rebecca Mushuku from Gutu, Memory Chinyama, and Joel Dube, among others.
Besides the smart house, other winners received solar kits, gas stoves, smartphones, airtime, cash, and branded merchandise during the promotion, which ran from November 2023 to February 2024.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ropafadzo, a 25-year-old housekeeper, won a smart house and security system by recharging $5 airtime. The house has three bedrooms, solar power, and cupboards. Ropafadzo was surprised and grateful, as she never expected to own a house. Other winners got solar kits, smartphones, and more. The Econet promotion ran from November 2023 to February 2024.

Chiredzi Maid (25) Wins Three-bedroom House In Econet Promotion

Businesses in Zimbabwe are grappling with supply chain management challenges posed by the country’s dual currency system, where transactions can be conducted using both the United States dollar and the locally-introduced ZiG currency.
Zimbabwe adopted a multi-currency framework in 2009, with the majority of transactions since then being carried out in foreign currencies.
However, in April 2024, the government introduced a new gold-backed currency, called the Zimbabwe Gold (ZiG), to replace the RTGS dollar, which had lost 80% of its value since the beginning of the year.
The challenges posed by this dual currency regime have come to the forefront after Simbisa Brands, a major Zimbabwean company, wrote to its suppliers seeking a modification to their payment terms. The letter states:
<blockquote>
Given the trading environment where we are receiving less than 50% of our sales in United States dollars, we find ourselves unable to settle our suppliers exclusively in US dollars on the current terms. We are therefore writing this letter to request a change in payment terms effective immediately.
The new terms will be as follows: Simbisa to settle 50% of the before VAT (value added tax) invoice amount in USD and the balance to be converted and settled in ZiG. VAT thereon will be settled 100% in USD in line with Zimra requirements. Other terms remain the same as agreed, supplier to continue invoicing in USD 100%.
</blockquote>
Speaking to The Independent, economist Chenaimoyo Mutambasere said suppliers are now increasingly demanding payments in United States dollars due to the volatility of the ZiG. She said:
<blockquote>
Businesses in Zimbabwe, including Simbisa Brands, are navigating complex challenges due to the dual currency system.
The partial payment of sales in US dollars creates significant complications in managing supply chains.
Many suppliers now demand payment in USD due to the volatility of the ZiG, especially considering the fact that international suppliers and certain key inputs can only be sourced with foreign currency.
This has put immense pressure on businesses to maintain adequate United States dollar reserves…
Many businesses, including Simbisa, are increasingly forced to negotiate payment terms in USD to avoid the risks associated with the local currency.
</blockquote>
Another economist Prosper Chitambara said it makes sense for people to change their U.S. dollars on the black market into the local ZiG currency and then use the ZiG to pay for services or goods. Said Chitambara:
<blockquote>
Given the destruction that we were witnessing on the foreign exchange markets, it actually makes sense for people to pay for services or even for goods using ZiG.
But of course that then affects a lot of businesses that are not able to have their foreign exchange requirements fully satisfied on the interbank market.
So, because of the distortions, it actually makes sense for a person to change his USD on the black market into ZiG then go into a formal retail outlet and buy commodities.
I think this letter by Simbisa shows they are also feeling the impact. They are not able to fully mobilise foreign exchange through the interbank market. They are just trying to make sure that at least 50% of their payment will be in USD.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Businesses in Zimbabwe are having a hard time managing both the US dollar and the new ZiG currency. Many companies like Simbisa Brands are struggling to pay their suppliers in US dollars because they are getting less income in that currency. Suppliers want US dollars because the ZiG is unreliable. Some experts say it might be better to use ZiG for payments, but many companies still need US dollars. This is causing a lot of problems for businesses in Zimbabwe.

Currency Chaos: Businesses Struggle With Multi-Currency System

The Supreme Court has ordered Innscor Africa Limited to divest from Profeeds after ruling that the merger of Profeeds and National Foods (owned by Innscor) created a near monopoly in the stockfeed industry, reported <a href="https://www.zimlive.com/supreme-court-orders-innscor-out-of-profeeds-for-breaches-of-competition-laws/">ZimLive</a>.
The Supreme Court judges found that the merger of the two previously competing companies under Innscor’s ownership resulted in the creation of a dominant unit that could reasonably become a monopoly. This was deemed contrary to the public interest.
Innscor, through its subsidiary Ashram Investments, had acquired a 59% stake in Profeeds in 2013, which the Competition Tariff Commission (CTC) initially prohibited.
Innscor then formed another merger with Profeeds in 2015, this time with a 49% stake, but failed to inform the CTC within the required 30-day period.
Although the law mandates that companies notify the CTC of any merger exceeding US$1.2 million within 30 days, the companies delayed this notification until 2019, two years after Innscor’s new legal team advised them to do so.
The CTC again prohibited the second transaction and imposed a ZWL$40 million fine on Innscor.
Innscor challenged the CTC’s decision at the Administrative Court and won, but the CTC then appealed to the Supreme Court.
Justice Tendai Uchena of the Supreme Court, along with Justices Nicholas Mathonsi and Felistus Chatukuta concurring, stated in their October 3 judgment that the Administrative Court made an error in ruling in favour of Innscor. Ruled the judges:
<blockquote>
The court aquo failed to consider the potential harmful effects of the merger. It therefore did not make its decision in terms of all the applicable factors in assessing a merger…
Monopolistic tendencies must be carefully assessed because they may initially appear favourable, but in the long run they may – when the monopolists get to a point where the market has no other option but to buy their goods – turn around and control even the economy of a country by producing highly priced goods or substandard goods sold at high prices. They may also destroy small business in the future.
</blockquote>
The Supreme Court judges said the Administrative Court ought to have carefully considered the fact that Innscor retained a controlling interest in both National Foods and Proceeds, which specialise in stock feeds. The Supreme Court said:
<blockquote>
Innscor also has a controlling interest in Irvines Zimbabwe, a major customer of both Profeeds and National Foods.
An analysis of Innscor’s conduct shows that it desires to wholly control the stock feeds market which is not permissible.
</blockquote>
The judges added that the merger “concentrated industrial power in the two biggest companies in the stock feed industry” and that the fine imposed on Innscor was reasonable given the company’s apparent affinity for anti-competition activities.
The court said the Profeeds merger was the third time Innscor had contravened competition laws.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Supreme Court told Innscor to sell Profeeds because their merger made a monopoly, which is bad. Innscor got in trouble for not telling the right people about the merger, and they got fined. The court said Innscor wanted too much power in the stock feed industry, so they had to sell. This was the third time Innscor did something against competition laws. The court said it's important to watch out for big companies trying to control everything. It's not fair to small businesses or the economy.

Supreme Court Orders Innscor To Divest From Profeeds

A Spar outlet situated at Five Avenue Shopping Centre in Harare was among the shops raided by officials from the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development on Thursday.
The government launched a crackdown against shops and supermarkets selling counterfeit, expired and smuggled goods that have flooded the markets in the capital, Harare, and other cities across the country.
Zimbabwe has become a haven for smuggled goods, including alcohol and non-alcoholic beverages, which are often sold at below-market prices at shops and on street pavements.
This influx of illicit products has posed a challenge for local manufacturers, who have been voicing their concerns about the unfair competition to the government.
In an interview with <a href="https://www.newsday.co.zw/local-news/article/200033431/govt-raids-shops-over-imitations">NewsDay</a> yesterday, senior agricultural economist Simbarashe Masanga said shops should follow proper procedures when bringing goods into the country. Said Masanga:
<blockquote>
So they know that these products require permits, but they are actually doing the delivery. So that’s why we are seizing this flour from Spar Five Avenue.
The permit requirements are just a simple registration with AMA. Then you apply for a plant import permit from Plant Quarantine Services Institute.
Then we also issue a control of goods import permit straight from the Ministry of Agriculture and then you are good to go. And if the quantities are not even limited, you can import as much as you want.
</blockquote>
Masanga said that some of these smuggled products are not even in short supply, but are being illegally imported despite local production of the same goods.
He said the smuggled goods pose unfair competition for legitimate local brands that can easily compete.
Masanga said to address this issue, the authorities have launched a crackdown, raiding shops and supermarkets found selling counterfeit, expired or smuggled products.
He also warned that businesses caught selling these illicit goods will face heavy fines, which the AMA intends to make punitive enough to deter such practices.
The agency plans to expand these enforcement efforts across all shops to “bring sanity into the agricultural marketing space.”
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government in Zimbabwe raided a Spar supermarket for selling fake, expired, and smuggled goods. Many shops in the country are selling illegal items like alcohol and non-alcoholic drinks at cheap prices, which hurts local businesses. Government officials are cracking down on these shops and warning of heavy fines for those caught. They want to stop this unfair competition and bring order to the market. Everyone should follow the rules for bringing goods into the country to help local businesses thrive.

