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Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has said that Zimbabwe’s foreign currency reserves have risen to over US$500 million, roughly three times the total amount of Zimbabwe Gold (ZiG) in circulation.
Since the September devaluation, the ZiG has gained ground against the US dollar, appreciating from US$1:ZiG27,4 at the end of October to US$1:ZiG25,6 by Friday.
In an interview with <a href="https://www.sundaymail.co.zw/foreign-currency-reserves-rise-to-us500m">The Sunday Mail</a>, Mushayavanhu attributed the strengthening of the ZiG to a range of measures, including the central bank’s decision to raise its benchmark interest rate from 20% to 35% in September.
This was done to curb inflationary pressures and tighten liquidity in the market.
Furthermore, the RBZ introduced changes to the statutory reserve requirements, setting them at 30% for both demand and call deposits in local and foreign currencies. For savings and time deposits, the reserve requirement was set at 15%. Said Mushayavanhu:
<blockquote>
The combined effect of these measures has significantly reduced ZiG liquidity in the market.
The exchange rate has also strengthened, benefitting from increased foreign currency receipts.
</blockquote>
Zimbabwe’s foreign currency receipts increased by 18% during the nine months leading up to September, compared to the same period the previous year. Added Mushayavanhu:
<blockquote>
The ZiG:US dollar exchange rate has, therefore, been appreciating under the willing-buyer, willing-seller arrangement, in line with market fundamentals, reflecting the supply and demand dynamics of foreign currency on the interbank market.
The tight ZiG liquidity conditions amid a tight monetary policy stance in the market have seen increased willingness by economic agents to liquidate their foreign currency positions, thereby creating demand for ZiG.
These conditions have largely contributed to the appreciation of the currency.
Currently, the total reserve money in local currency as of November 6, 2024 is about ZiG3,4 billion, which is about US$129 million, against foreign currency reserves of US$509 million.
The Reserve Bank’s total foreign currency reserve holdings of more than US$500 million as at November 1, 2024 are also more than the total bank deposits in the domestic currency of about ZiG12 billion — giving an implied exchange rate of around US$1:ZiG24.
The Reserve Bank has, therefore, since April 5, 2024, consistently held more than sufficient reserves to back the ZiG currency to ensure its stability.
</blockquote>
Mushayavanhu said the Reserve Bank will continue to intervene in the foreign exchange market by utilising 50% of the 25% export surrender requirements.
This intervention aims to support smooth market operations, meet legitimate foreign payment demands, and strengthen reserve holdings to maintain the stability of the Zimbabwe Gold (ZiG). Said Mushayavanhu:
<blockquote>
The full backing of the local currency reserve money ensures that at each point the Reserve Bank has adequate foreign currency reserves to intervene in the market and ensure the stability of the local currency.
Currently, the Reserve Bank reserves have topped US$500 million, which implies more than three times the cover of reserve money.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe has a lot of foreign currency saved, more than US$500 million. This is three times the amount of their local currency, Zimbabwe Gold (ZiG), in circulation. The value of ZiG compared to the US dollar has gone up recently. The Reserve Bank of Zimbabwe made some changes to help make the ZiG stronger and more stable. They also have enough reserves to support their currency. This is good for the country's economy and helps keep everything in balance. It's important to have enough foreign currency saved to keep the local currency strong and stable.

Forex Reserves Hit US$500 Million, Three Times The ZiG In Circulation, Says RBZ

The Reserve Bank of Zimbabwe (RBZ) has forecast that inflation will fall below 5% by December, despite challenges such as a rising import bill and fluctuations in commodity prices.
In October, consumer prices surged by 37.2%, driven largely by a sharp depreciation of the Zimbabwe Gold (ZWG) currency.
However, in an interview with the <a href="https://www.theindependent.co.zw/business-digest/article/200034711/panic-not-inflation-is-under-control-rbz">Zimbabwe Independent</a>, RBZ Deputy Governor Innocent Matshe expressed confidence that inflation will soon stabilise and return to acceptable levels. Said Matshe:
<blockquote>
So really, as an economy, we should not panic because there is this huge jump in inflation.
But what we should do is take lessons from it. Because really, in terms of the aggregate inflation, it has risen to about 7,3% and we projected that by December the inflation rate should be below 5%.
We have a huge import bill of grain because of the El Niño-induced drought. We have had a huge knock given the fall in commodity prices.
We are a commodity exporter. So, we had a huge fall in commodity prices.
</blockquote>
Matshe explained that because the Zimbabwe Gold (ZWG) currency is backed by gold, an increase in gold prices will ultimately help stabilise the currency. He said:
<blockquote>
We are not so far off. We know that there has been an uptick this month (in terms of inflation). There will be moderation next month, but there will be a fall going forward to within the 5% that we projected. So, everything is under control.
Obviously, that will have an impact, but we think that impact (will be) moderate because one of the key commodities in our reserves basket, which is gold, its price is going up.
It is actually approaching record highs if it’s not at record highs already. So, there will be a moderation.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe says inflation will go below 5% by December. The rise in prices in October was mainly because of their currency losing value. The Deputy Governor believes things will improve soon. They have a big bill for importing food because of bad weather. Also, the prices of goods they sell have fallen. But, because their currency is connected to gold, if gold prices go up, their currency will be stable. They predict inflation will drop to 5% soon.

RBZ Projects Inflation To Drop Below 5% By December

The Reserve Bank of Zimbabwe (RBZ) has embarked on a remodelling exercise that includes expanding the executive management committee (ExCo) to 16 from 10 and changing some dockets.
John Mushayavanhu, the former group CEO of FBC Holdings Limited, took over as RBZ Governor on March 28.
Since his appointment, he has introduced the Zimbabwe Gold (ZiG) currency and promised to make the local unit a preferred medium of exchange.
However, the central bank has faced several challenges, among them, a volatile exchange rate, rising inflation and increased dollarisation.
In response to inquiries by <a href="https://www.newsday.co.zw/business/article/200034340/mushayavanhu-tweaks-rbz-executive-team">NewsDay</a>, the RBZ said it is going through a remodelling process. It said:
<blockquote>
The Reserve Bank of Zimbabwe is going through a remodelling process. This is an ongoing process, which shall be communicated at the opportune time.
</blockquote>
The Executive Committee (ExCo) comprises the following members:
<ul>
<li>Governor: Mushayavanhu</li>
<li>Deputy Governors: Jesimen Chipika and Innocent Matshe</li>
<li>Executive Assistant/Advisor to the Governor: Moris Mpofu</li>
<li>Director of Economic Research, Modelling, and Policy: Nebson Mupunga</li>
<li>Director of Banking Operations &amp; Currency Management: Azvinandaa Saburi (a newly created role)</li>
<li>Director of Financial Surveillance: Farai Masendu</li>
<li>Director of Banking Supervision, Surveillance, and Financial Stability: Philip Madamombe</li>
<li>Director of Human Resources: Cleopas Chiketa</li>
<li>Director of Policy and Strategy: Joseph Mverecha (newly appointed)</li>
<li>Director of Corporate Affairs: Melody Harry (newly appointed)</li>
<li>Director of Finance, Assets, and Stores Management: Never Nyemudzo (newly appointed)</li>
<li>Director of Financial Markets: Ernest Matiza (promoted from Deputy Director)</li>
<li>Director of Capital Flows Administration and Management: Tayengwa Chitauro</li>
<li>Director of ICT, Innovation Hub, and Fintechs: Clever Haparari</li>
</ul>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe has added more people to its leadership team. John Mushayavanhu is now the Governor. He wants to make the local currency stronger. But, the bank has some problems, like the exchange rate going up and down a lot. The bank is changing some roles in the team to help with these issues. Mushayavanhu is trying to improve things. The bank will keep updating about the changes. Some new roles have been added, and some people have been promoted.

