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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>

Pindula News

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

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

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>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

We Are Not Involved In Externalisation - Tourism Operators

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 (RBZ) says the forex allotment backlog worth millions of dollars from the first 93 auctions has been cleared.
In an interview with NewsDay Business on the sidelines of the launch of the Zimbabwe National Chamber of Commerce (ZNCC) second edition annual State of Industry and Commerce Survey 2022 on Thursday, RBZ deputy governor Innocent Matshe, said:
<blockquote>
The backlog that we experienced… has been cleared. Now, I am not talking about delays, I am talking about the backlog.
That backlog was sterilised up to auction 93… we are now working to reduce the time to say when allotments are made, and allotments are run, and the time for the recipient of the allotment to receive money in foreign currency accounts.
I don’t want to give a figure of how much the backlog was, but it was substantial.
</blockquote>
Matshe said the applications for foreign currency on the auction have gone down from an average of US$50 million to US$10 million. He said:
<blockquote>
What companies are complaining about now is not a backlog, but a delay, and that delay is caused by the process that we go through in allocating foreign currency. It doesn’t come every day so we distribute it as it comes.
The idea is, forex is in the system, we can see it, and it is there, but we have to distribute it and that process takes time.
Now, going forward, that backlog has been cleared, we are going to work on clearing the allotments in something like 14 days.
So, you will still receive complaints about delays up to next year but that will narrow down.
</blockquote>
The RBZ established the forex auction system in June 2020 for companies to manage the allocation of foreign currency to use for productive purposes.
However, the central bank failed to allocate funds to all successful bidders timeously resulting in a huge backlog with companies having to wait months on end before receiving their allotments. | <a href="https://www.newsday.co.zw/business/article/200004736/rbz-clears-forex-allotment-backlog">NewsDay</a>

We Have Cleared Forex Backlog - RBZ

The Zimbabwe local dollar marginally lost ground to the United States dollar in Tuesday’s weekly forex auction, after remaining stable for weeks.
The local currency traded $81.71 to the US dollar, down slightly from <a href="https://news.pindula.co.zw/2020/11/10/forex-auction-zim-dollar-official-rate-10-november-2020/" rel="noopener noreferrer" target="_blank">$81.67 last week</a>. The Reserve Bank said the highest offer in Tuesday’s trade was $90 while the lowest was $79 to the greenback.
The bank met all the week’s forex demands amounting to US$29.74 million by 431 bidders.
Below is the Zimbabwe dollar rate to the USD in previous weekly forex auctions:
<blockquote>
<ul>
<li>10 November 2020 – $81.6741</li>
<li>03 November 2020 – $81.6740,</li>
<li>27 October 2020 – $81.3531,</li>
<li>20 October 2020 – $81.3499,</li>
<li>06 October 2020 – $81.3486.</li>
</ul>
</blockquote>
See the results of this week’s auction in the picture below.
<blockquote><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EnCGmovXYAA42Jv?format=jpg&amp;name=900x900"/></blockquote>
More: <a href="https://twitter.com/ReserveBankZIM/status/1328709997648338950" rel="noopener noreferrer" target="_blank">RBZ Twitter</a>

FOREX AUCTION: Zim Dollar Marginally Sheds Value

The Reserve Bank of Zimbabwe (RBZ) has in its latest report said reserve money increased by $2.2 billion to $17.6 billion for the week ending October 16, 2020.
According to the central bank, the surge is an indication of a rise in banking sector deposits at the RBZ as the Government paid its workers.
The central bank also reported that the stock of reserve money rose $2.1 billion while banks’ statutory reserves surged by a marginal $0.1 billion during the period under review. Reads the report in part:
<blockquote>The increase in banks’ liquidity at RBZ was largely attributable to the decline of Government deposits at RBZ by $1.4 billion as the Government was paying salaries to its employees.</blockquote>
RBZ explained that a reduction in Government deposits at RBZ represents an injection of liquidity in the banking sector whilst an increase of deposits represents the withdrawal of money from the banks.
It also attributed the balance of $700 million increase in reserve money to the purchase of foreign exchange by the RBZ through banks for purposes of funding the foreign exchange auction system introduced in June this year.
The update also observed that purchases of foreign currency by the RBZ increase the amount of liquidity in the market, whilst the sale of foreign currency by the monetary authorities has the effect of withdrawing liquidity from the market.
More: <a href="https://www.herald.co.zw/rbz-reserve-money-surges-in-october/" rel="noopener noreferrer" target="_blank">The Herald</a>