Government Raids Supermarkets Over Counterfeit And Smuggled Goods

The Zimbabwe Diamond and Allied Minerals Workers Union (ZDMWU) is outraged by the treatment of workers at South Mining (Private) Limited following a viral video that showed an employee cleaning a toilet without appropriate protective equipment.
In a letter addressed to South Mining’s Human Resources Manager, M. K. Mutunja, dated October 7, ZDMWU Secretary General Justice Chinhema said the “blatant disregard for workers’ safety and their well-being” has to stop. He wrote:
<blockquote>
It has come to our attention that your management has been constantly failing to provide Personal Protective Equipment (PPE) to workers, forcing them to work in hazardous conditions.
This egregious abuse of workers’ rights will no longer be tolerated. We demand immediate action to address this critical issue.
</blockquote>
Chinhema called on South Mining to immediately provide adequate personal protective equipment (PPE) for all workers, including general hand workers, and to implement regular inspections to ensure compliance with safety regulations.
The ZDMWU also demanded that the company conduct training on the proper use and maintenance of PPE and take disciplinary action against supervisors and managers responsible for neglecting safety protocols.
In the letter, Chinhema warned South Mining that failure to meet ZDMWU’s demands within seven days would lead to the matter being referred to the relevant regulatory authorities and the filing of a formal complaint with labour authorities.
ZDMWU also threatened to organise protests and demonstrations against the company’s management and consider industrial action, including a potential strike. Added Chinhema:
<blockquote>
Occupational health and safety of workers should be priority of your management not profit, cases of unsafe working environment has been reported by workers at your mine with so many accidents happening unreported due to lack of safety standards.
The labour requires your management to take appropriate actions that promote health and safety of workers because they have a rights to safe work and fair labour standards not what we have seen on social media.
We seek to so your management addressing and build a work environment that promote, protect and observe workers ‘rights, job security, safety and health.
</blockquote>
South Mining is a prominent coke-producing company which operates primarily out of Hwange, with its head office located in Harare.
The company runs three coke oven batteries with a total production capacity of 250,000 tons of coke annually.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Zimbabwe Diamond and Allied Minerals Workers Union (ZDMWU) is upset about a video showing workers cleaning toilets at South Mining without proper protective gear. They sent a letter demanding the company provide safety equipment and training for workers. If South Mining doesn't act in seven days, the matter will be reported to authorities. ZDMWU may protest or even go on strike if things don't improve. They want the company to prioritize the safety and health of workers over profit, as there have been reports of unsafe conditions leading to accidents. The company is based in Hwange and produces 250,000 tons of coke a year.

Viral Video Of Workers Cleaning Toilets At South Mining With Bare Hands Sparks Outrage

Over 300 workers at the RZM Murowa diamond mine in Mazvihwa, Midlands province, have gone on strike after not receiving pay for two months.
As reported by <a href="https://www.zimlive.com/murowa-diamond-mine-workers-on-strike-over-outstanding-salaries/">ZimLive</a>, the workers declared a strike on Monday, citing multiple grievances, including unfair labour practices, lack of spare parts for broken equipment, no company transport, poor communication from management, and delayed salary payments.
The workers believe that production could increase with a better equipment maintenance plan and criticized the company for employing casual workers on short-term contracts, often dismissing them without notice.
A list of demands presented to management includes full payment of outstanding salaries and bonuses, timely future payments, adequate provision of spare parts and personal protective equipment, resumption of staff transport, timely communication, and good corporate governance to prevent fund misappropriation.
In November 2023, the Zimbabwe Diamond and Allied Mineral Workers Union (ZDAMWU) criticised Murowa over salary delays, saying the high productivity has not led to corresponding salary disbursements or benefits for workers.
On Tuesday, the workers said they were being threatened with loss of jobs by management.
Murowa, which is part-owned by Rio Zim, produced 419,042 carats in 2022.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Over 300 workers at a diamond mine in Zimbabwe went on strike because they haven't been paid for two months. The workers complained about unfair treatment, broken equipment, lack of spare parts, no company transportation, and delayed payments. They want better maintenance of equipment, fair treatment of casual workers, and improvements in communication and payment practices. They demand full payment of salaries, bonuses, and better working conditions. The workers also criticized the company for not sharing profits from high productivity with them. The workers are also facing threats of losing their jobs. The mine is part-owned by Rio Zim and produced over 400,000 carats in 2022.

Murowa Diamond Mine Workers Down Tools Over Unpaid Wages

Dairibord Holdings has denied claims that it has shuttered its Zimbabwe operations and relocated to South Africa.
In a statement issued on Tuesday, October 8, Dairibord Group Chief Executive Mercy Ndoro reaffirmed the firm’s commitment to its Zimbabwean roots and said it will continue to operate within the country while investing in capacity enhancement. Reads the statement:
<blockquote>
Dairibord notes with concern various online media reports on the purported closure of its Zimbabwe operations and subsequent relocation to South Africa. These reports reflect inaccuracies which this statement seeks to clarify.
The position is that Dairibord has a longstanding history of successfully exporting its heritage brands to South Africa and other regional markets, failing to meet demand.
Resultantly, Dairibord has initiated strategies to optimise supply and distribution channels in South Africa. The intention is to replicate this model in adjacent markets such as Zambia, Botswana and Mozambique.
This will increase the company’s foreign currency generation capacity which will not only benefit the company, but also the country at large. The Africa Continental Free Trade Area (AfCFTA) makes regional positioning a major strategic priority.
Dairibord remains firmly committed to its Zimbabwean roots and will continue to operate within the country. The company is investing in capacity enhancement to support its growth ambition.
These investments are a clear demonstration of the company’s confidence in its future, and unwavering dedication to serving the local and regional markets.
Dairibord is the largest milk processing company in Zimbabwe. We work with small and large-scale farmers to grow raw milk as part of the country’s import substitution strategy. The company receives and processes about 40% of the national raw milk produced.
The Group manufactures a wide range of products from its four plants in Chitungwiza, Chipinge, Harare Simon Mazorodze and Harare Rekayi Tangwena.
Dairibord Holdings is listed on the Zimbabwe Stock Exchange and remains dedicated to serving the interests of its shareholders, who are largely Zimbabwean.
With a proud history of over 70 years, Dairibord is a trusted and reliable brand that has consistently delivered high-quality products to consumers.
Dairibord remains steadfast in its commitment to providing quality, nutritious milk, food, and beverage products to Zimbabwe and beyond, as the Zimbabwean operations remain the backbone of the expansion drive.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Dairibord Holdings says it is not shutting down in Zimbabwe, only expanding to other countries in Africa. They want to sell more of their products in South Africa and other nearby places to make more money. Dairibord is a big milk company in Zimbabwe and will keep making milk for people there. They are also listed on the stock exchange. They want to make sure their customers keep getting good quality milk, food, and drinks. Dairibord is not leaving Zimbabwe, they are just growing to help more people in Africa.

Dairibord Denies Reports Of Shutting Down Zimbabwe Operations

National Foods Limited, Zimbabwe’s largest food manufacturer, has bemoaned a severe shortage of foreign currency in the official market, which is hindering business operations.
In announcing the company’s half-year results, NatFoods chairman Edwin Manikai lamented the scarcity of US dollars on the official market and called for urgent measures to promote greater acceptance of the ZiG (ZWG) within the market. Said Manikai:
<blockquote>
The final quarter of the year under review saw currency reform measures instituted by the monetary authorities through the introduction of a new structured currency, the Zimbabwe Gold (ZWG).
Notwithstanding these progressive steps to broaden the multi-currency basket, market liquidity in the form of access to local debt facilities and foreign exchange via the WBWS platform remains severely constrained…
Whilst the Group welcomes the addition of the ZWG to the multi-currency basket, the success of this initiative will be dependent on further supportive measures, which amongst other things, will allow users to seamlessly interchange between currencies; this will naturally result in greater market acceptance, and use, of the new local currency.
</blockquote>
The ZiG, introduced on April 5, 2024, marks Zimbabwe’s sixth attempt to establish a viable local currency in the past 15 years. It is backed by gold, precious minerals, and foreign currency reserves held by the central bank.
Initially, it maintained a stable exchange rate of US$1: ZiG 13.86 for the first four months. However, the ZiG has since weakened on the parallel market, prompting the central bank to devalue the currency by 43% recently to address the disparity.
Industry lobby groups have cited limited access to foreign currency in the Willing Buyer, Willing Seller market as a key factor contributing to the exchange rate pressures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

National Foods Limited, which is a big food company in Zimbabwe, is upset because they don't have enough foreign currency to run their business. They are asking for more support for their local currency, the ZiG, to be accepted in the market. The ZiG was introduced to help with currency issues in the country, but it has started to lose its value. This is causing problems for companies who need foreign currency to operate. The government has devalued the ZiG to try to fix this problem. Other industry groups are also facing similar issues with foreign currency shortages.