Mushayavanhu Expands RBZ Executive Team

The Reserve Bank of Zimbabwe (RBZ) has said the increase in demand for US dollars is rising ahead of the farming season, coinciding with a slowdown in forex inflows due to the end of the tobacco selling season.
Below is a statement issued on October 25 by RBZ Governor John Mushayavanhu:
<blockquote>
During the past three weeks of October 2024, the Reserve Bank has injected about US$32 million into the interbank foreign exchange market to smoothen the mismatches between supply and demand.
Traditionally, the last quarter of the year witnesses increased demand for foreign exchange to meet critical requirements for the summer agricultural season and for preparations for the start of the festive period.
In line with the recent monetary policy measures issued by the Monetary Policy Committee (MPC) on 27 September 2024, we have witnessed a satisfactory increase in the willing-buyer-willing-seller (WBWS) foreign exchange trading activities.
Holders of foreign exchange, including exporters, have been selling their foreign currency in exchange for ZiG to fund their tax obligations and other payments denominated in local currency.
However, with the end of the tobacco selling season, we have noticed a slowdown in the supply of foreign exchange to the WBWS interbank market and an increase in pipeline demand.
Over the past three weeks, foreign currency pipeline demand has averaged US$15 million, and the Reserve Bank has been intervening in a timely manner to address the supply/demand mismatches.
The pipeline demand for this week has risen to US$25 million due to increased pressures to fund the 2024/2025 agricultural season requirements.
Consequently, on 24 October 2024, the Reserve Bank offered a market-clearing foreign currency sale of $25 million, and the market could only take up about US$19 million because prospective buyers of foreign currency did not have enough ZiG liquidity to purchase available foreign currency.
The recent market intervention has brought the cumulative participation of the Reserve Bank in the WBWS market to US$50 million in October 2024 alone.
The Reserve Bank will continue with its tight monetary policy stance and ensure that reserve money is fully backed at all times.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe is putting $50 million into the foreign exchange market to meet the rising demand for US dollars before the farming season. This is because there is less money coming in after the tobacco season ended. The bank is trying to balance the amount of dollars available for people who need them. They want to make sure there is enough money for farmers and others who have important expenses. The bank is also making sure they have enough money to cover all their promises. So far, they have given $50 million in October to help with this.

RBZ Pours US$50 Million Into Interbank Forex Market In October - Mushayavanhu

The Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has said the gold reserves backing the ZiG (Zimbabwean Gold) currency have increased to over US$450 million, up from US$375 million in June this year.
He said this increase in gold reserves means the exchange rate will remain stable.
On September 27th, the RBZ adjusted the official exchange rate from ZiG14 per US$1 to ZiG24 per US$1.
However, by October 11th, the exchange rate had slid to ZiG26.33 per US$1, indicating a continued devaluation of the local currency since the initial adjustment.
In an interview with <a href="https://www.zbcnews.co.zw/rbz-assures-zimbabweans-of-currency-stability/">ZBC News</a> on Thursday, 10 October, Mushayavanhu said that the recent exchange rate movements cannot be described as a devaluation, but rather a response to market forces within the willing buyer and seller foreign exchange market. He said:
<blockquote>
First and foremost, what happened can not be described as devaluation. It was just a manifestation of the event on the ground where the parallel market had just set its agenda, including the retail sector and all the other economic agents in the economy.
</blockquote>
Mushayavanhu said the RBZ remains committed to economic stability and anchoring growth and does not expect any further significant movements in the exchange rate. He said:
<blockquote>
I am not expecting any further movements in the exchange rate. Let me give you some figures. As of yesterday, total deposits in this whole market were ZiG10.7 billion reserves, and our foreign reserves were US$450 million.
</blockquote>
Mushayavanhu further clarified the distinction between a gold-linked and a gold-backed currency.
He said the ZiG is backed by gold and other precious metal reserves, as well as foreign currency balances held with the Federal Reserve. Said the RBZ Governor:
<blockquote>
Our currency is backed by gold and other precious metals, and the foreign currency balances that we have with the Federal Reserve, there is a difference between backing a currency with gold and linking a currency to the prices of gold.
</blockquote>
Meanwhile, economic commentator Professor Gift Mugano has expressed scepticism about the RBZ’s ability to stabilise the exchange rate.
According to Mugano, the central bank lacks control over the excessive liquidity being injected into the economy by the Treasury.
Mugano predicted that in the coming weeks, several factors will contribute to further exchange rate volatility. Firstly, the government will be funding the upcoming agricultural season, which requires significant financial resources.
Secondly, there will be bonus payments and increases in ZiG (Zimbabwean Gold) salaries. Thirdly, the government will be increasing payments to contractors ahead of the rainy season.
Finally, the Treasury will be making last-minute payments to ministries, departments, agencies, and suppliers before the end of the fiscal year, as is typically the case in December.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe has a lot of gold to support the ZiG currency, worth over US$450 million. The exchange rate will stay stable because of this. The official exchange rate was adjusted recently, but it has been falling again. The RBZ Governor thinks that the exchange rate won't change much more. But some experts are not sure the RBZ can keep it stable because there is too much money in the economy. They think that the exchange rate might change a lot soon because the government needs to pay for many things.

ZiG Currency Gold Reserves Reach US$450 Million - RBZ

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

Economic commentator Gift Mugano has warned the Reserve Bank of Zimbabwe (RBZ) against floating the exchange rate without adequate foreign currency reserves.
Mugano said the move by Zimbabwe’s central bank on Friday, 27 September, to liberalise the ZiG currency is “suicidal” adding that the RBZ “just put nail on the ZiG coffin.” He said:
<blockquote>
In our instance, I think we are now at a deeper end. We are in the middle of the storm, that we have adopted a local currency, we do not have enough reserves and we are supposed to liberalise.
So, it’s like committing suicide and again if you don’t liberalise you are still committing suicide again. We need to go back to the drawing board and say how do we address this.
</blockquote>
Instead of liberalising the exchange rate, Mugano suggested that the RBZ should scrap the ZiG, return to USD mono-currency, and introduce the ZiG when the time is ripe – when the right fundamentals are in place.
A Harare-based economist, who declined to be named for professional reasons, told <a href="https://www.businessweekly.co.zw/gold-backed-currency-fails-to-stem-zims-economic-challenges/">Business Weekly</a> that liberalisation and maintaining controls present significant risks, and “there is no easy solution.” Said the economist:
<blockquote>
The Reserve Bank of Zimbabwe is facing a daunting task. Liberalising the foreign exchange market could lead to hyperinflation while maintaining controls could exacerbate shortages and inefficiencies.
The Government must carefully consider the potential consequences of both options.
A poorly executed liberalisation could have disastrous consequences for the economy.
The best solution for Zimbabwe may lie in a gradual and carefully managed approach to liberalisation, combined with targeted measures to address the underlying causes of economic instability.
</blockquote>
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.
However, the RBZ has not clarified whether the currency will float freely or if it will continue to control the exchange rate after the devaluation.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Economic expert Mugano warns that Zimbabwe should not float the exchange rate without enough foreign money. He thinks doing this is like killing the ZiG currency. Mugano suggests Zimbabwe should go back to using USD only and bring back the ZiG later when everything is ready. Another economist says liberalizing or controlling the exchange rate both have risks. Zimbabwe needs to be careful and make smart decisions to avoid making things worse. The central bank devalued the ZiG by 40% on September 27, but it's not clear if they will let it float freely or control it.