Reserve Money Increase In October - RBZ

The Reserve Bank of Zimbabwe (RBZ) has penalised a Chinese brick manufacturing firm, Silver Dragon, for violating Section 11 of the Bank Use Promotions Act which seeks to stem money laundering.
Under the Act, the company was supposed to make disclosures or submit cash sales and deposits of each previous week business transactions.
Silver Dragon is alleged to have failed or neglected to submit such returns from June 30 to September 1, 2020, to the RBZ for 42 days after subtracting Sundays and public holidays.
Silver Dragon Bricks director Miaoqi Liu told Business Times that they have engaged the central bank on the matter. Liu said:
<blockquote>We were fined and we are in the process of communicating with the RBZ on the disclosure issues.</blockquote>
The RBZ has in the recent past been putting in place strict measures in a bid to curb externalisation of funds amid reports that close to US$1bn has so far been siphoned out of the country since the dollarisation of the country’s economy in 2009.
In 2018, the government published a list of over 1 800 companies and individuals alleged to <a href="https://news.pindula.co.zw/2018/03/17/mnangagwa-to-name-externalisers-on-monday/" rel="noopener noreferrer" target="_blank">have externalised more than US$800m.</a>
The Silver Dragon case will bring the spotlight on Chinese firms that have for long been accused of externalisation of cash they should be banking in Zimbabwe.
More: <a href="https://businesstimes.co.zw/rbz-whips-chinese-firm/" rel="noopener noreferrer" target="_blank">Business Times</a>

Chinese Firm Violates Money Laundering Laws

The Reserve Bank of Zimbabwe (RBZ) has introduced a second foreign currency auction system for small to medium enterprises (SMEs) which will cater for forex needs of SMEs.
The auction which will be conducted every Thursday will accept bids of a minimum amount of US$2 500 and a maximum amount of US$20 000.
This comes when the central bank in June introduced another forex auction which accepts bids for a minimum amount of US$50,000 and a maximum of US$500,000 from each bidder per auction conducted every Tuesday.
RBZ governor John Mangudya suggested the move was in response to the pleas by smaller businesses who do not need and may not afford US$50 000, the minimum bid.
The rules for the second auction system will be the same as those of the Tuesday big-bidder auctions where bids have to be submitted through banks, backed by proof of purpose for the foreign currency, with invoices attached to the bid document.
Bids have to be submitted through banks by 3 pm on Wednesdays.
The auction system is premised at stabilising the local currency that has been shedding value since reintroduction last year. 
Meanwhile, economist and member of the Monetary Policy Committee, Eddie Cross and another economist Percy Gwanyanya believe more resources are needed for the rate to strengthen.
More: <a href="https://www.zbcnews.co.zw/just-in-rbz-introduces-smes-foreign-exchange-auction/" rel="noopener noreferrer" target="_blank">ZBC News</a>; <a href="https://www.herald.co.zw/forex-auction-for-small-businesses/" rel="noopener noreferrer" target="_blank">The Herald</a>

RBZ Introduces 2nd Foreign Currency Auction System

Former Deputy Governor of the Reserve Bank of Zimbabwe (RBZ) and former Agribank Chief Executive Officer Somkhosi Malaba has died aged 65.
Reports suggest that Malaba succumbed to kidney failure at his home this morning. A source close to him who spoke on condition of anonymity since they had not been cleared by the family. The source told The Herald:
<blockquote>A great tree has fallen. A great man, genuinely devoted to his country and his profession, Mr Malaba was a unique leader and accomplished economist. As Agribank CEO, he led the bank’s turnaround initiatives, achieving profitability in 2016. Agribank will be poorer without him, the nation will be poorer without him.</blockquote>
Confederation of Zimbabwe Industries (CZI) president and United Refineries Limited CEO Mr Busisa Moyo posted on Twitter expressing shock over Malaba’s death.
Malaba retired as Agribank CEO at the end of January this year after 16 years at the helm of the financial institution. He was appointed CEO in May 2004 after serving as the Deputy Governor of the Reserve Bank of Zimbabwe (RBZ) for six years from August 1998 to April 2004.
More: <a href="https://www.herald.co.zw/just-in-former-agribank-ceo-malaba-dies/" rel="noopener noreferrer" target="_blank">The Herald</a>