National Foods Decries Forex Shortages On Formal Market

Ecobank Zimbabwe Limited has expressed deep concern following a robbery at its Parkade Branch in Bulawayo on October 3, 2024.
In a statement released on Friday, October 4, 2024, Managing Director and SADC Cluster Head Moses Kurenjekwa affirmed that the bank is working with local law enforcement to ensure a comprehensive investigation.
Kurenjekwa said that the bank has implemented immediate measures to ensure security and response protocols across all branches to safeguard the well-being of both customers and staff. He said:
<blockquote>
Ecobank Zimbabwe Limited regrets to inform you of the unfortunate incident that occurred at our Parkade Branch in Bulawayo on 3rd October 2024, where armed robbers targeted the branch during cash repatriation by a security company.
We are deeply concerned about this event and are actively working with local law enforcement to ensure thorough investigations.
The safety and security of our customers and staff remain our utmost priority. We therefore reassure you that we have taken immediate measures to enhance security and response protocols across all our branches.
We understand that incidents of this nature may raise concerns among our customers regarding safety and security.
We hereby reassure you that all necessary protocols are in place to protect your funds and personal information.
We are committed to keeping you informed as more details on the incident become available. Our operations will continue as usual.
</blockquote>
The Safeguard security guards, travelling in a single van, had just collected the money, US$4 million, from the Ecobank branch at the NRZ Building, with orders to deliver it to Harare.
As the guards were loading the cash boxes into their van, a white single-cab Ford Ranger pulled up. Six armed men, wearing face masks and bucket hats, jumped out with their weapons drawn.
In a rapid and coordinated attack, the robbers quickly overpowered the guards, seized the cash boxes, and loaded them into their pickup—all within two minutes—before fleeing the scene with the stolen money.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ecobank in Zimbabwe got robbed of US$4 million. The robbers stole the money while it was being moved to another place by security guards. The bank is working with the police to investigate. They are also improving security at all branches to keep customers and staff safe. The robbers wore masks and hats, quickly took the money, and ran away within two minutes. The bank is sorry for what happened and is making sure all money and personal information are safe. They will keep updating people as they find out more information.

Ecobank Pledges To Boost Security Following US$4 Million Armed Robbery

Ecobank has temporarily shut down its Bulawayo branch in the aftermath of an armed robbery on October 3, 2024, which resulted in the theft of US$4 million.
In a statement released on Friday, October 4, the bank announced that customers can continue to conduct their banking transactions seamlessly through its digital channels during the closure. Reads the statement:
<blockquote>
We regret to inform you that our Parkade Branch will be temporarily closed on Friday October 4, 2024, following the armed robbery incident that occurred on October 3, 2024. The safety and security of our customers and staff remain our utmost priority.
During this closure, we encourage you to utilize our digital channels for all banking transactions. Please note that our online and mobile banking services are available for your convenience. 
For any in-branch services, please visit our Bradfield Branch located at Zonkizizwe Shopping Centre where our team will be ready to assist you.
We appreciate your understanding and support during this time. If you have any questions or need assistance, please contact your relationship manager or customer service team on email ALLEZW CONTACTCENTRE@ecobank.com/assist@ecobank.com or call/WhatsApp 263771397171 and Toll free 08080157 (Econet numbers only).
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ecobank's Bulawayo branch is closed because of a robbery where $4 million was stolen. The bank says customers can use online banking while the branch is shut. They ask customers to go to a different branch for help. The bank wants customers to know they care about their safety. They are sorry for the inconvenience and ask for support. If customers need help, they can contact the bank through email or phone. The bank is trying to keep things running smoothly during this difficult time.

Ecobank Temporarily Closes Bulawayo Branch After US$4 Million Heist

The Confederation of Zimbabwe Industries (CZI) has dismissed the Reserve Bank of Zimbabwe’s latest proposal to defend the Zimbabwe Gold (ZiG) currency, calling it misguided.
RBZ Governor John Mushayavanhu told the <a href="https://www.theindependent.co.zw/local-news/article/200033147/zig-defence-plan-doomed">Zimbabwe Independent</a> that the government had approved the central bank’s plans to compel companies to pay 50% of their corporate tax in ZiG, with the remaining 50% in foreign currency, to boost demand for the local currency.
However, a comprehensive 12-page analysis by CZI, conducted before the ZiG’s depreciation and subsequent 43% devaluation, reveals that companies were already reporting significant losses, making it unlikely that corporate tax payments would stimulate demand for the currency.
Instead, CZI proposes an alternative solution in its report, “Inflation and Currency Developments Update and Review of the Mid-Term Monetary Policy Statement”, suggesting that Pay As You Earn (PAYE) could be used as a basis to drive demand for ZiG. Reads the report:
<blockquote>
Corporate tax is currently the worst-performing tax head in terms of overall tax contribution. Thus, selecting such a tax head as the basis for the demand for ZiG is bound to have very little traction.
Government needs to be bold enough and select a performing tax head, such as PAYE as the basis for the requirement to pay 50% in local currency.
It is not expected that the inflationary pressures will (taper) within the short term unless these measures aimed at creating demand for local currency are enhanced beyond the current QPDs (quarterly payments dates) as most businesses are in loss positions and hence remain unaffected.
</blockquote>
PAYE is a system that is used to calculate how much from your gross earnings your employer is going to deduct to pay the Zimbabwe Revenue Authority (ZIMRA) Income Tax on your behalf.
According to ZIMRA’s first-half data, corporate tax collections fell short of targets by 14%. The revenue authority attributed this shortfall to the competition from the informal sector, which is estimated to dominate a staggering 72% of the economy. The CZI added:
<blockquote>
While the requirement to pay QPDs in local currency was a positive step, for most firms the ZiG that they get from the surrender requirements is more than enough to settle their QPDs as profitability has significantly shrunk as businesses try to remain competitive.
The depreciating ZiG on the parallel market has a risk of causing long-lasting inflationary pressures unless it is controlled.
Controlling the parallel market exchange rate can be achieved by enhancing access to foreign currency by a wider market.
However, given that currently there is not enough foreign currency for every possible importer, there is need for policies to continue to prioritise demand for the local currency.
</blockquote>
The CZI urged the central bank to intensify its efforts to curb the parallel market premium, which is exerting upward pressure on prices and undermining economic stability. It said:
<blockquote>
The parallel market premium should be among the critical variables which the RBZ should be seeking to contain.
The widening parallel market premium was not acknowledged (in the August 30 monetary policy) as a problem, even though it has a key role in destabilising prices and, hence creating inflationary effects.
As already mentioned, the premise that the exchange rate is stable could be the undoing of the monetary policy, as the parallel market exchange rate has a role in influencing market behaviour.
Currently, the market has rejected the official exchange rate as market driven hence the parallel market is again considered as the market rate and already used in service and product pricing.
The adjustment of US dollar prices in formal retail shops to very high levels compared to the informal sector is an indication that the exchange rate – induced distortions are already fully at play.
The RBZ should prioritise achieving alignment between parallel and official exchange rates by allowing banks the flexibility to set exchange rates based on the price expectations of willing sellers.
The RBZ can intervene strategically to maintain market stability and orderly trading conditions.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Confederation of Zimbabwe Industries (CZI) doesn't agree with the Reserve Bank of Zimbabwe's plan to boost the local currency, ZiG. They think that making companies pay 50% of their corporate tax in ZiG won't work. Instead, CZI suggests using PAYE to increase demand for ZiG. Corporate tax collections are not meeting targets, and the informal sector is dominating the economy. CZI wants the central bank to control the parallel market premium to stabilize the economy. They say the exchange rate needs to align with the market rate to prevent inflation.

"RBZ's ZiG Currency Defence Plan Misguided"

The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market. This latest injection follows previous interventions by the central bank, which poured $64 million into the market in September and $50 million in August, reported <a href="https://www.businessweekly.co.zw/rbz-intervenes-again-with-forex-to-cool-the-market/">Business Weekly</a>.
This comes after the central bank recently devalued the Zimbabwe Gold (ZiG) currency by 43%.
RBZ Governor John  Mushayavanhu said the RBZ will persist with its market interventions to support the willing-buyer willing-seller foreign exchange system. Said Mushayavanhu:
<blockquote>
The RBZ will continue to intervene in the market to augment the willing-buyer willing-seller market so as to ensure that all bona fide forex requirements are met. Last week we intervened to the tune of US$50 million but only US$34 million was bought.
</blockquote>
However, captains of industry interviewed by Business Weekly said the central bank is not doing enough to facilitate the smooth operation of the foreign currency market.
Kurai Matsheza, the former president of the Confederation of Zimbabwe Industries (CZI), said that while there may be multiple reasons for the low uptake, industry has various demands that require access to foreign currency. Said Matsheza:
<blockquote>
The money was released and available to our members, but what we are sure of is that the pipeline demand for foreign currency is much more than the figure that is being said. So it might be an issue of other measures of control by the Bank that has reduced demand.
</blockquote>
He suggested that one reason for the reduced uptake of foreign currency is the policy stating that a company cannot bid for foreign currency if it has existing nostro balances.
Matsheza confirmed that any company with foreign currency in its accounts is automatically disqualified from submitting a bid. He said:
<blockquote>
Yes, the meeting was held, and recommendations were made that the measure should be removed as companies hold foreign currency for different reasons.
It might be for obligations that are to be settled in a week or 10 days’ time and for some, it can be for capital expenditure which is budgeted for.
</blockquote>
Matsheza said stakeholders told the RBZ that members do not go to the market without a genuine cause.
Tapiwa Karoro, the president of the Zimbabwe National Chamber of Commerce (ZNCC), said:
<blockquote>
The US$50 million injection means that the RBZ is willing to keep the market well-oiled and our members have not yet said anything about being prevented from accessing the money on the market.
So, we should not speculate why the market uptake was not equal to the injection, because we cannot know the exact demand in a week.
</blockquote>
Industrialist Sean Muzangwa stated that although the recent forex injections by the RBZ have been beneficial, additional support is necessary to rebuild industrial confidence. Said Muzangwa:
<blockquote>
The RBZ’s actions are commendable, but what we need now is policy consistency. If businesses are to plan, they must be confident that the rules of the game will not change unexpectedly. Only then can we expect sustained growth and a stable currency.
Industries are struggling with delays in accessing foreign currency, which affects production timelines.
The RBZ must streamline its processes and reduce bureaucratic hurdles to ensure that the economy runs smoothly.
A responsive, agile system is critical to restoring confidence and keeping industries productive.
</blockquote>
Economist Gladys Shumbambiri-Mutsopotsi contended that although the RBZ’s intervention has offered temporary relief, the overall effect on the economy will hinge on implementing structural reforms. She said:
<blockquote>
Stabilising the exchange rate without addressing underlying issues like inflationary pressures and market confidence, is a short-term solution.
To ensure long-term stability, we need deeper fiscal discipline and enhanced transparency in the forex market…
The key issue right now is communication. The RBZ must clearly outline its long-term plan for the currency market.
Without a clear roadmap, market participants will remain cautious, and this will continue to hinder the efficient allocation of foreign currency.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe put $50 million into the market to help it be stable. They previously put in $64 million in September and $50 million in August. The bank recently made Zimbabwe's currency less strong, causing a 43% drop in value. The bank will continue to help the market so people who want to buy and sell foreign money can do so easily. Some business leaders think the bank needs to do more to help the market work well. They want clearer rules and less bureaucracy. Experts say more changes are needed to make sure the market is stable in the long run.

