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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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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200 firms to blame for cash shortages, says Mangudya

Staff Writer Reserve Bank of Zimbabwe governor John Mangudya has said half of the money in the formal banking system is owned by 200 firms, a development he said was weakening the value of the local currency on the parallel market. This week the Zimbabwe dollar traded at 29:1 against the United States dollar as …

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Desist from using US$, its illegal, says Mthuli Ncube

Finance and Economic Development Minister Mthuli Ncube has told Parliament that Zimbabweans should desist from using US dollars when conducting transactions locally, adding that it is illegal to do so. Minister Ncube made the call when he was answering a question from Hatfield legislator Honourable Tapiwa Mashakada who was seeking to understand the rationale behind …

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Understanding the Parliamentary Budget Process

The Budget Process Parliamentary budget oversight is at the heart of Executive oversight. Strong Parliamentary budget oversight is one of the mechanisms to promote a socially accountable governance system. Importance of the Budget The budget governs the allocation of scarce resources. A budget is a plan for acquiring resources (revenue) and how these resources will …

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