Floating The ZiG A Dangerous Move, Warns Mugano

Zimbabwe’s consolidated debt now stands at a staggering US$18 billion, with a substantial portion owed to international creditors which include institutions like the World Bank, International Monetary Fund (IMF), and bilateral partners, including China.
Domestic public debt has also risen due to non-payment of government-guaranteed debt by private beneficiaries.
The country’s debt burden poses significant threats to national development and access to global financial markets.
Addressing lawmakers in parliament on Wednesday, Minister of Finance, Economic Development and lnvestment Promotion Deputy Minister, David Mnangagwa said the country’s debt was still undergoing validation and reconciliation. Said Mnangagwa (via <a href="https://www.zimlive.com/zimbabwes-debt-burden-balloons-to-us18-billion/">ZimLive</a>):
<blockquote>
Our debt figures are still going through some validation and reconciliation.
There has been US$1.9 billion recapitalisation of the Mutapa Fund and an additional US$1.2 billion that was assumed from the Reserve Bank of Zimbabwe (RBZ).
These would still need to be reconciled and validated before they are entered into the debt profile. That process is still underway.
</blockquote>
Mnangagwa also said the debt reported to the African Development Bank in April stood at US$2.7 billion, higher than the approved budget for this year.
The government’s efforts to address the debt crisis are being hindered by the lack of clarity on how the funds were used.
Zimbabwe’s appeal for debt forgiveness and penalty waivers has so far been unsuccessful.
The United States stopped participating in a critical debt restructuring programme in January citing human rights abuses, lack of electoral reforms and crackdown on opposition politicians.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe’s Debt Burden Rises To US$18 Billion

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu says there is no justification for the domestic market to continue to experience a shortage of change given that the central bank has released ZiG55 million, including small notes and coins.
As reported by <a href="https://www.herald.co.zw/rbz-kombi-operators-meet-over-change-zig55m-notes-coins-released-to-ease-travelling/">The Herald</a>, on Monday, 10 June, Mushayavanhu met stakeholders from the public transport sector at his offices in Harare to discuss the challenge of small change in the domestic market and explore solutions to address the challenge.
Representatives came from the Greater Harare Commuter Association (GHACO), Harare Youth Transporters Association (HAYTA), Integrated Taxi Rides Association (ITRA), Bulawayo United Passenger Transport Association (BUPTA), Bulawayo City Transit, Tshova Mubaiwa and Vuka Uzimele Transport Association (VUTA), among others.
Also present at the meeting were the Ministry of Transport and Infrastructural Development Chief Director — Transportation Systems Development and Management, Loveness Masuka, and the Acting Commissioner of Road Motor Transportation, Dzingai Mafusire.
Mushayavanhu said the RBZ released notes and coins enough to meet the needs of the travellers, especially for small change purposes. He said:
<blockquote>
We have given banks the currency that they need and we expected that you, as the transport operators, would go to the banks and get the money so that you can give your commuters change.
It was also our expectation that the commuters would go to the banks and withdraw enough money for them to be able to pay for a single fare, but we do not know where the wheels have fallen off.
Last week we had to introduce additional measures, where we requested Homelink to implement, with effect from today (Monday), what we call “swipe for ZiG” facility to try and extend and increase the distribution points for ZiG.
</blockquote>
Mushayavanhu also said the central bank had put into the market small denominations of ZiG1 coin, ZiG2 coin, ZiG5 coin, ZiG10 and ZiG20 notes to address the problem of small change. He said:
<blockquote>
What we have not put in the market are ZiG50, ZiG100 and ZiG200. Last week, we had bankers here, what they seemed to be saying to us is that they have the coins, they have the bank notes, but there are no takers for those denominations.
My challenge to you is that as a bus operator, as a kombi operator, have you tried to go to the bank and say for my change requirements, I want ZiG500 in small denominations so that when commuters come to my kombi I can give them change?
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mushayavanhu, Kombi Operators Meet Over ZiG Notes And Coins Shortage

The Reserve Bank of Zimbabwe (RBZ) has launched “Swipe for ZiG Cash” in partnership with Homelink to address the shortage of small change.
In a statement issued this Tuesday, 04 June, central bank Governor John Mushayavanhu said the transacting public should visit their nearest Homelink branch and swipe for ZiG cash using their local currency debit/credit cards with effect from Monday 10 June 2024. Reads the statement:
<blockquote>
The Reserve Bank of Zimbabwe is committed to ensuring sufficient local currency, ZiG circulation in the economy as necessary to support normal business transactions and economic activity.
Pursuant to the above and for the convenience of the transacting public, the Bank wishes to advise the public, of an arrangement with Homelink to widen access to ZiG cash, leveraging on its existing branch network.
The Bank particularly seeks to expand economy-wide availability of small change in the following denominations, ZiG1, ZiG2, ZiG5, ZiG10.
The Bank appeals to all individuals, commuters, public transport operators, retailers, informal traders and their associations, vendor associations and other key stakeholders which interface with the transacting public, to approach their nearest Homelink branch and swipe for ZiG cash using their local currency debit/credit cards with effect from Monday 10 June 2024.
The exchange of foreign currency cash for ZiG cash can also be made at these Homelink branches at the ruling interbank exchange rate.
This arrangement with Homelink is part of wider initiatives by the Bank to ensure the availability of adequate ZIG cash in the economy. Going forward, the initiative will be expanded to other bureau de changes.
The list of Homelink branches across the country is attached for ease of access.
</blockquote>
List of Homelink Branches
<ul>
<li>Bulawayo – Call Centre (Bulawayo), Federal Building 103a Federal centre, 10th and fort street</li>
<li>Bulawayo – Fife Street, Beverly Building 16 Beverly Place, Cnr Five Street and 10th Ave</li>
<li>Chitungwiza – Chitungwiza, Makoni shopping centre 32045 Unit G. Seke</li>
<li>Gweru – First Mutual Centre Gweru, Shop number 8a, First Mutual Centre, corner Fifth Street and R.G. Mugabe Way</li>
<li>Harare – FEPC, Hardwick House 72 Samora Machel Ave, Harare</li>
<li>Harare – Call Centre (Harare), Hardwick House 72 Samora Machel Ave, Harare</li>
<li>Harare – Machipisa, 5 Samuriwo Building, Machipisa</li>
<li>Harare – OK Kwame Nkruma, Kwame Nkrumah Avenue</li>
<li>Harare – Avondale, Shop 1, Shamrock Building 30 King George Rd</li>
<li>Harare – NocZim House Branch, 100 Leopold Takawira, NocZim House, Harare</li>
<li>Kwekwe – OK Kwekwe, R. Mugabe Way Kwekwe, Kwekwe</li>
<li>Mutare – Manica Chambers, 92 Manica Complex, Main Street and 2nd Avenue</li>
<li>Rusape – Panmart, 301 Manda Street and Chimurenga Street</li>
</ul>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Partners Homelink To Distribute ZiG Notes And Coins

The Reserve Bank of Zimbabwe (RBZ) says it released enough ZiG cash for use by the public in conducting low-value transactions and for change.
In a statement released on Thursday, 23 May, RBZ Governor John Mushayavanhu said the central bank issued enough ZiG1, ZiG2 and ZiG5 and ZiG10 and ZiG20 notes to meet demand.
This follows an outcry by members of the public about the acute shortage of ZiG notes and coins in circulation which is inconveniencing traders and transport operators, among others.
Mushayavanhu said the problem is with both companies and individuals who are not approaching their banks to withdraw coins for their transactional convenience. Reads the statement:
<blockquote>
The Reserve Bank of Zimbabwe (the Bank) wishes to advise the transacting public that ZiG coins in denominations ZiG1, ZiG2 and ZiG5 were issued in quantities sufficient to meet the demand for small denominations used to conduct low-value transactions as well as usage of small denominations for change.
In addition, the Bank has also issued ZiG10 and ZiG20 notes in adequate quantities consistent with the optimal currency issuance ratios. 
The Bank has noted, with concern, a breakdown in the cash transmission mechanism as evidenced by the low level of ZiG coin withdrawals from commercial banks and, therefore, encourages both corporates and individuals to approach their banks and withdraw coins for their transactional convenience. 
For the convenience of the transacting public, the Bank has, over the years, maintained a constant ratio of currency in circulation in relation to other monetary aggregates such as narrow money and broad money. 
The Bank reaffirms its unwavering commitment to ensuring the public’s convenience by providing adequate cash.
It also assures the efficiency, safety, and soundness of the national payments system, which is well-suited to support electronic means of payment. 
In line with our efforts to promote a cash-lite economy, we encourage the usage of electronic means of payment, as digital financial services are a key enabler for financial inclusion. 
The Reserve Bank will continue to engage commercial banks and leverage their wide branch networks to ensure an efficient and effective supply of currency in the economy. 
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

