Zimbabwe News

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Zimbabwe launches new currency measure

HARARE, Zimbabwe – Zimbabwe, without its own currency for a decade, took steps to address its worsening economic crisis by allowing its surrogate currency, bond notes, to float against other major currencies, abandoning an official but artificial parity with the dollar.


Zimbabwe devalues currency as economic crisis deepens

HARARE (Reuters) - Zimbabwe underwent a de facto devaluation on Friday as its central bank began trading a sharply discounted replacement currency, attempting to ease a cash crunch that has hobbled the economy and plunged millions deep into poverty.


Zimbabwe's new currency expected to trade at 2.5 vs U.S. dollar - cbank

HARARE (Reuters) - Zimbabwe’s new currency is expected to begin trading at around 2.5 to the U.S. dollar, Central Bank Governor John Mangudya said on Friday, a significant devaluation as the regulator attempts to stem chronic cash shortages.


Why Zimbabwe Is Fed Up With Using the U.S. Dollar

A decade after Zimbabwe scrapped its own currency to tackle hyperinflation and began using instead mainly the U.S. dollar, the economy is back in free fall. Fuel and banknotes are hard to come by, less than 10 percent of the workforce is formally employed and consumers are being charged different pr


Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors

A private bank in Liechtenstein has established a cryptocurrency trading platform for institutional investors. Balzers-based Bank Frick will offer the service through its new subsidiary DLT Markets AG.


Zimbabwe scraps bond-note dollar peg, paves way for exchange rate slide

HARARE (Reuters) - Zimbabwe scrapped the peg between its quasi-currency bond note and the U.S dollar on Wednesday, its central bank governor said, potentially paving the way for its official currency exchange rate to slide sharply to match its value on the streets.


Zimbabwe to launch new Inter-bank forex market

These "RTGS Dollars" are not tied on the 1:1 rate against the United States Dollars but will instead be sold at a variable exchange rate in the formal banking system. Zimbabwe has floated its quasi-bond note currency, effectively devaluing the unit in what experts say is in preparation of a local cu


Outcry as Zimbabwe Plans to Export Baby Elephants to China

MUTARE, Zimbabwe—Plans by the government of Zimbabwe to export as many as 35 baby elephants to China has sparked an outcry among wildlife conservationists who say proper procedures haven’t been followed.


Irish Auctioneer to Sell off 315 BTC Seized by Belgian Police

Irish auctioneer Wilsons Auctions is to sell off 315 bitcoins seized by the Belgian government in a drug trafficking case that involved the dark net. The 24-hour online auction will start at noon on Feb. 28.


Zimbabwe: Country On The Brink of Running Out of Bread

Zimbabwe is just a few days away from running out of flour, which would leave the country without popular foods that are made with bread. Media reports say that the flour stocks have diminished in recent weeks and that there is little stock left for the rest of the month.


Zimbabwe Says Exchange Rate to Strengthen as Peg Is Abandoned

(Bloomberg) -- Zimbabwe’s government expects the exchange rate of what is in effect a new currency to strengthen when it starts trading. The political opposition isn’t so sure.


Zimbabwe Announces Artists for National Pavilion at 2019 Venice Biennale

Zimbabwe has announced that four artists have been selected to represent the country at the Fifty-Eighth Venice Biennale, which kicks off on May 11: Neville Starling, Kudzanai-Violet Hwami, Georgina Maxim, and Cosmas Shiridzinomwa. The announcement comes on the heels of recent political turmoil in t


Calls for safety standards in artisanal mining as Zimbabwe’s flooded gold mines claim 28 lives

Eight artisanal miners were rescued last week while 28 died when Cricket and Silver Moon gold mines in Battlefields, 175km from Harare, flooded after heavy rains. More are missing and feared dead with heavy rains continuing to slow down rescue efforts.


No extravagant birthday celebrations for former President Mugabe

Former Zimbabwean President, Robert Mugabe, turns 95-years-old on Thursday. The former President did not have his regular extravagant birthday celebrations even though the day has been declared a public holiday.


Zimbabwe introduces inter-bank forex market to curb black market

Zimbabwe’s central bank on Wednesday said it was introducing a new interbank foreign exchange system, effectively devaluing its quasi-currency which had been officially pegged at par with the US dollar.


Zimbabwe scraps bond note, U.S. dollar peg - central bank

JOHANNESBURG (Reuters) - Zimbabwe on Wednesday abandoned a peg that was supposed to ensure its quasi-currency bond note would trade at parity with the U.S. dollar, Central Bank Governor John Mangudya said.


Zimbabwe’s ex dictator Robert Mugabe birthday bash for 95-year

Former Zimbabwean president Robert Mugabe will celebrate his 95th birthday at his Blue Roof mansion in Harare on Saturday. Mugabe turned 95 on Thursday, but his birthday was largely ignored by the state and the ruling Zanu-PF party. However, a party is expected to be held for the former statesman on


Zimbabwe gives up on dollar peg, effectively introduces new currency

HARARE, Zimbabwe—Zimbabwe, which has been using the U.S. dollar for the past decade, effectively introduced its own currency again, admitting that dollars stored in local bank accounts are worth only a fraction of their stated value.


Zimbabwe to run out of bread in one week as flour stocks dwindle - millers

HARARE (Reuters) - Zimbabwe could run out of bread in a week after flour stocks dwindled due to the country’s failure to pay for imported wheat, according to a confidential letter written to bakers by the country’s grain millers’ group on Monday.


Zimbabwe's currency reality check puts plaster on deep wound

HARARE, Feb 21 (Reuters) - Zimbabwe’s decision to scrap a peg between its quasi-currency bond notes and the U.S. dollar brings a welcome end to a failing monetary policy, but it is not the solution to a deeper crisis, economists said on Thursday.