Former Reserve Bank Of Zimbabwe Deputy Governor Malaba Dies

The Zimbabwe dollar has at this week’s Reserve Bank of Zimbabwe (RBZ) foreign currency auction lost value against the United States dollar after trading at an average of 76.76 down from an average of 72.1470 at last week’s auction.
The total allotted amount was 14 356 193. 21 down from 14 853 708. 88 allotted last week.
In relation to demand and supply, the demand during the first week was 11 million and the central bank allotted 10 million whereas yesterday the demand stood at 19 million while 14 million was allotted.
The trend shows a gap between demand and supply. The lowest bid on the first day of the auction was accepted and got allocation but this Tuesday, the lowest bid accepted for allotment was 75 when the lowest bidder was on 70.
These changes are suggestive of the RBZ trying to preserve the little foreign currency they have, presumably to continue with the auction system.

FOREX AUCTION: Zimbabwe Dollar Continues To Shed Value Against The USD

An unidentified ZANU PF official told Zim Morning Post that president Emmerson Mnangagwa was serious about fighting corruption.
The official is said to have cited the <a href="https://news.pindula.co.zw/2019/09/20/full-text-rbz-freezes-sakunda-access-finance-croco-motors-accounts/">freezing of Sakunda bank accounts by the Reserve Bank of Zimbabwe</a> to illustrate that Mnangagwa was serious about fighting corruption.
Sakunda Holdings is headed by Kuda Tagwirei who is believed to be one pf Mnangagwa’s close allies.
For the ZANU PF official, Mnangagwa could not have gone after Tagwirei if he was not serious. Speaking to Zim Morning Post, the official said:
<blockquote>During the 2018 election he donated about US$7 million during our campaigns, but the President has decided to turn a blind eye on that, insisting that the law must take its course.
Kuda has bailed out the country on several times but look what is happening. Most of his bank accounts have been frozen, a clear indication that the President is serious about fighting corruption.</blockquote>
Zim Morning Post was also told that Tagwirei unsuccessfully tried to have an audience with the president last week.
The remarks come as some analysts have said that Mnangagwa’s anti-corruption agenda lacked real action to back it.
They also argued that arrests in connection with corruption were mere acts to fool members of the public as no convictions will be made.
More: <a href="https://zimmorningpost.com/will-mnangagwas-anti-corruption-drive-last-the-distance/">Zim Morning Post.</a>

"Sakunda Boss Rescued The Country Severally But ED Is Not Considering That" ZANU PF Official

South African’s national airline, South African Airways has about US $85 million (R1.1bn) stuck in Zimbabwe due to the currency situation in the country. The airline cannot repatriate its money, which is in bank accounts in Zimbabwe.
SAA Regional Manager, Winnie Muchanyuka said the airline will comply with recent regulations requiring that money in bank accounts be moved to thr Reserve Bank of Zimbabwe so that it takes responsibility for the payments.
Said Muchanyuka:
<blockquote>SAA will comply with exchange control regulations of the land and as such the debt will be moved to Reserve Bank as per statute, we await instructions from the bank as to how the process will flow</blockquote>
More: <a href="https://www.fin24.com/Economy/saa-has-r11bn-stuck-in-cash-strapped-zimbabwe-20190712">Fin24</a>

South African Airways Has US $85 Million Stuck In Zimbabwe

A Reserve Bank of Zimbabwe official told The Standard that only five banks used the interbank foreign currency market on the first day of trade on Friday.
At least US$5 million exchanged hands after the RBZ re-established the interbank foreign currency exchange system. Said the officials:
<blockquote>So far only five banks were by Friday trading on the interbank market as most of them are yet to upgrade their systems to accommodate US$ trade.
From the figures available, more than $5 million was traded at the opening of the interbank platform and with some big firms buying the USD$ and some selling it to banks.</blockquote>
The Rbz expects more to be traded this week as more banks were set to join after making improvements on their systems.
<h4>More: <a href="https://www.thestandard.co.zw/2019/02/24/us5-million-traded-first-day/">The Standard</a></h4>