RBZ Injects Additional $50 Million To Stabilise Market

The Bankers Association of Zimbabwe (BAZ) has warned that the recent devaluation of the Zimbabwe Gold (ZiG) by the Reserve Bank of Zimbabwe (RBZ) last week could lead to rising prices and shortages of essential commodities.
On September 27, the RBZ set the official exchange rate at ZiG24.3 per US$1, up from ZiG14.1 per US$1. On October 2, 2024, the official ZiG rate against the US dollar had fallen to ZiG25.2 per US$1.
The warning from BAZ is contained in a leaked internal document that outlined the topics discussed during a meeting between its members and RBZ Governor John Mushayavanhu on Tuesday of this week. Said BAZ:
<blockquote>
If market conditions remain unfavourable, such as high inflation, low investor confidence or trade imbalances, the ZiG will depreciate rapidly.
This can lead to higher costs for imports and inflationary pressures on goods priced in foreign currency.
There’s a need to ensure sufficient forex to meet demand. Demand can be limited by minimising creation of local currency.
</blockquote>
BAZ said if the exchange rate weakens significantly, it could result in higher prices for imported goods, further driving inflation in an economy that is already grappling with price instability.
The bankers warned that consumers would encounter rising costs for essential items such as fuel, food, and other goods priced in foreign currency. Added BAZ:
<blockquote>
Foreign investors may view a more flexible exchange rate regime as a positive sign, as it reduces the risk of sudden devaluations and allows them to assess currency risk more accurately.
However, short-term volatility may still make investors cautious. History does not work in our favour as the market holds inhibition around the local currency as long as the confidence levels remain low.
</blockquote>
BAZ also warned that limiting the amount of money individuals can take out of the country could disrupt the informal import trade and lead to job losses within the informal sector. It said:
<blockquote>
[We saw the] reduction of the foreign currency an individual can take out from the country from US$10 000 to US$2 000. [Thus the] reduction in externalisation of funds. [This will see the] disruption to informal import trade, with more transactions taking place underground.
</blockquote>
BAZ said job losses or decreased incomes for individuals in informal retail, transportation, and related sectors could occur, exacerbating economic difficulties, especially in a country where formal employment opportunities are limited.
The bankers also stated that the increase in the policy rate from 25% to 35% would affect borrowing costs and lead to higher prices, contributing to inflation. BAZ said:
<blockquote>
On the increase in policy rate from 25% to 35%, effective immediately, the implications are higher borrowing costs.
This may deter investment and expansion, as accessing capital becomes more expensive, potential to see an increase in NPL [non-performing loans, likely increase in prices and subsequently inflation, market likely to shun the local currency.
</blockquote>
BAZ said the 30% increase in statutory reserve requirements could lead to banks struggling to meet these obligations due to liquidity constraints, as their funds will be tied up in Treasury Bills, loans, coins, and other investments.
In response to BAZ, Mushayavanhu said the increase in the bank policy rate is a common policy measure to curtail market liquidity and control inflation.
Mushayavanhu defended the increase in statutory reserves to 30% saying it is intended to further tighten monetary conditions and support the stabilisation efforts.
The RBZ said banks unable to meet the new statutory reserve requirements can seek accommodation from the RBZ as the lender of last resort (unsecured) at 40% ZWG and 15% USD.
The central bank also rejected the proposal by BAZ to stagger statutory reserve payments.
The RBZ said the exchange rate will firm up once the policies of increasing the policy rate and statutory reserves are implemented.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Bankers Association of Zimbabwe warned that devaluing Zimbabwe Gold could make prices go up and cause shortages. The official exchange rate went up from ZiG14.1 to ZiG24.3 per US dollar. If the exchange rate keeps getting worse, prices may go up more. This could make it harder for people to buy essential things like food and fuel. The banks also said that changing the policy rate and reserve requirements could make borrowing more expensive. The Reserve Bank of Zimbabwe is trying to control inflation by making these changes, even though it might be hard for some banks to follow.

Bankers Warn Of Price Hikes And Shortages After Induced ZiG Devaluation

Established and upcoming artists are set to learn business and networking ropes during the well-structured two-day Stanbic Bank Jacaranda Business Conference which precedes the Stanbic Bank Jacaranda Music Festival from the second to the third of October.
The Stanbic Bank Jacaranda Business Conference will see top artists, and established business executives impart invaluable insights into how artists can maximise their talents to become successful businesspersons.
Stanbic Bank Jacaranda Music Festival spokesperson Tariro Chaniwa said the conference was established to create a platform for industry professionals, musicians, and stakeholders to discuss challenges, opportunities, and innovations within the music business. Said Chaniwa:
<blockquote>
The Stanbic Bank Jacaranda Music Business Conference started in 2018 and has grown significantly over the years. It aims to foster collaboration, share knowledge, and enhance the overall growth of the music industry in the region.
</blockquote>
The Business Conference precedes the country’s premier music festival, Stanbic Bank Jacaranda Music Festival which kicks off on the fourth and ends on the sixth of October.
Stanbic Bank is the headline sponsor of the Music festival to be held at the Thorn Park Polo Grounds. 
Chaniwa said the Stanbic Bank Jacaranda Business Conference is succeeding in achieving its intended goals with each year seeing increased participation from industry experts and emerging artists alike. 
She said the feedback from attendees reflects a growing awareness of music business issues, as well as an increase in networking and collaboration opportunities.
Chaniwa said the Conference is evolving but will retain some core elements from previous editions. She said:
This year, we are introducing more interactive sessions and panel discussions to encourage active participation. Additionally, there will be a greater focus on digital engagement and hybrid attendance options to accommodate a wider audience.
Chaniwa said the Ministry of Sports, Recreation Arts and Culture will deliver the keynote speech adding that there will be workshops focused on cultural infrastructure, music distribution, and IP issues.
The conference will also have networking sessions designed to connect emerging artists with established professionals. She said:
<blockquote>
The event slots have filled up so quickly to capacity, showing the hunger by artists to learn and develop themselves. This is pushing us to make this platform bigger and better to accommodate more people.
</blockquote>
Stanbic Bank Head of Enterprise Banking, Auxilia Kambasha said the Standard Bank Group subsidiary is pleased to expand its span of beneficiaries to include artists.
Kambasha said the Enterprise Banking unit caters for the needs of small to medium enterprises (SMEs) who benefit from well-thought-out initiatives by Stanbic Bank. Said Kambasha:
<blockquote>
To that end, artists both established and emerging are a perfect fit for us to work with as we seek to nurture and grow them into fully fledged businesses and entrepreneurs drawing from their talents.
Stanbic Bank organises financial fitness academies aimed at equipping SMEs with skills to handle their finances and artists fall perfectly into this category hence we are fully engaged in this business conference.
</blockquote>
Among speakers are local and regional artists such as Mantwa Chinoamadi (Standard Bank Joy of Jazz Festival Festival South Africa Creative Director); Connie Mazani, Artist Manager and Event Producer; Possenti N Sikosana (Skyz Metro FM; Tanaka Kachara, Scanlen and Holderness; David Molotlhanyi, Channel O South Africa); Prudence Mbofana; Gus Le Breton, Mlombo Music Festival among others.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Upcoming and established artists can learn about business at the Stanbic Bank Jacaranda Business Conference before the music festival. The conference will have talks on how artists can be successful. It aims to help the music industry grow. The conference will have interactive sessions and networking opportunities. There will be workshops on important topics. The conference is becoming more popular each year. Stanbic Bank is happy to support the artists and help them grow their businesses. The conference will have speakers from different fields in the music industry. It is a great opportunity for artists to learn and grow.