We Have Released Adequate ZiG Notes And Coins, Says Mushayavanhu

The Reserve Bank of Zimbabwe (RBZ) has launched the second phase of awareness campaigns for the new structured currency, the Zimbabwe Gold (ZiG).
The central bank is working with the Ministry of Information, Publicity and Broadcasting Services and the Parliament of Zimbabwe to reach every corner of the country.
RBZ Governor John Mushayavanhu on Thursday, 25 April, said they decided to work with the Ministry of Information because it has got the reach of the whole country through the media, and Parliament because legislators represent the people. He said:
<blockquote>
And if you go through the Members of Parliament, you will be able to reach all corners of the country and also these are the people who the people elected and they can guide us and help us to spread this message. So we are embarking on this campaign starting immediately.
</blockquote>
Mushayavanhu said the second phase of awareness campaigns of the ZiG is targeted to reach all parts of the country after realising that some communities had been left out. He said:
<blockquote>
As we were doing the rounds, the message that kept coming to us was ‘we were not going far enough’; we were not reaching all the corners of the country and the people out there were asking what is ZiG? What is a structured currency? What difference is it going to make? How different is it from the RTGS?
Are we not doing the same things over and over again and expecting different results, but without changing anything?
And arising from that, we felt it necessary that we embark on an extensive and intensive campaign to try and educate the public on this new structured currency.
</blockquote>
The teams going out to the districts and villages have been charged with educating the public on the new currency, ZiG, which replaced the Zimbabwe dollar as legal tender.
ZiG will co-circulate with other foreign currencies as the multi-currency regime will remain in place until 2030.
Meanwhile, Mushayavanhu announced that the ZiG 1 to 5 denominations, initially planned as notes, will now be issued as coins. The ZiG 10, 20, 50, 100, and 200 denominations will be introduced as banknotes.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZiG: RBZ Launches Second Phase Of Awareness Campaigns

The Reserve Bank of Zimbabwe (RBZ) has completed printing and minting the new Zimbabwe Gold (ZiG) banknotes and coins. This was said by Central Bank Governor John Mushayavanhu in an exclusive interview with <a href="https://www.sundaymail.co.zw/new-banknotes-printed-ready-central-bank-promises-enough-cash">The Sunday Mail</a>.
He said the ZiG notes and coins were produced locally and are enough “to satisfy the market’s needs”. The ZiG notes and coins are set to be introduced into the market on 30 April.
Mushayavanhu also said the ZiG notes will be drip-fed into the market in denominations. They range from ZiG1 to ZiG200 and will be complemented by coins in the form of half ZiG and quarter ZiG. He said:
<blockquote>
The new currency has already been introduced. It was introduced on April 5 when we announced the Monetary Policy Statement. On that day, we converted all our Zimbabwe dollar balances into ZiG.
So, if you go to your bank today, you will find that your balance has been converted to ZiG. The next stage is now to introduce the notes and coins.
These are the ones that are going to be introduced on April 30. The money has already been printed. It is there.
The launch of ZiG on 5 April resulted in the rejection of old Zimbabwe dollar notes, not only by businesses and transport services but by government agencies as well.
</blockquote>
Zimbabweans are facing a novel challenge known as “triple spending”, where consumers spend three times more than they intend by buying items they don’t need because there is no change.
Mushayavanhu said the RBZ is working closely with the Ministry of Information, Publicity and Broadcasting Services to educate the public about the new currency. He said:
<blockquote>
But before issuing it to the public, we have to make sure that we have undertaken an extensive education campaign so that people understand the features of the new currency.
We want to avoid a situation where some unscrupulous people can cheat people by giving them fake notes and coins. So, this process is ongoing.
</blockquote>
The central bank chief said ZiG was a stable currency that has been gaining value progressively since its introduction as it is backed by gold and other precious metals.
He said the measures outlined in the Monetary Policy Statement aim to curb inflation. Given the strengthening exchange rate of the Zimbabwean dollar (ZiG) against the US dollar, it is expected that prices will decrease, rather than rise. Added Mushayavanhu:
<blockquote>
Our fear is actually not inflation, but rather, deflation.
</blockquote>
Inflation occurs when the prices of goods and services in an economy rise too much, too quickly, while Deflation occurs when there is a general decline in prices for goods and services. It is indicated by an inflation rate that falls below zero per cent.
The RBZ says it has in its reserves US$100 million in foreign currency and 2,5 tonnes of gold valued at US$185 million.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZiG Banknotes Printed, Ready To Be "Drip-fed" Into Market - RBZ

The Reserve Bank of Zimbabwe (RBZ) has urged traders, including commuter omnibuses, shops, fresh vegetable markets, and vendors, to continue accepting Zimbabwe dollar notes until April 30, 2024.
The majority of service providers and shops no longer accept Zim dollar notes, leading to a “change crisis.” As a result, prices are now being rounded off to US$1, making goods and services more expensive.
In a statement issued this Wednesday by the Central Bank, Governor John Mushayavanhu reiterated that the Zim dollar remains legal tender. Reads the statement:
<blockquote>
ZIMBABWE DOLLAR NOTES CO-CIRCULATING WITH ZiG AND OTHER CURRENCIES
Further to the Reserve Bank’s Press Statement of 6 April 2024 on currency conversion from ZW$ to ZiG, the banking sector and payment service providers have made significant and satisfactory progress, in this regard.
Commendably, over 90% of the banking institutions and mobile bank service providers have successfully configured their systems and processes from ZW$ to ZiG, with banking services now being accessible for the convenience of the transacting public.
The Reserve Bank is also encouraged by the positive response and enthusiasm from the business community and the public at large to embrace and use ZiG.
The Reserve Bank has, however, taken note of the concerns of the public emanating from the rejection of the ZW$ notes to be demonetised, which has resulted in the unavailability of “change”, thus forcing businesses, mainly commuter omnibuses to round off prices to US$1.
In this context, the Reserve Bank would like to reiterate that the ZW$ notes currently in circulation are still valid and remain legal tender until 30 April 2024.
Accordingly, the ZW$ notes should continue to be used for transactional purposes at the announced ZiG/ZW$ conversion factor of 2498.7242.
Business entities where the notes have been widely used, including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until 30 April 2024.
For the avoidance of doubt, the Bank advises the public and businesses that the Know Your Customer (KYC) transaction limit of ZW$100,000 does not apply to proceeds from legitimate business transactions during the transition period to 30 April 2024.
The Reserve Bank wishes to advise the public that the educational and awareness campaign on the transition from the ZW$ to the use of ZiG in the market is currently underway and expected to be all-inclusive, reaching out to a wider spectrum of society by the 30th of April 2024, in line with the Bank’s financial inclusion strategy.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Urges Kombis, Vendors To Accept "Bond Notes"