Over US$5 Million Exchange Hands On First Day Of Trading

The Reserve Bank of Zimbabwe (RBZ) registered 19 new microfinance institutions between January and June this year, bringing the total number of licensed operators to 194.
Said RBZ in a statement:
<blockquote>This brings the number of institutions authorised to conduct business of providing loans in terms of the Micro-finance Act [Chapter 24:29] to 194 as at 30 June 2018.</blockquote>
The registrar of micro-financiers at the bank indicated that 18 of the new registered firms were from Harare and only Funamel Investments Pvt Limited is from Masvingo. Among those that were registered is State owned Empower Bank Limited, which is the only deposit taking institution while five are credit only micro-finance institutions. These are Taeddy Capital Investments Pvt Limited, Loanstar Pvt Limited, Mula Microfinance Pvt Limited, Premier Service Microfinance Pvt Limited and Gealcs Pvt Limited. The remaining 13 are money lending institutions only.
More: <a href="https://www.chronicle.co.zw/rbz-registers-19-new-micro-finance-firms/">Chronicle</a>

RBZ Registers 19 New Microfinance Institutions

The Reserve Bank of Zimbabwe (RBZ) has announced that Time Bank Limited is set to start operating after more than 10 years. The bank’s registration was called in 2004, and it was placed under curatorship in 2006 when the bank had a negative equity of Z$174 billion.
Here is the notice from the RBZ:
<blockquote>TIME BANK OF ZIMBABWE LIMITED
1.Members of the public are advised that the Reserve Bank of Zimbabwe and Time Bank of Zimbabwe Limited have had historical disputes, which have been the subject of various litigation. During this period, Time Bank has not been operating as a banking institution.
2. Following discussions between the Reserve Bank of Zimbabwe and Time Bank to address the issues, resolution has been reached, paving way for re-opening of the bank.
3. Time Bank shall be resuming banking operations subject to prior inspections by the Reserve Bank of Zimbabwe to ensure that Time Bank has put in place the necessary capital and banking systems and structures.
Registrar of Banking Institutions 
Reserve Bank of Zimbabwe
December 2017</blockquote>

Time Bank To Reopen After More Than 10 Years

The Zimbabwe Commercial Farmers’ Union (ZCFU) has accused the Reserve Bank of Zimbabwe of lying to tobacco farmers about the means of payment and the use of the e-marketing system. The farmers claim that the central bank made promises it did not keep and kept stringing the farmers along. The farmers were promised $1 000 cash on the first sale and $500 for subsequent sales, but this did not happen.
ZCFU president, Wonder Chabikwa said:
<blockquote>We were promised that at the first delivery, we would get $1 000 cash and $500 cash in subsequent deliveries, [but] come implementation time, it did not come to pass
To make matters worse, money was even taking a week to reflect into farmers’ accounts.
You wonder why this was happening in this age of technology.
…We know it was going to eliminate collusion. If it worked in India, why not in Zimbabwe?</blockquote>
Zimbabwe Farmers’ Union executive director Paul Zakariya added:
<blockquote>It is not proper to promise what you cannot deliver. When the RBZ made the promise they gave the impression that they would be able to honour their promise. But as we continued to monitor the situation what the RBZ promised was beyond what they could deliver. The cash crisis is real.
We started to educate our farmers that we have a real problem and that they should use other means to make payments.</blockquote>
 
More: <a href="https://www.newsday.co.zw/2017/07/18/rbz-hoodwinks-tobacco-farmers/" rel="noopener" target="_blank">NewsDay</a>