Stanbic Bank Conference Offers Business Insights For Artists

The Confederation of Zimbabwe Retailers (CZR) has warned the government against banning the existing multi-currency system and designating the Zimbabwe Gold (ZiG) as the exclusive legal tender to stabilise the rapidly depreciating local currency, reported <a href="https://www.newsday.co.zw/local-news/article/200033068/no-to-forced-de-dollarisation-retailers">NewsDay</a>.
On September 27, the Reserve Bank of Zimbabwe (RBZ) devalued the ZiG from 14.1 to 24.3 per United States dollar. 
In the wake of this devaluation, some economic analysts have urged the government to ban the use of the United States dollar and adopt the ZiG as the exclusive currency for trade.
However, in a report addressed to RBZ governor John Mushayavanhu on September 30, CZR president Denford Mutashu warned that enforced de-dollarisation could have “catastrophic consequences” for the economy. Said Mutashu:
<blockquote>
As the CZR, we strongly believe that any attempts to fully de-dollarise at this stage could have catastrophic consequences for both businesses and the broader economy.
A hasty transition will amplify current economic challenges rather than alleviate them.
</blockquote>
Mutashu warned that banning the US dollar for domestic transactions could lead to fuel shortages and severely impact the retail sector, along with other industries. He said:
<blockquote>
Any move to switch the currency of transaction, without adequate reserves and systems in place, will inevitably lead to scarcity, causing significant disruptions across all sectors.
The transportation industry, a critical player in the retail supply chain, would also be affected, driving up logistical costs and causing inflationary pressures.
With the current foreign currency exchange allocation system, there are already challenges in meeting the demands of industries for US dollars.
Full de-dollarisation would exacerbate these shortages as businesses will struggle to secure foreign currency to import essential goods and raw materials.
</blockquote>
Mutashu suggested that, for now, the government should permit the coexistence of both the US dollar and the ZiG to provide businesses and consumers with the flexibility necessary to adapt. He added:
<blockquote>
Gradually, as confidence in the local currency builds, the reliance on the US dollar can be reduced.
</blockquote>
In an interview with NewsDay, Economist Prosper Chitambara said de-dollarisation should be market-driven. He said:
<blockquote>
Well, my thinking is that the issue of de-dollarisation is a very sensitive matter and it is a matter that must be dealt with very circumspectly and also very cautiously.
It must not necessarily be a rushed exercise or a government-decreed exercise, but it must be an inclusive process that is based on a market-determined process that is tied to the attainment of certain key benchmarks around issues of production, issues of reserves, inflation and issues of informality.
</blockquote>
Economist Vince Musewe warned that forcing a local currency will collapse the economy. He said:
<blockquote>
Zimbabweans prefer the US dollar and that is not about to change. Unless there is a drastic change in policymaking, the same problems will continue to be faced by us beyond 2030. Forcing a local currency will collapse the economy.
</blockquote>
The ZiG, or Zimbabwe Gold, was launched in April 2024 and represents the country’s sixth attempt to establish a stable currency in the past 15 years.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Retailers in Zimbabwe are worried about the government changing the currency to only use the Zimbabwe Gold (ZiG) instead of the US dollar. They say this could have bad effects on the economy, like fuel shortages and higher prices. They want both currencies to be allowed for now, until people trust the ZiG more. Economists also think the change should be gradual and decided by the market, not rushed by the government. They are worried that forcing a new currency could make things worse for the country. The ZiG was started in 2024 as an attempt to make a stable currency.

Retailers Warn Government On Potential Risks Of De-Dollarisation

Prominent businessman Tawanda Nyambirai has called on the Reserve Bank of Zimbabwe (RBZ) to provide clarity regarding the sharp devaluation of the Zimbabwe Gold (ZiG) currency, especially since it is supposed to be backed by gold, which is experiencing rising prices.
On Friday, September 27, the central bank devalued the ZiG by over 40% against the US dollar, changing the exchange rate from 14.1 ZiG per dollar to 24.3 ZiG per dollar.
In a post on X, Nyambirai warned that an official devaluation without explanation about the expected relationship between the ZiG and gold prices raises significant concerns and undermines trust in the currency.
He added that this situation suggests the currency may be based on falsehoods, further questioning the Reserve Bank of Zimbabwe’s credibility in managing its currency. Wrote Nyambirai:
<blockquote>
The ZIG is supposed to be anchored on gold. Since its introduction, the gold price has gone up significantly. The ZIG has done the opposite. An official devaluation without explaining the correlation that is supposed to exist between the ZIG and the gold prices raises more questions than answers. It completely undermines trust in the ZiG. It creates the impression that a currency was anchored on lies! How can the RBZ undermine the basis on which it launched its own currency like this?
</blockquote>
When RBZ Governor John Mushayavanhu launched the ZiG on April 5, 2024, he stated that the new currency would be backed by foreign currencies, gold, and precious minerals. He also announced that the central bank would implement a market-determined exchange rate.
The day before the launch, Mushayavanhu claimed that the central bank held 1.1 tonnes of solid gold, nearly 1.5 tonnes stored abroad, and $100 million in cash and precious minerals, including diamonds.
Mushavanhu claimed that if these minerals were converted into gold, they would account for an additional 0.4 tonnes.
In total, he asserted that the reserves were valued at $285 million, which he said was “more than three times the cover for the ZiG currency being issued.”
On September 27, the central bank increased its policy rate in response to sustained pressure on the ZiG currency.
The ZiG represents Zimbabwe’s sixth attempt at establishing a stable currency in 15 years, following a period of hyperinflation under former leader Robert Mugabe.
Independent economist Hapi Zengeni, quoted by <a href="https://www.reuters.com/markets/currencies/zimbabwe-said-devalue-new-zig-currency-44-against-usd-bloomberg-news-reports-2024-09-27/">Reuters</a>, pointed out that the central bank has not clarified whether the currency will float freely or if it will continue to control the exchange rate after the devaluation.
She highlighted the complexities in Zimbabwe, where the official exchange rate does not align with the realities of the parallel market, leading to significant challenges for trade, investment, and consumer behaviour.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Tawanda Nyambirai wants Reserve Bank to explain why Zimbabwe Gold (ZiG) currency got devalued by 40%. He believes it should be linked to rising gold prices but is going down instead. Nyambirai questions if ZiG is based on truth. RBZ initially said ZiG backed by gold, foreign currencies, and minerals. Now, unclear if ZiG will float freely or if RBZ controls exchange rate. ZiG is Zimbabwe's sixth attempt at stable currency. Economist says official rate differs from parallel market, causing trade problems. RBZ needs to explain actions for trust in ZiG.

ZiG Currency: Gold-Backed Or Grand Deception?

The Reserve Bank of Zimbabwe (RBZ), on Friday, September 27, devalued the gold-backed currency, the Zimbabwe Gold (ZiG), by 44% against the US dollar, bringing the exchange rate to 24.3 ZiG per US dollar.
Despite this devaluation, the local currency is trading at a higher rate in the parallel market, which is currently at least 28 ZiG to the dollar, according to market observers.
The new official exchange rate represents a significant increase from the previous rate of 14.1 ZiG per dollar, announced earlier that same day.
This devaluation is expected to impact Zimbabwe’s financial sector and could have broad implications for businesses and consumers.
For the average consumer, this change may lead to higher prices for goods and services priced in ZiG.
Civil servants, who receive part of their salaries in ZiG, may be particularly affected, as their purchasing power has been significantly diminished.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe lowered the exchange rate of ZiG currency against the US dollar by 44% to 24.3 ZiG per dollar. Despite this, the unofficial market rate is even higher at 28 ZiG per dollar. This change will affect businesses and consumers as prices may increase. Civil servants, who get part of their salaries in ZiG, will find their money doesn't go as far. This shift will have big impacts on Zimbabwe's economy.