The Government of Zimbabwe has replaced the Zimbabwe dollar with a new unit called the ZiG backed by a basket of foreign currency and gold.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu told a press conference in Harare on Friday, 05 April, that the ZiG, short for Zimbabwe Gold, would be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20%.
In his maiden monetary policy statement Mushayavanhu said all Zimdollar prices in the shops must now be converted to the new ZiG.
Mobile operators, such as money transfer services, have until Monday to shift their platforms to the new ZiG. All Zimdollar balances will now be converted to this new currency. Said Mushayavanhu:
<blockquote>
With effect from 5 April 2024, banks shall convert the current Zimbabwe dollar balances into the new currency which shall be called Zimbabwe Gold (ZiG) to foster simplicity, certainty, and predictability in monetary and financial affairs.
The new currency will co-circulate with other foreign currencies in the economy. The swap rate will be guided by the closing interbank exchange rate and the price of gold as at 5 April 2024.
The swap rate shall be used to make legitimate conversions of all ZW$ deposits in the banking sector; all ZW$ loans and advances made by the sector; ZW$ treasury bills; all outstanding auction allotments; all export surrender obligations; all prices of goods and services in ZW$; and any other ZW$ denominated obligations.
On conversion of all current ZW$ balances, banks are directed to rename all the current ZW$ accounts as ZiG accounts.
Gold-backed Digital Token (GBDT) accounts will no longer be called ZiG accounts but will be known as GBDT accounts.
All ZW$ notes and coins held by account holders will be credited into their ZiG accounts using the applicable conversion factor.
The banks will continue to accept these deposits for a period of 21 days after 5 April 2024. The Reserve Bank has made special arrangements for those without bank accounts to swap their ZW$ notes and coins at POSB and AFC Commercial Bank within 21 days after 5 April 2024.
In instances where the cash holding to be exchanged is above ZW$100,000, banks shall apply the requisite know your customer (KYC) and Customer Due Diligence (CDD) principles.
</blockquote>
Mushayavanhu also said the central bank will only print money that is fully backed by forex reserves or assets, and that he will make sure that the currency is fully convertible into the reserve currency on demand. He said:
<blockquote>
The introduction of the new structured currency will naturally require the issuance of new banknotes to facilitate transactions in the economy, whilst maintaining the Bank’s policy of a cash-lite economy.
These notes shall be issued gradually in the market to cater for small transactions and to ensure the availability of change, thus, mitigating the use of retail vouchers in the local economy. As such, the proposed denominations will bring convenience to the transacting public.
Accordingly, ZiG notes and coins shall be issued in denominations made up of 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20Zig, 50ZiG, 100ZiG, and 200ZiG which will be distributed through the usual normal banking channels and, will be fully covered by the quantity and value of gold and foreign currency held as reserves. The currency denominations are also informed by the intervening exchange rate of the ZiG to the US$.
</blockquote>
The USD remains legal tender, and the multicurrency system will stay until at least 2030.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All Zimdollar Balances To Be Converted To ZiG - RBZ

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

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

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

OFFICIAL: John Mushayavanhu Appointed RBZ Governor

Full statement by the Reserve Bank of Zimbabwe (RBZ) on the Resolutions of the Monetary Policy Committee Meeting Held on 1 December 2023:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 1 DECEMBER 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 1 December 2023 and deliberated on recent macroeconomic developments in the economy and the 2024 National Budget Statement presented by the Honourable Minister of Finance, Economic Development and Investment Promotion on 30 November 2023.
The MPC affirmed its commitment to complementing the pronounced fiscal measures which focused on domestic resource mobilisation amid global credit squeeze and increasing global borrowing costs.
The MPC also committed to safeguarding the current macroeconomic stability by staying the course of tight monetary policy while taking measures to cushion the economy from the attendant global risks and El Nino effects.
The MPC noted the continued exchange rate and price stability obtaining in the economy despite the elevated emerging global risks.
The MPC also noted the strong foreign currency generation capacity of the country as evidenced by a 2.3% increase in foreign currency inflows to US$9.44 billion as at 31 October 2023, compared to US$9.23 billion generated during the same period in 2022.
The foreign currency inflows have been supported by Diaspora remittance flows which have consistently surpassed Foreign Direct Investment (FDI), portfolio investment and Official Development Assistance since 2009.
Diaspora remittances alone contributed 16% of the country’s foreign currency inflows as at 31 October 2023.
Thus, the MPC underscored the need to leverage Diaspora remittances for development as part of a broader package of measures to cushion the economy from recurring global shocks.
Considering the prevailing macroeconomic environment, the MPC resolved:
1) to maintain the current Bank Policy rate at 130% and the Medium-term Bank Accommodation Facility interest rate for the productive sectors, including individuals and MSMEs, at 75%, which rates will be reviewed in line with inflation developments from time to time; and
2) to recommend that the Government extend the fiscal and non-fiscal incentives for FDI to Diaspora investments in the country, given the primacy of Diaspora remittances in the economy.
The MPC noted that the requirement by the Government in June 2023 that companies should settle an increased proportion of tax obligations on Quarterly Payment Dates (QPDS) in local currency created the much-needed demand for the local currency, which is critical in sustaining exchange rate and inflation stability. 
The MPC also underscored the need for the Government to continue increasing the proportion of taxes settled in local currency to sustain the optimal mix of dual currencies.
Overall, the MPC remained committed to pursuing a tight monetary policy stance to safeguard the prevailing macroeconomic stability and ensure that inflation expectations remained anchored in the short to medium term.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Resolutions Of RBZ’s Monetary Policy Committee Meeting 01 December 2023

The Reserve Bank of Zimbabwe (RBZ) says foreign currency deposits in the banking sector increased by 433% between 2018 and September 2023.
Speaking at the Zimbabwe Independent Banks &amp; Banking Survey and Awards ceremony in Harare last week, RBZ Governor John Mangudya said foreign currency deposits were US$300 million in 2018, and by the end of September 2023, had risen to US$1.6 billion. The <a href="https://www.newsday.co.zw/theindependent/local-news/article/200018314/foreign-currency-deposits-rise-433-to-us16-billion">Zimbabwe Independent</a> quoted Mangudya as saying:
<blockquote>
Confidence in the banking sector improved significantly as depicted by growth in foreign currency deposits from around US$300 million in 2018 to US$1.6 billion as of the end of September 2023.
The banking sector has demonstrated resilience and strong performance with all banking institutions recording profits.
Banking sector performance indicators compare favourably to international benchmarks.
Financial inclusion reached 83% driven largely by digital financial services, about 95% of local currency transactions are conducted through electronic payment systems and mobile transactions account for 80% of total volume of transactions highlighting its significance in promoting financial inclusion.
</blockquote>
Official data shows that the United States dollar is now the dominant currency in the economy with 80% of domestic transactions being conducted in the greenback.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Foreign Currency Deposits Rise 433% In Five Years - RBZ

