Desperate Mthuli suspends OM fungibility to tame parallel forex movements

Staff Writer Finance Minister Mthuli Ncube yesterday made a shock announcement when he suspended the fungibility of Zimbabwe Stock Exchange stocks for one year, a move traders said would unnerve the equities markets. Concerned with the depreciation of the domestic currency, authorities last week announced a cocktail of measures to liberalise the foreign currency exchange …

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Currency Stabilization Task force confirms mishandling of the economy, says Mashakada

By Dr Tapiwa Mashakada The causes of macroeconomic instability and monetary policy effectiveness have long been identified. These are (a) a debauched mono currency which has been rejected by the market (b) failure to de-dollarize because the market has self dollarized (c) inadequate forex to sustain a market-driven but managed float and hence the buoyance …

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STATEMENT: MEASURES TO STABILISE THE EXCHANGE RATE AND REDUCE INFLATION

In order to stabilise the exchange rate and hence, to lower inflation, the Government has decided to implement a holistic package of key policy measures. In this regard, a Currency Stabilisation Task Force has been set up. This will be spearheaded by the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe …

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Ministers, MPs given ultimatum to declare assets

Parliament has given Ministers and legislators up to Thursday () to comply with a Code of Conduct and Ethics which requires them to declare their assets as soon as they get into office. According to a point of privilege raised by Honourable Priscilla Misihairabwi-Mushonga last week, the legislators and Ministers are reluctant to declare what …

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Wither Zim’s debt plan

By Staff Writer Zimbabwe’s prospects of accessing long-term concessionary funding from international financial institutions has been thrown into disarray after the southern African country missed key benchmarks in its reform drive, analysts have warned. The country is saddled with a debt stock of $16,9 billion, with external debt accounting for approximately $7,4 billion. Out of …

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MPs, Ministers resist asset declaration, Parly urged to impose punishments

Proportional Representation legislator Priscilla Misihairabwi-Mushonga has called on Parliament to consider punishing legislators and Ministers who have resisted calls to declare their assets as required by the law. According to National Assembly Standing Order number 49 (1), every member shall register all his or her financial interests in a book to be kept and maintained …

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Parastatals refusing with 2016 forensic audit reports, says Biti

Public Accounts Portfolio Committee chairperson Honourable Tendai Biti has asked Parliament to compel about 12 parastatals to table their 2016 forensic audit reports as required by law. Biti said the audit reports were conducted by the Auditor-General and that his committee has written several letters to the concerned institutions with no success. Raising a matter …

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Act on economy, stop wishing and praying, Mangudya told

By Nkanyiso Ncube Shurugwi South legislator Edmond Mkaratigwa has told Reserve Bank governor John Mangudya to act on the economy by introducing meaningful measures and stop wishing and praying for inflation to go down. According to Mkaratigwa, all he is hearing from the RBZ boss were wishes and prayers which he said will not inspire …

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Act on economy, stop wishing and praying, Mangudya told

By Nkanyiso Ncube Shurugwi South legislator Edmond Mkaratigwa has told Reserve Bank governor John Mangudya to act on the economy by introducing meaningful measures and stop wishing and praying for inflation to go down. According to Mkaratigwa, all he is hearing from the RBZ boss were wishes and prayers which he said will not inspire …

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