RBZ Devalues ZiG To 24.3 From 14.1 Per 1 USD

Zimbabwe’s new gold-backed currency, the ZiG, is trading at 14 per United States dollar, marking its weakest level on the official market since it began trading five months ago.
The ZiG is currently experiencing its longest losing streak against the dollar, having declined for 23 consecutive trading days.
On September 27, data from the Reserve Bank of Zimbabwe (RBZ) indicated that the ZiG was trading at 14.01 to the US dollar.
In contrast, the parallel market quotes the currency at 28, which is double the official rate, according to ZimPriceCheck.Com, a website that tracks both rates.
The widening gap between the official and parallel market rates is impacting formal businesses, according to the Confederation of Zimbabwe Industries, the nation’s largest manufacturing group.
In response to questions sent by <a href="https://www.bnnbloomberg.ca/investing/2024/09/27/zimbabwes-gold-backed-zig-weakens-past-14-per-dollar-to-record-low/">Bloomberg</a>, Sekai Kuvarika, the association’s chief executive officer, said:
<blockquote>
The central bank has suppressed the exchange rate for too long, resulting in a wide parallel-market premium.
This has also worsened the situation, which could have been improved by accepting that the parallel market also needs to be reined in.
</blockquote>
On April 5, the ZiG was introduced to replace the Zimbabwean dollar, which had depreciated over 80% against the US dollar in 2024 and consistently lost value throughout the year until it was phased out.
The gold-backed currency represents the nation’s sixth attempt to establish a stable local currency since 2009.
Kuvarika also said that committing to a market-determined exchange rate and allowing the ZiG to depreciate in response to market sentiments could help stabilise the currency.
She added that the Treasury could increase demand for the local unit by expanding the range of taxes payable in the currency, including pay-as-you-earn and value-added tax.
Currently, the ZiG is used in 40% of transactions, up from 15% at its inception, while US dollars continue to be used for a majority of transactions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's new currency ZiG is not doing well, trading at 14 per US dollar, hitting its lowest level since it started. The ZiG has been losing value against the dollar for 23 days in a row. The official rate is 14, but on the parallel market, it's double at 28. This big gap is causing problems for businesses. The currency was introduced to replace the old one that lost lots of value. To make ZiG stronger, they need to let the market decide its value and make more payments in ZiG. Currently, US dollars are still used for most transactions.

ZiG Hits Weakest Level Yet, Trading At 14 Per US Dollar

One of Zimbabwe’s largest ferrochrome producers, ZimAlloys, located in Gweru, has resumed production after years of inactivity.
The company recently reignited the first of its three furnaces for the first time since shutting down in 2013.
Managing Director Deric Dube told <a href="https://newzwire.live/years-after-it-shut-down-zimalloys-is-back-in-production/">newZWire</a> that ZimAlloys is investing US$45 million to restart the remaining two furnaces, to achieve an annual ferrochrome output of 120,000 tonnes. Said Dube:
<blockquote>
We have resuscitated the first smelter and we are not stopping there. We plan to set up two more furnaces. 
We do have the resources to support that and we desire to see a return of ZimAlloys to the overall growth and development of ferrochrome production in Zimbabwe.
</blockquote>
Dube explained that ZimAlloys’ return to production follows a challenging period of capital raising.
The company successfully secured an initial US$2 million to restart the first furnace and plans to invest further in the mining sector to ensure a steady supply of raw materials for its operations. Said Dube:
<blockquote>
This means a lot to us, and to me personally, as I’ve had the privilege of being MD during the transition from no smelting to producing raw alloy.
We’ve undergone two rounds of fundraising that have brought these projects to life. As you can imagine, raising capital is tough when you don’t have much money.
</blockquote>
ZimAlloys holds approximately 20,000 hectares of chrome claims, though many of these areas have not been thoroughly explored.
The company estimates that it has a resource potential of 73 million tonnes of alluvial ferrochrome. Said Dube:
<blockquote>
We have a good resource which we intend to use to feed into three of our smelters. We have resuscitated three chrome concentrator plants.
This has almost doubled what we had in the same past month. This is all in light of reviving and restoring the business to what it used to be.
</blockquote>
ZimAlloys currently produces 8,000 tonnes of chrome concentrates and has plans to expand into smelting other alloys.
Dube said that the company intends to install solar and wind power systems, as ferrochrome producers in Zimbabwe consume up to 300MW of electricity.
Once owned by Anglo American, ZimAlloys was one of the largest ferrochrome producers in Zimbabwe.
In 2005, it was acquired by Benscore, a consortium led by businessmen Farai Rwodzi and Adam Molai.
However, production ceased in 2008 due to mounting debts following a commodity price crash, leading to the company being placed under judicial management in 2013.
In 2018, a US$90 million takeover bid by Indian firm Balasore, linked to the Mittal family, was unsuccessful.
Following its exit from judicial management in 2021, ZimAlloys was taken over by Kuvimba, which operates under the Mutapa Sovereign Wealth Fund.
Kuvimba now holds an 85% stake in ZimAlloys, with the remaining shares owned by a private investor and ferrochrome marketer Co-Metal.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZimAlloys, a big ferrochrome producer in Zimbabwe, has started making chrome again after years of being closed. They want to produce 120,000 tonnes of chrome every year. The company had to raise money to restart production. They own a lot of land with chrome, which they plan to use for their operations. ZimAlloys is now owned by Kuvimba and wants to use renewable energy like solar and wind power. They stopped production in 2013 but are now back in business and looking to grow.

ZimAlloys Resumes Production Years After It Shut Down

PowerTel Communications, an ICT subsidiary of Zimbabwe’s power utility ZESA Holdings, has invested over US$5.5 million in establishing a dual gateway between Zimbabwe and South Africa to improve local network connectivity.
A dual gateway is a network configuration that employs two separate gateways to manage traffic, offering benefits such as redundancy and load balancing. This means that if one gateway fails, the other can seamlessly take over, ensuring uninterrupted network connectivity.
In an interview with <a href="https://www.thestandard.co.zw/business/article/200032791/powertel-invests-us55m-in-dual-gateway-into-sa">NewsDay</a>, Powertel’s acting managing director, Willard Nyagwande, explained that the US$5.5 million investment is part of a larger strategy aimed at improving operational efficiency and providing more affordable connectivity options for users. He said:
<blockquote>
In terms of investment, remember our brand is 25 years old. We have continued to invest in fibre technology, wireless technology and geo technology.
This year, we have invested more than US$5,5 million in building another gateway, a dual gateway into South Africa through Beitbridge in trying to embrace our redundancy [in case] Mozambique, Beitbridge or Plumtree are down.
As you know, in Zimbabwe, the internet is very affordable through Beitbridge, so we have invested more than US$5,5 million and that link is almost done.
</blockquote>
Nyagwade added that PowerTel had also invested millions into the network to allow for the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to connect miners such as Dinson Iron and Steel Company and Bikita Minerals. He said:
<blockquote>
We recently powered up Bikita Minerals and as we speak now, they are both electrified and “datafied” by ZETDC and Powertel, enjoying speeds of more than 100 gigabytes per second so that is our relationship. So, if we put that investment combined, it is a lot.
</blockquote>
Powertel’s network investment roadmap outlines plans to invest up to US$355 million in fixed access, with an additional US$50 million allocated for long-term evolution, fifth-generation internet, and the national backbone network.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

PowerTel Communications, a company in Zimbabwe, spent $5.5 million to create a dual gateway to South Africa. This helps with network connection and makes sure it stays up even if one gateway fails. This investment is part of a plan to improve efficiency and make internet more affordable. PowerTel also invested in other technology to help connect companies like Dinson Iron and Steel Company. They have big plans to invest more money in improving the network in the future.

Powertel Invests US$5.5 Million In Dual Gateway Into South Africa

Stanbic Bank Zimbabwe has once again come to the rescue of people living with albinism by donating an assortment of sun protection products worth US$ 25,000 to the Albino Charity Organisation of Zimbabwe (ALCOZ).
On Wednesday, the institution handed over 1000 units of sunscreen lotion; 1000 units of antibacterial soap; 1000 units of antiseptic liquid; 1000 units of lip balm and 1000 sunhats.
Stanbic Bank Head of Brand and Marketing, Palmer Mugavha said the institution was pleased to have supported people living with albinism for the last 9 years through the partnership with ALCOZ. 
Mugavha said Stanbic Bank is happy to meet the crucial needs of people living with albinism as the hot season sets in. Said Mugavha:
<blockquote>
Our partnership with ALCOZ is well calculated as Stanbic Bank fully understands the challenges people living with albinism face throughout the year such as weather elements, particularly the heat as summer sets in.
</blockquote>
He noted that people living with albinism need protection from the harmful effects of the sun owing to the lack of melanin in their skin which serves as a shield from the sun.
People living with albinism rely on sunscreen lotions, special oils and lip balm for protection from the sun hence Stanbic Bank has stepped in to meet their needs, especially in these challenging economic times.
Albinism is a rare, non-contagious, genetically inherited condition which occurs worldwide regardless of ethnicity or gender.
It commonly results in the lack of melanin in the hair, skin, and eyes, causing vulnerability to sun exposure.
ALCOZ Projects and Programmes Manager, George Mafararikwa said Stanbic Bank had now proved to be “an all-weather friend” given that the partnership was now in its ninth year in support of people living with albinism. He said:
<blockquote>
Stanbic Bank, our major partner in this worthy cause, has stood by us all these years in support of our initiatives.
We in turn as ALCOZ always see to it that the Stanbic Bank’s hand is well extended not only to beneficiaries in Harare and surrounding areas but that it reaches the most marginalized remote areas such as Binga in Matabeleland North, Matobo in Mat. South, Chiredzi Masvingo, Gokwe in Midlands, Chipinge in Manicaland, Mbire in Mashonaland central just to mention but a few.
</blockquote>
He said ALCOZ, just like Stanbic Bank, is committed to putting its shoulder to the wheel in supporting the government’s efforts to alleviate some of the challenges faced by people living with albinism.
Mafararikwa said the sun protection products will help the beneficiaries to integrate easily into their respective communities and see them doing their daily chores safely in the knowledge that their sensitive skin is protected from the harsh weather conditions that have been exacerbated by climate change due to global warming. He said:
<blockquote>
This support from Stanbic Bank resonates well with one of our program thematic areas running under the theme “MELTING UNDER THE DYING OZONE” which focuses mainly on mitigating the effects of climate change on persons with albinism.
Thank you to Stanbic Bank and the entire team that has been behind this compassionate gesture towards the albinism society for the past nine years.
We pray that this partnership continues at an even larger scale as we serve this marginalized society.
</blockquote>
Mugavha said the donation by Stanbic Bank was part of a broader and comprehensive Corporate Social Investment (CSI) strategy by the Standard Bank Group subsidiary to plough back into the communities in which it operates.
Stanbic Bank’s CSI initiatives cover four pillars namely Health and Sanitation, Education, the Environment and Sports.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Stanbic Bank Zimbabwe gave $25,000 worth of sun protection items to Albino Charity Organisation of Zimbabwe (ALCOZ). This includes sunscreen, soap, lip balm, and sunhats. The bank has helped people with albinism for nine years. People with albinism have little melanin, so they need protection from the sun. ALCOZ will share the donation with people in remote areas too. Albinism is a genetic condition where people lack melanin, affecting their skin, hair, and eyes. They may also have vision problems and are more sensitive to sunlight and risk skin cancer. ALCOZ thanks Stanbic Bank for supporting them and hopes for more support in the future.