The Government on Thursday, 05 October gazetted Statutory Instrument 164 of 2023 which stipulates that bank accounts in Zimbabwe of those listed by the United Nations of suspected terrorist activities will now be frozen without delay by the Director-General of the Reserve Bank of Zimbabwe Financial Intelligence Unit.
The Statutory Instrument, gazetted by Home Affairs and Cultural Heritage Minister Kazembe Kazembe, reads in part:
<blockquote>
IT is hereby notified that the Minister of Home Affairs and Cultural Heritage has, in terms of section 17 of the Suppression of Foreign and International Terrorism Act [Chapter 11:21] and with the consent of the President as required under subsection (2) of that section, made the following regulations…
(2) Where the Ministry of Foreign Affairs receives Notice of United Nations list of any addition, removal or other amendment made to the current United Nations Consolidated List of designated persons, it shall forward the updated list to the Unit without delay.
(3) Upon receipt of the list from the Minister of Foreign Affairs in terms of subsection (1) the Director-General shall, without delay—
(a) and without giving prior notice to any named individual or entity, make an order, freezing the funds and other assets that are—
(i) owned or controlled by the designated person or entity, and not just those that can be tied to a particular act, plot, or threat of proliferation;
(ii) wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities;
(iii) derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities;
(iv) for persons and entities acting on behalf of, or at the direction of a designated person or entity; 
and
(b) make public notice (for the notification of all persons) as the Director-General may determine and disseminate or cause to be disseminated to every competent supervisory authority, financial institution, designated non-financial business or profession, the name of the designated person or any entity known to be owned or controlled directly or indirectly by any person or entity designated by the UN with the order to freeze, accompanied by a directive to—
(i) implement preventive measures to counter the flow of funds or other assets to proliferators or those who are responsible for weapons proliferation;
(ii) report back to the Director-General any funds or other assets frozen and any other action taken 
in implementing the order and directive.
</blockquote>
(4) On receipt of an order or public notice of an order in terms of subsection (3) by the Director-General every person, financial institution or designated non-financial business or profession must freeze any funds or other assets known to be owned or controlled directly or indirectly by any person or entity designated by the UN without delay, and without prior notice to any designated person or entity.
(5) An order to freeze funds or other assets shall remain in force and not lapse until such entity or person has been removed from list of designated persons by the UN.
(6) For the avoidance of doubt the process from receipt of list from the UN by the Minister of Foreign Affairs to issuing an order to freeze by the Director-General and to freezing of funds and other assets by financial institutions or designated non-financial businesses or professions must happen in not more than twenty-four (24) hours.”
<blockquote>
3. The principal regulations are amended in section 9 (“Procedure for freezing of assets”) by the—
(a) deletion of subsection (3) and the substitution of the following— “(3) The Unit shall circulate the lists of designated persons to the financial institutions, designated non-financial businesses or professions or other persons via electronic or surface mail directing them to identify targeted funds or other assets of the listed individuals or entities.”;
(b) insertion after subsection (7) of the following subsection— “(8) The Director-General shall through 
electronic or surface mail issue guidance to financial institutions, designated non-financial businesses or professions or other persons to facilitate the effective implementation of these regulations.”
4. The principal regulations are amended by the insertion after section 11 of the following section— 
“Monitoring and ensuring compliance by financial institutions and designated non-financial businesses or professions
11A. (1) The Unit, in cooperation with competent supervisory authorities, shall monitor and ensure compliance by financial institutions and DNFBPs with the relevant provisions of these regulations and any other relevant laws by adopting the following measures—
(a) issuing clear communication and procedures for—
(i) designation or listing;
(ii) freezing or unfreezing;
(iii) delisting;
(iv) granting exemptions for individuals and entities subject to targeted financial sanctions relating to the proliferation of weapons of mass destruction;
(b) outreach and training;
(c) issuing guidance, directives and circulars.
(2) Any competent supervisory authority may, after consultation with the Unit, develop such rules and guidance and disseminate such information to all its members for the purpose of achieving the objectives of the Act.”.
5. The principal regulations are amended in section 12 by the insertion of “without delay” between “shall” and “report”.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ To Work With United Nations In Suppressing Terrorist Activities

The Tourism Business Council of Zimbabwe said that they are not involved in the externalisation of foreign currency and urged the Reserve Bank of Zimbabwe (RBZ) to understand how they operate.
The RBZ recently granted a moratorium to all operators, who have unregistered tourism agreements and unapproved offshore accounts to regularise the agreements and offshore foreign currency accounts with the central bank before the end of this month.
The Hospitality Association of Zimbabwe (HAZ) said the regularisation of unapproved offshore accounts and unregistered agreements will control tourism leakages and pave the way for accurate reporting on the tourism satellite account.
However, Tourism Business Council of Zimbabwe president Wengayi Nhau told <a href="https://www.newsday.co.zw/thestandard/business/article/200015846/tourism-operators-react-to-rbz">The Standard</a> that they are not involved in externalisation. Nhau:
<blockquote>
For argument’s sake, we have a client in Europe or the United States who wants to go on holiday.
Then on the other end, we have a destination management company (DMC) that is, in most cases, based either in that particular destination within the country or they operate remotely.
And then you have what we call a travel agent and a tour operator.
The DMC is more like the supply chain manager. It consolidates all services, manage everything on the ground.
The tour operator provides a service of taking people for the tours.
The travel agent does packaging in conjunction with the tour operator and the DMC.
The travel agent is back in the source market; in this case, it’s in Europe or the United States.
The travel agent then contacts the local ground handler, which is the DMC in the case of Zimbabwe and asks for services which include accommodation, tours, and safari activities, and they are given a quotation based on the rates that we have got locally.
</blockquote>
Nhau further explained that when the travel agents in Europe or the United States check all the costs; they put their own mark-up which the local operators have no control over.
He added that if there is an intermediary between the overseas client and the regional client, they also put their mark-up. Said Nhau:
<blockquote>
I might be dealing with the South African operator, who would be dealing with the Canadian operator or American operator.
I give a quotation to the South African operator who put his mark up and give it to the overseas operator who also put their mark up.
What they transmit and remit to Zimbabwe is only what I’ve invoiced and we have no control over all other things.
So, the bone of contention that has been happening is that with the RBZ and Zimbabwe Revenue Authority in some cases they’ve attempted to also factor in the difference between what the agents have collected and what I have charged.
We have what we call special tour operators rates. These are contract rates.
When I book accommodation as an agent in Zimbabwe I get it at less 20%, 15% or 10% depending on what negotiations we have done and when I pass on to this operator, I also give him maybe less 10% or 5% whichever. He puts his mark-up.
So, what then the authorities are thinking is that the difference between what we have quoted here and what the client has paid, they take that as externalisation.
Since these are contracts and as you know we are dealing remotely, people feel secure and safe to pay after the service. In the case of agents and operators, they prefer to pay one invoice.
</blockquote>
He said where the money is paid into the Zimbabwean account, they also collect payments on behalf of other downstream operators who are outside Zimbabwe’s jurisdiction.
He said when they receive this bulk payment into the country, they should then be able to forward the payment and keep it as a deposit until the time the payment is due we transmit it. Said Nhau:
<blockquote>
Our exchange control regulations are very inconsistent to the extent that people no longer feel secure holding the money for a longer period here because even if we have an account that allows you to hold payments in foreign currency, they have up to 90 days that you must have used that money.
But in a lot of cases, we hold deposits for 6, 12, 18, 24 months or beyond.
As we speak, we are running activities and services for payments that were deposited prior to COVID-19 that were interrupted by the pandemic, but where there is that extended control requirement that we must liquidate payment, we become handicapped.
</blockquote>
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We Are Not Involved In Externalisation - Tourism Operators

The Reserve Bank of Zimbabwe (RBZ) has used its lender of last resort (LoLR) facility to bail out three banks that had run out of liquidity.
The RBZ did not name the distressed banks.
LoLR is a facility in which a central bank provides loans or liquidity to financial institutions when they are facing severe financial difficulties and cannot obtain funds from other sources.
It is one of the primary functions of a central bank.
In the 2023 mid-term monetary policy statement, RBZ governor John Mangudya said that the three banks ran out of liquidity due to a significant amount of money being taken out of the market. He said:
<blockquote>
The month of June 2023 saw significant depreciation of the exchange rate which coincided with the second quarterly payment date (QPD) for corporate taxes.
Significant liquidity was withdrawn from the market through the QPD and most banks saw their liquidity levels dwindling, resulting in three banks approaching the bank for support through the lender of last resort facility.
The outstanding amount under the LoLR facility was $32.5 billion as of 14 July 2023.
</blockquote>
Bankers Association of Zimbabwe (BAZ) told <a href="https://www.newsday.co.zw/business/article/200015370/rbz-bails-out-3-banks">NewsDay</a> recently that the sector was not having any liquidity challenges. It said:
<blockquote>
Lending in USD is limited to what is available, considering that foreign currency is a scarce resource.
Banks can only lend what is available, taking into consideration the ability to repay in foreign currency.
Therefore, lending in forex is limited to those with the capacity to generate forex revenue.
In terms of viability, the financial sector is safe and sound, as depicted by all the financial indicators as published in the 2023 monetary policy statement.
</blockquote>
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RBZ Bails Out Three Distressed Banks