RBZ duped us on cash payments and e-marketing system - Tobacco farmers complain

Zimbabwe is expecting to secure $2 billion in credit from the African Development Bank (AfDB), World Bank and the International Monetary Fund (IMF) once it clears its arrears. Zimbabwe has $1,7 billion debt clearance plan tabled which has already been approved.
Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr Khupukile Mlambo said:
<blockquote>We have been very serious about reengaging the international community and people say ‘oh but Chinamasa (Finance and Economic Development Minister) is coming without money from IMF’. . . But the challenge is that there is something called the preferred creditors (IMF, World Bank and AfDB) . . . and you do not get a loan from any of them if you owe one of them.
We now need to clear both the AfDB and World Bank. We have cleared the IMF loan but the AfDB and World Bank loans are still outstanding.</blockquote>
More:<a href="http://www.chronicle.co.zw/zim-eyes-2-billion-credit-line-afdb-world-bank-arrears-stand-in-way-of-windfall/"> Chronicle</a>

Zimbabwe expects to get $2 billion in credit after it clears AfDB and World Bank loans

The Reserve Bank of Zimbabwe has urged banks to stop importing high denomination notes in order to guard against externalisation. The central bank wants all banks to stop importing $100 and $50 notes.  The country is facing a severe shortage of foreign currency and there is a cash crisis.
Speaking to the Sunday Mail, RBZ deputy governor Kupukile Mlambo said:
<blockquote>We don’t want to see them (100 US notes) actually and we have discussed with the banks and they have agreed… If you see [them], it’s maybe because someone went to the US and came carrying them.”
Banks are not importing 100, even 50 US notes.</blockquote>
More: <a href="http://www.news24.com/Africa/Zimbabwe/if-you-see-a-100-us-note-in-zimbabwe-its-been-sneaked-in-central-bank-20170327">News24</a>

RBZ urges banks to stop importing USD100 and USD 50 notes

The Reserve Bank of Zimbabwe has declared that it is illegal for businesses to charge three different prices for goods depending on the currency being used.
Some businesses are charging three different prices for United States dollars, Bond notes or electric transfers. Speaking of the 100 days bond notes RBZ Deputy Governor Dr Khupukile Mlambo said the practice was illegal and needed to be stopped forthwith. The practice has been rife among service stations.
More: ZBC News

Reserve Bank of Zimbabwe says Three-tier pricing is illegal

Tobacco farmers will be allowed to withdrawal $1 000 dollars from their first sale and $500 for following sales as a result of the cash shortages in the country. The 2017 tobacco season starts today.
In a joint statement with the Tobacco Industry Marketing Board (TIMB) and famers’ associationa, the Reserve Bank said that tobacco farmers will be prioritised.  Large scale commercial farmers wil be required to give a day’s notice and justification for their cash withdrawals.
More: <a href="http://www.herald.co.zw/rbz-sets-withdrawal-limit-for-tobacco-farmers/">Herald</a>

RBZ sets withdrawal limit for tobacco farmers

Economist and academic, Tony Hawkins has blamed the ill-functioning RTGS system for the buying and selling of cash.  Hawkins said people were willing to buy cash at a premium because the RTGS system was not functioning properly.   He also accused banks and the <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of  Zimbabwe</a> of using people ‘s money without any regard for the clients.
Speaking  at the Confederation of Zimbabwe Industries Economic Outlook Symposium  Hawkins said:
<blockquote> It is not the bond note that is problem. It is what I call “Mangudya money” or RTGS money or whatever you want to call it, which you cannot get in the system. The deposits are our money, but apparently, the Reserve Bank of Zimbabwe (RBZ) and banks feel that they can use it any way they want. Now, there is less than $70 million in the system.</blockquote>
More: <a href="https://www.newsday.co.zw/2017/01/27/gloomy-outlook-zim-miners/">Newsday</a>

Selling and buying of cash blamed on inefficiency of RTGS system

A Harare woman, who was having difficulties transferring money to Germany for school fees due to <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" target="_blank">Reserve Bank of Zimbabwe (RBZ)</a> regulations, was allegedly swindled of $24 000 by her former tenant, Andrew Machiha (48) of Avondale.
Machiha, appeared before Magistrate <a href="http://www.pindula.co.zw/Vongai_Muchuchuti" target="_blank">Vongai Muchuchuti</a> facing charges of fraud and was granted $300 bail with the case being remanded to January 2017.
More: <a href="https://www.dailynews.co.zw/articles/2016/11/11/man-dupes-ex-landlord-of-24k" target="_blank">Daily News</a>

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