Stanbic Bank Donates $25,000 To The Albino Charity Organisation

Zimbabwe’s largest retailers have warned the government that their businesses may face closure unless it addresses an exchange rate policy that is driving customers away from their stores.
Formal retailers are compelled to use an overvalued official exchange rate, making their products more expensive than those sold in unregulated tuckshops.
The Retailers Association of Zimbabwe (RAZ), which includes companies such as OK Zimbabwe, Pick n Pay, SPAR, and Edgars, said that the formal retail sector could collapse without government intervention and policy measures to protect it. They wrote:
<blockquote>
The situation is clearly untenable and will lead to company closures if authorities do not intervene with policy measures to protect the formal retail sector.
</blockquote>
The industry employs nearly 20,000 people and serves as a major revenue collection agent for the Zimbabwe Revenue Authority (ZIMRA), contributing significantly through key taxes such as Pay As You Earn (PAYE), Value Added Tax (VAT), Intermediated Money Transfer Tax (IMTT), various withholding taxes and corporate tax.
Retailers are obligated to use the official exchange rate, while suppliers operate with street rates. To mitigate their losses, supermarkets have been forced to raise prices to restock their inventory. RAZ said:
<blockquote>
In order to avert massive financial losses, formal retailers have had to take steep USD price increases to generate revenues at the WBWS Exchange Rate that would be commensurate with suppliers’ unit selling price into retail.
This inevitably leads to real USD inflation creep along with many other economic and social ills as consumers shun formal retailers in favour of informal channels.
</blockquote>
RAZ proposes two alternatives to bring back the stability of prices and trade in the formal sector.
The first proposal is a market-determined exchange rate, that is, the implementation of a pricing model that reflects real-time market exchange rate fluctuations which will help them remain competitive while managing costs.
The other proposal is discounted pricing. RAZ said this keeps the official exchange rate constant while formal retailers offer differentiated discounted pricing by product to reduce inflationary impacts in USD terms, incentivize purchases and stimulate demand. They said:
<blockquote>
RAZ can periodically compile market statistics to help Fiscal Authorities shape policy, as well as self-regulation on market wide acceptable exchange rates.
RAZ further proposes a review of the role of the Financial Intelligence Unit (FIU) to now evolve from monitoring and punishment to purely monitoring and advisory.
RAZ is available to share with the FIU, on either a monthly or quarterly basis, the exchange rate and inflation dynamics in the market for further policy refinement.
We need to establish a more cordial and productive relationship between FIU and formal retailers which has now deteriorated into policing and punishment status.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's big shops could close if government doesn't help them with money. Good shops must use expensive money rates while small shops use cheaper rates. This makes good shop stuff more pricey. Good shops want the government to help with new money rates and ideas to help them. If not, shops might close and many people will lose jobs. Good shops want to use cheaper rates or give discounts to keep prices fair. They also want to work with the government to make better rules to keep money fair for everyone.

In simple words, big stores in Zimbabwe are struggling because they have to sell things at high prices due to the official exchange rate. They want the government to help them with better rates or discounts to keep their business running.

Retail Giants In Zimbabwe Face Collapse Without Exchange Rate Reforms

The government has collected approximately US$18 million from the sugar tax since the beginning of the year, according to Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube.
This controversial sugar tax was introduced to raise funds towards the procurement of cancer treatment equipment and accessories.
Announced in the 2024 National Budget late last year, the tax came into effect at the start of the year as part of measures to reduce the consumption of high-sugar beverages.
During a question-and-answer session in Parliament last week, Luveve-Emakhandeni National Assembly legislator Discent Collins Bajila (CCC) inquired about the sugar tax collection for the first quarter of 2024. In response, Ncube said:
<blockquote>
Madam Speaker, special tax of beverages with sugar content for the first quarter amounted to ZiG7,9 million, cumulative collections to date amounted to ZiG248,9 million which is equivalent to about US$18 million.
Treasury is in the process of working on modalities to join in with the Minister of Health for the procurement of cancer machines and drugs for distribution in our hospitals.
We are working speedily with the Ministry of Health and Child Care through the procurement processes so that we can acquire these machines and drugs as soon as possible.
</blockquote>
In his 2024 budget presentation, Ncube proposed a levy of US$0.02 per gramme of sugar contained in beverages, excluding water.
However, following lobbying from the Confederation of Zimbabwe Industries (CZI), which argued that the initial figure was too high, Ncube later reduced the tax to US$0.01 per gramme.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government collected $18 million from a sugar tax to get money for cancer treatment equipment. The tax started at the beginning of the year. The tax is meant to decrease the intake of high-sugar drinks. They are working to get cancer machines and medicine for hospitals. At first, the tax was $0.02 per gram of sugar, but they reduced it to $0.01 due to complaints.

Sugar Tax Raises US$18 Million In 2024

Garikai Dzvoma, the founder of Zimpricecheck, emerged victorious in the 2024 “Value Creation Challenge”, securing a total of US$13,000 in seed funding. He triumphed over 11 other finalists in this competition for budding entrepreneurs, held last Friday, reported the <a href="https://www.chronicle.co.zw/zimpricecheck-founder-scoops-us13-000-entrepreneurs-challenge-seed-funding/">Chronicle</a>.
Zimpricecheck is a platform that provides up-to-date information on prices of various goods and services in Zimbabwe, as well as information on both official and unofficial exchange rates for the Zimbabwean currency.
The Value Creation Challenge (VCC) is an initiative sponsored by Old Mutual Zimbabwe in partnership with the British Council and the British Embassy.
It aims to empower young entrepreneurs by equipping them with the skills needed to turn innovative ideas into successful ventures. This year’s event attracted 646 entries.
Among the 12 finalists, Tsepo Manganda’s Pured Agro Processors was recognized as the top performer in emerging industries, while Dzvoma’s Zimpricecheck won in the innovative technology section.
Tafadzwa Nengare of Nengare Incorporated was awarded the top performer in the creative industry section, and Innocent Chigiya’s Crystal Cred received the sustainability award. Tafadzwa Zhawari’s Charis Nutrition Consultancy was named the incubatee of the year.
Each top performer received US$6,500 in seed funding, while all 12 finalists were awarded US$1,500 each.
Speaking at the finale, Deputy Minister of Finance, Economic Development, and Investment Promotion, David Mnangagwa, emphasized the importance of entrepreneurship in shaping Zimbabwe’s economy. Said Mnangagwa:
<blockquote>
I’ve seen how entrepreneurship is transforming our landscape. Zimbabwe holds immense potential, and initiatives like the Value Creation Challenge are key to harnessing innovation for community and economic solutions.
VCC is in line with the National Development Agenda and financial inclusion, youth empowerment and job creation are all at the core of the Government vision for Zimbabwe’s future as outlined in Vision 2030.
The ministry’s contribution to the ecosystem is in the form of the National Venture Capital Company (NVCC) formed in 2021, whose aim is to assist SMEs and high-potential startups ensure funding and strategic partnerships.
t is our desire to collaborate with private sector players who have knowledge and expertise in this domain and development partners through platforms such as the VCC as we foster an enabling environment for innovators to thrive.
</blockquote>
Peter Vowles, British Ambassador to Zimbabwe said:
<blockquote>
Zimbabwe aims to achieve upper-middle-income status by 2030, while Britain seeks to become the fastest-growing economy in the G7 by 2029.
Both nations recognize that entrepreneurship is key to growth through investment in creative ideas, business development, and job creation. Supporting Zimbabwe’s economic growth is important to us.
Remember, you cannot function in isolation. The British Embassy is here to help you forge those vital connections.
</blockquote>
Other finalists who presented their innovative ideas included African Fruit Company, Capital Kreatives, Honeyscoop, Kitchen Gardens by Joy, KumbaCare, Robust 365, and Ruby’s Touch Designs.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Garikai Dzvoma, founder of Zimpricecheck, won $13,000 in a competition for young entrepreneurs. Zimpricecheck gives prices of goods in Zimbabwe and exchange rates. The Value Creation Challenge helps young entrepreneurs. The top performers got seed funding. The Deputy Minister of Finance said entrepreneurship is important for Zimbabwe's future. The British Embassy supports Zimbabwe's economic growth through entrepreneurship. Other finalists had creative ideas too. The competition is about investing in new ideas and creating jobs.