Finance and Economic Development Minister Mthuli Ncube has said the assumption of the Reserve Bank of Zimbabwe (RBZ)’s external debt by Treasury will make budget financing for the 2024 fiscal year difficult.
On 15 June, President Emmerson Mnangagwa issued Statutory Instrument 108 of 2023 which authorised Treasury to take over RBZ’s external debt.
<a href="https://www.newsday.co.zw/business/article/200015330/rbz-external-debt-gives-treasury-headache">NewsDay</a> reported that this was done to prevent the central bank from printing money to service its debt but since the promulgation of the statutory instrument, Treasury has acquired $7.69 trillion worth of debt accrued by the RBZ between December 31, 2022 and end of May.
The 2024 budget strategy paper released by Treasury last Friday reads in part:
<blockquote>
Government’s financing requirements are expected to remain under pressure during 2024 on account of the takeover of the central bank’s external obligations, growing informalisation and the need to sufficiently provide for NDS1 (National Development Strategy 1) programmes and projects during the medium term.
However, the government’s commitment to maintain the budget deficit within the 3% of GDP (gross domestic product) threshold will be critical in managing inflationary pressures and restoring stability in the economy.
</blockquote>
Ncube said economic growth was expected to remain positive as it was projected at 5.3%, 5.2% and 5% for 2023, 2024 and 2025, respectively, well within the NDS1 growth targets. He said:
<blockquote>
Government measures in support of macroeconomic stability, coupled with the drive towards structural economic transformation, value addition and beneficiation, are expected to sustain this positive growth trajectory.
</blockquote>
He added that increased electricity generation from the Hwange Thermal Power Station and investments by independent power producers will further boost economic activity during 2024.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Treasury Frets Over RBZ External Debt

The Zimbabwe dollar significantly recovered for the second time in a week, trading at ZWL$5 739 to the USD at the Reserve Bank of Zimbabwe (RBZ) Wholesale Foreign Exchange Auction on Thursday, 29 June.
On Tuesday, the local currency firmed against the United States Dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
On Thursday, the RBZ said eight (8) bids were submitted by banks and all the bids were accepted but only four (4) were allotted cash.
According to the RBZ, US$20 million was on offer and just under US$3 million was allotted.
Commenting on the development, journalist Hopewell Chin’ono said the Government has taken out local currency liquidity so that there are few Zimbabwe dollars to buy the US Dollar. He added:
<blockquote>
This is an electioneering ploy that will backfire spectacularly.
The regime won’t let the local currency float freely because it will expose the lack of the required economic fundamentals!
</blockquote>
Chin’ono said as of Friday, 30 June, the street rate was around ZWL$8 700. On Tuesday, Chin’ono said:
<blockquote>
It is like denying food to a person with diarrhea, and then celebrating when they go to the toilet less than they did before.
You haven’t treated or cured the problem, you have simply denied the patient food, therefore there is nothing to excrete.
So what happened to the Zimbabwean dollar to firm up today? Many people are asking how this is possible.
Firstly, the central bank @ReserveBankZIM has taken out the Zimbabwean dollar liquidity in the marketplace. 
Hakuna RTGS muma streets.
Therefore the market is short of the Zim Dollar to buy the auction US dollars. 
So the movement of the rate is artificial and manipulated!
Shortage of the local currency does not mean that importers and their business enterprises have stopped working.
It just means that they are preferring to use their UD dollars to import goods.
The exchange rate is determined by the auction floor rate.
According to the central bank, auction forex only serves 13% of the total import bill of Zimbabwe. 
87% is sourced elsewhere.
Can the central bank sustain its liquidity crunch? No, it can’t and it won’t!
WHY? Because Government contractors haven’t been paid including parastatal contractors like ZUPCO who rely on government payments.
If contractors are paid, they will flood the Black Market looking for US Dollars and the local currency will crash again.
That is why I said in my opening remarks that the patient has not been cured, they simply starved the patient and are celebrating that artificial response.
Civil servant salaries were last adjusted when the rate was at Z$1,500 against the US Dollar.
But most crucially, big exporters are not getting their export surrender Zim Dollar payments too.
The government has decided to roll over these payments creating a Zim Dollar backlog.
A time will come when all these Zim Dollar payments will flood the market, that time the local currency will crash again.
Do not be fooled by election tinkering of the exchange rate.
The market is fast dollar rising, preferring to use US Dollars instead of Zim Dollars because Zimbabwe is officially under hyperinflation.
Even the official blended inflation rate month-on-month inflation rate is at 74%.
This in economics classifies Zimbabwe as hyperinflation.
This is the second time it has happened in five years.
Things will only improve when there are serious structural changes in Zimbabwe’s economy and politics and not piecemeal tempering with the exchange rate.
In Nigeria, the central bank Governor was suspended for this, and the forex market was liberalized.
In Zimbabwe, the appointing authority has no appetite for doing the right thing.
As Zimbabwe’s most recent successful Finance Minister, Tendai Biti reminded us in his dramatic terminologies, Ingori Kiya-Kiya Economics!
</blockquote>
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Zimbabwe Dollar Recovers For A Second Time In A Week

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) said that retailers and manufacturers who were exclusively charging certain goods in foreign currency and using the street market rate for currency conversion have agreed to reconsider their pricing models.
In an interview with <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a>, FIU director-general Oliver Chiperesa said that the Unit has received assurances from retailers that they will adjust their prices in line with the prevailing official exchange rate while also accepting Zimbabwe dollars for all products. Said Chiperesa:
<blockquote>
We engaged with them and they have assured us that they are relooking into their pricing models.
Yes, some had items that they were not allowing clients to pay for using the local currency, but we have told them that is not acceptable and they agreed to rectify it.
They also assured us that customers will be able to pay in local currency for all goods whose prices have been marked in foreign currency only.
</blockquote>
He, however, said there were still some rogue businesses who they continue to monitor to ensure that they were brought to book.
Chiperesa gave an example of one supermarket in Belvedere, Harare, saying it had a rate higher than the parallel market. He said:
<blockquote>
On Friday we found out that this supermarket was using an exchange rate of US$1:ZW$10 000 which has no relationship with even the parallel market.
So it is just a rate they came up with as forward pricing just to destabilise the rates because the most extreme parallel market rates were 8 000, but they are beginning to go down.
</blockquote>
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products while popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Agree To Sell Products In ZimDollars At The Official Rate - RBZ

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) says it has frozen additional bank accounts of companies and individuals for allegedly participating in fuelling the exchange rate on the parallel market.
Speaking to <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a> on Saturday, FIU director-general Oliver Chiperesa said that penalties for the offenders will be issued to them this week. He said:
<blockquote>
This past week we also froze an additional six bank accounts of traders who were also violating the regulations relating to the prescribed rates that must be used by traders and penalties will be issued to them this week.
The penalties are usually in the form of fines and as we said before repeated offenders will end up being recommended for cancellation of their trading licences.
We have also frozen the accounts of 10 individuals and companies who were involved in the parallel market.
They are not necessarily traders but they are companies in various sectors as well as individuals whom we traced their transactions and found that they were participating in fuelling the exchange rate on the parallel market.
Again, we will issue them with penalties in the course of the coming week.
</blockquote>
Chiperesa claimed that the black market rate is now starting to stabilise in response to measures and policies announced by the Government over the past few weeks. He said:
<blockquote>
We have witnessed that for the first time in the last five or six weeks, the black market rate is now starting to stabilise because of the effectiveness of the policies that have been put in place which we are supporting as the FIU by making sure that those who destabilise the foreign exchange are dealt with severely in terms of the law.
</blockquote>
On Friday, the street rate was hovering around ZWL$9 000, while the official rate last week stood at US$1: ZW$5 900.
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RBZ Freezes Six More Bank Accounts For Exchange Rate Violations