Zimpricecheck Founder Wins US$13 000 Entrepreneurs Challenge Seed Funding

CBZ Holdings, the parent company of CBZ Bank, has initiated a restructuring exercise to adapt to the changing business environment and enhance its market position.
As part of this process, 13 senior executives will leave the company next month. The first phase of the restructuring will see these executives departing on October 1, with their contracts set to be mutually terminated by the end of the year. CBZ chief executive Lawrence Nyazema said in a statement:
<blockquote>
CBZ Holdings is embarking on a restructuring exercise across its group of companies, aimed at aligning the Group’s strategic thrust with the evolving business environment.
This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market.
The first phase of the process is at the executive level, resulting in the departure of thirteen (13) senior executives.
The executives will go on garden leave starting 1 
October 2024, with mutual termination of their contracts expected by 31 December 2024.
CBZ Holdings remains fully committed to fulfilling its obligations and delivering the high-quality service our customers have come to expect.
By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently.
We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

CBZ Holdings, the parent company of CBZ Bank, is changing things to do better in business. They are making changes to their top people and 13 executives will leave next month. The company wants to be stronger and do well in the market. The executives will leave by the end of the year. The company wants to serve customers better and grow. They are working to be more efficient and successful by changing how they work. They want to adapt to the market and make sure they do a good job for their customers.

CBZ Holdings Embarks On Restructuring Exercise

The government is actively engaging with business entities that manipulate the exchange rate by relying on black market rates, urging them to adopt the official exchange rate instead.
According to statistics published on the Reserve Bank of Zimbabwe (RBZ) website on September 5, the average exchange rate was US$1 to ZiG 13.8742.
Reports indicate that some formal businesses are limiting their acceptance of the ZiG, while others are employing tactics such as dual pricing and inflating USD prices to bypass the interbank rate.
George Guvamatanga, Permanent Secretary in the Ministry of Finance, Economic Development and Investment Promotion, said that while the government plans to intervene, it aims to do so without disrupting the market. Said Guvamatanga:
<blockquote>
Indeed this is what is happening in the market by some unscrupulous businesses, not all of them, but we are taking note and will act decisively.
But remember, we need to consult and do so in a manner that does not disrupt the acceptance and performance of the ZiG so far.
I can tell you there is no reason why the ZiG should be devalued because it is backed by gold and foreign currency reserves.
</blockquote>
Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga told <a href="https://www.zbcnews.co.zw/local-news/government-intervenes-to-end-dual-pricing/">ZBC News</a> that there was no need for retailers and wholesalers to use parallel market rates. Said Mugaga:
<blockquote>
Indeed as big business we are witnessing those uncouth practices that are currently being employed by retailers and wholesalers in the market.
The ZiG has been widely accepted and the premium of the formal rate has largely widened, which requires business to work together.
</blockquote>
The Reserve Bank of Zimbabwe (RBZ) introduced the Zimbabwe Gold (ZiG) currency in April, following the collapse of the Zimbabwe dollar (RTGS and bond notes).
Just five months later, the new currency has experienced significant depreciation, now trading at US$1 to ZiG24 on the parallel market. At the time of its launch, the ZiG was valued at US$1 to ZiG13.50.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government is talking to businesses who cheat on exchange rates, urging them to use official rates. Some businesses are not happy using the Zimbabwe Gold (ZiG) currency and are charging higher prices in USD. The government is planning to stop this without causing problems. The ZiG currency is backed by gold and should not be devalued. Business groups say everyone should use the official exchange rate and work together. The new ZiG currency has dropped in value since it was introduced, now trading at US$1 to ZiG24 on the black market.

Govt Engaging Business Over Exchange Rate Manipulation - Guvamatanga

Zimbabwean banks are struggling to meet exporters’ foreign currency demands for importing raw materials due to severe liquidity constraints.
In an interview with <a href="https://newsday.co.zw/theindependent/business-digest/article/200031626/banks-struggle-to-fund-imports">The Independent</a>, Fanwell Mutogo, CEO of the Bankers Association of Zimbabwe, said that the ongoing foreign currency shortages have hindered banks’ ability to support both exporters and importers effectively. He said:
<blockquote>
The insufficient foreign exchange has had an impact on the importers and exporters, hence hindering the banks to meet the needs and demands of both exporters and importers.
</blockquote>
Mutogo said the situation might improve if the recently introduced Zimbabwe Gold (ZiG) currency gains value. He said:
<blockquote>
As the market accepts ZiG and uses it more for domestic transactions, banks are most likely to receive more voluntary foreign currency sales.
</blockquote>
Economist Prosper Chitambara said that building Zimbabwe’s foreign currency reserves is essential. He said:
<blockquote>
We look at several countries. South Africa has about US$62 billion in terms of reserves, Zambia has about US$4 billion, and Botswana, has about US$5 billion. So, Zimbabwe with about US$400 million, is probably not adequate.
So, I think we need to build our reserves, and we can always use those reserves again to liquidate in the interbank market.
</blockquote>
On Friday, Reserve Bank of Zimbabwe Governor John Mushayavanhu announced that reserves backing the structured currency, primarily gold, had risen significantly to US$375 million in June, up from US$285 million.
In his 2024 Mid-Term Monetary Policy Statement, Mushayavanhu said the central bank is implementing a strategy to build foreign reserves until they meet international standards. He said:
<blockquote>
Given the importance of foreign currency reserves in sustaining the ZiG, the Reserve Bank has a reserves accumulation strategy to ensure adequate foreign reserves are available.
The Reserve Bank will, therefore, remain resolute on its accumulation strategy until the country’s foreign reserves reach internationally acceptable levels.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwean banks are having trouble giving exporters enough foreign money to buy materials they need. The lack of foreign money is causing problems for both importers and exporters. To fix this, a new currency called ZiG might help by gaining value. An economist says Zimbabwe needs to build more foreign reserves to be stable. The Reserve Bank of Zimbabwe is working on a plan to increase foreign reserves until they are at the right level. This will help the country's economy.

Zimbabwean Banks Struggling To Meet Exporters’ Foreign Currency Needs

EcoCash, Zimbabwe’s leading mobile money platform, has announced a partnership with MultiChoice Zimbabwe to offer customers a convenient and secure way to pay their DStv subscriptions.
This collaboration allows EcoCash users to pay their monthly DStv fees directly from their EcoCash wallet, enabling instant activation of their DStv account.
With this partnership, EcoCash customers can access a wide range of international sports, entertainment, news, and current affairs from the comfort of their homes.
The mobile money firm aims to simplify the payment process, making it easier for customers to enjoy their favourite TV shows and sports.
DStv, offered by MultiChoice, provides exclusive content, including the latest movies and live sports, such as the English Premier League.
<img alt='May be an image of 2 people, people playing football, people playing American football, phone and text that says "DSt rates Dial *151# Follow These Simple FollowTheseSimpleSteps: Steps: 1.Select USD Currency Kickoff the soccer season with DSTV 2.Select Make Payments 3.Select Direct Payments 4.Select Pay DStv EooGaeh Downlcoo GooglePay AppStore www.ecocest.co.2W 5.Select Renew Subscription Live Life the EcoCash Way f·0® +203777222151- EcoCash"' decoding="async" src="https://scontent.fhre1-1.fna.fbcdn.net/v/t39.30808-6/456580890_935866775247652_1943021546478156632_n.jpg?_nc_cat=107&amp;ccb=1-7&amp;_nc_sid=833d8c&amp;_nc_ohc=KgxVqGz6Ei8Q7kNvgGiczcP&amp;_nc_ht=scontent.fhre1-1.fna&amp;oh=00_AYCWCi0SBRQ9Z7PkJ7jE3wSitQfl1-4waoQE9XBAQf13YQ&amp;oe=66D61D6D"/>
EcoCash encourages customers with smartphones to use the EcoCash app for fast and easy payments. 
Alternatively, customers can use the USSD channel to pay their DStv subscriptions, which will result in the automatic reactivation of their account.
This partnership demonstrates EcoCash’s commitment to adding value to its customers by creating convenient payment options.
By working together, EcoCash and MultiChoice aim to enhance the viewing experience for DStv subscribers in Zimbabwe.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

EcoCash and MultiChoice in Zimbabwe are working together to make it easy for people to pay their DStv subscription using mobile money. This means customers can watch their favorite shows and sports quickly and conveniently from their homes. EcoCash wants to make paying for DStv simple for its customers, whether they use their app or the USSD channel. This partnership is meant to improve the viewing experience for DStv subscribers in Zimbabwe. It's a way for both companies to help people enjoy their entertainment without any hassle.

Business News (2)

Latest Jobs