The Monetary Policy Committee (MPC) has announced measures to deal with exchange rate and price volatility in the economy. Below is the statement in full:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 6 JUNE 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 6 June 2023 and deliberated on macroeconomic and financial developments in the economy.
The MPC also deliberated on the progress made in the implementation of measures announced by the Honourable Minister of Finance and Economic Development on 11 May 2023 and 29 May 2023, respectively, to address the recent volatility in the exchange rate and prices of goods and services in the economy.
The MPC noted that the prevailing volatility in the exchange rate emanated from both supply and demand side factors.
The supply side factors reflected the transitory reduction in foreign currency inflows, while the demand factors reflected the sustained value-preservation demand for foreign currency in the economy.
In order to complement the measures announced by Government, the MPC resolved as follows:
Supply Side Measures
The following measures shall be implemented to address supply side foreign currency constraints:
i. With effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. This measure is calculated to ensure that the interbank forex market is the primary source for foreign exchange needs in the economy and that the foreign exchange auction system shall continue to operate for meeting smaller requirements for foreign payments and for continuous price discovery. Thus, in order to ensure that the interbank forex market is self-financing the 90-day liquidation requirement on export proceeds will fall away.
ii. The current interbank maximum trading limits shall be reviewed upwards from US$100 000 to US$500 000, consistent with the current auction limits;
iii. The main and MSME auction will be merged under the US$5 million per week policy, with bid limits of a minimum of US$1 500 and a maximum of US$50 000; and
iv. The trading margins charged by banks on foreign exchange transactions will be aligned with international best practices.
Demand Side Measures
To address the demand side factors, the MPC resolved to adopt the following measures:
i. Increasing the Bank policy rate from 140% to 150% per annum, in response to the recent increase in inflation;
ii. Increasing the Medium-term Bank Accommodation (MBA) interest rate from 70% to 75% per annum; and
iii. Increasing the Statutory Reserve Requirements on local currency demand and call deposits from 10% to 15%, while maintaining savings and time deposit requirements at 5%.
The Bank remains committed to continuing with the current tight monetary policy to restore and sustain the exchange rate and inflation stability.
The issuance of gold- backed digital tokens to augment physical gold coins as a value preservation instrument has gone a long way in mopping up excess liquidity from the market.
To date, the Bank has sold to the market ZW$31.8 billion and ZW$35.2 billion worth of gold coins and gold-backed digital tokens, respectively.
The rolling out of digital tokens for transactional purposes in the second phase, which is projected to commence during the month of June 2023, will buttress the current stabilisation measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>
</blockquote>

FULL TEXT: Monetary Policy Committee Announces Measures To Tackle Exchange Rate Volatility

The Reserve Bank of Zimbabwe (RBZ) has no control over the ever-rising black-market exchange rate according to the central bank’s senior payment systems analyst, Howard Tundu.
Tundu made the remarks while speaking at the Consumer Education and Awareness Campaign hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) at Jerera Growth Point in Zaka, Masvingo Province. He said:
<blockquote>
As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar.
</blockquote>
But Africa Economic Development Strategies executive director Gift Mugano told <a href="https://www.newsday.co.zw/local-news/article/200012491/we-cannot-control-black-market-exchange-rate-rbz">NewsDay</a> in an interview that the RBZ should be concerned about the parallel market rate. He said:
<blockquote>
The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions.
You can’t say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat.
</blockquote>
The Zimbabwe dollar is currently trading close to $4 000 to the US dollar on the parallel market.
This has resulted in price hikes and the shortage of some basic food items in supermarket shelves where they are sold in Zimbabwe dollars but the same goods are readily available on the informal market and being sold exclusively in US dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Cannot Control Black Market Rates, Says Official

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has directed financial institutions to unfreeze all the accounts and other financial assets belonging to individuals who were implicated in alleged smuggling and money laundering by Al Jazeera’s documentary series that was premiered in March and April this year.
The central bank said it froze the assets of Cleopas Chidodo, David Chirozvi, Mehlululi Dube and Fredrick Kunaka, who told the undercover Al Jazeera reporters that they accepted money to assist a gold-smuggling and money laundering.
The four men, all Zimbabwean nationals, made the statements in a four-part documentary series called “Gold Mafia”.
<a href="https://www.chronicle.co.zw/uebert-angel-rudland-accounts-frozen/">State media reports</a> in early April indicated that the RBZ had directed that accounts belonging to Ewan McMillan, Kamlesh Pattni, Uebert Angel, and Simon Rudland should be frozen.
But in a statement issued on Monday, 15 May 2023, FIU director Oliver Chiperesa said the Unit had not identified transactions linked to money laundering connected to the allegations in the Al Jazeera documentary. Reads the statement:
<blockquote>
Following the broadcast of Al Jazeera’s documentary series titled “The Gold Mafia,” the Financial Intelligence Unit (FIU) issued a directive on 31 March 2023 directing financial institutions to identify, freeze and report bank accounts and other financial assets owned and/or controlled by individuals who were alleged to have played key roles in alleged acts of money laundering and other financial crimes.
The FIU exercised its temporary freezing powers to ensure that any illicit proceeds connected to the allegations in the documentary would not be dissipated or disposed of by the persons concerned and prejudice potential future investigations.
The FIU, working in close collaboration with law enforcement agencies, has since concluded its analysis of the four episodes of the Al Jazeera documentary and has also analyzed the financial assets and transactions of the persons implicated in the documentary and has determined that there is no good cause for the freezing order to remain in place.
The FIU has not identified transactions/assets linked to money laundering and related financial crime connected to the allegations in the Al Jazeera documentary.
In view of the above, the FIU has directed financial institutions to unfreeze all the accounts and other financial assets that had been frozen pursuant to the directive of 31 March 2023.
The unfreezing action is without prejudice to any further investigations that law enforcement agencies may wish to commence or continue against any of the persons involved.
Some of the allegations in the documentary relate to money laundering and financial crimes alleged to have taken place outside Zimbabwe’s borders.
The FIU, if so requested, stands ready and is indeed mandated to cooperate with any international investigations against any of the persons or entities mentioned in the documentary.
</blockquote>
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Gold Mafia: RBZ Says There Is No Evidence Supporting Al Jazeera Allegations

The Zimbabwe dollar has lost significant value against the United States dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ). </a>
On 09 May 2023, the weighted average was US$1: ZWL$1,212.5.8  up from US$1: ZWL$1,070 reported on 02 May 2023.
The central bank allotted a total of US$16,349 930.31 down from US$19,053,366.38, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotted US$14,773,230.18 down from US$16,772,580.66.
<blockquote>
♦ Weighted Average Rate moved to 1,212.5.8 up from 1,070.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
<ul>
<li>Raw Materials ………………………. (SME) US$392,11.03 7,17,37.67; (MAIN) US$7,017,237.67</li>
<li>Machinery and Equipment …………. (SME) US$590,158.96; (MAIN) US$3,047,072.03</li>
<li>Consumables (Incl. Spares, Tyres, Electricals, etc) – (SME) US$200,611.76; (MAIN) US$963,868.44</li>
<li>Services (Loans, Education, Dividends, Disinvestments, etc) – (SME) US$170,312.82; (MAIN) US$854,682.24</li>
<li>Retail and Distribution (Incl. Food, Beverages, etc) – (SME) US$111,545.24; (MAIN) US$1,390,864.07</li>
<li>Lubricants …………………………. (MAIN) US$50,000,00</li>
<li>Pharmaceuticals and Chemicals … (SME) US$57,666.08; (MAIN) US$407,331.35</li>
<li>Paper and Packaging ……………… (SME) US$53,894.24; (MAIN) US$1,042,174.38</li>
<li>TOTAL amount alloted to SMEFX134/2023  … US$1,576,700.13</li>
<li>TOTAL amount alloted to MAIN FX140/2023) … US$14,773,230.18</li>
<li>GRAND TOTAL AWARDED ……. US$16,349 930.31</li>
</ul>
Notes
<ol>
<li>Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.</li>
<li>Some Bids were allotted on a pro-rata basis.</li>
</ol>
</blockquote>
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