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Zimbabwe: Switch of Bank Accounts to Zim Dollars Valid, Supreme Court Rules
The Herald, 19 March 2021
Sums in accounts denominated in US dollars were legally converted to sums denominated in Zimbabwe dollars in terms of a Reserve Bank of Zimbabwe directive when the local currency… Read more »
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Zimbabwe: Central Bank Auction Bid Rates Remain Within Stable Margins
New Zimbabwe, 3 March 2021
Reserve Bank of Zimbabwe (RBZ) foreign exchange auction bidding rates being offered by traders this week continued to navigate within stable margins as total allotments to industry… Read more »
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Zimbabwe: Tobacco Farmers Expect More Forex
The Herald, 1 March 2021
Agriculture Reporter Read more »
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Zimbabwe: Zimdollar to Weaken After Lockdown
Zimbabwe Independent, 19 February 2021
DESPITE enjoying some illusory stability owing to depressed demand for foreign currency due to Covid-19 lockdowns, which reduced business activity, the Zimbabwe dollar remains… Read more »
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Zimbabwe: Half of Bank Deposits Controlled By 200 Firms and Individuals
New Zimbabwe, 17 February 2020
Reserve Bank of Zimbabwe governor John Mangudya says a massive half of $34.5 billion dollars in total bank balances among local banking institutions was in the hands of just 200… Read more »
Conversion of Bank Balances to Zimbabwe's Currency Valid - Court
The Supreme Court has overturned a High Court decision that set aside a central bank exchange control directive which had unilaterally ordered conversion of U.S. dollar bank account balances into Zimbabwe dollar balances at a fraction of their original value. The directive destroyed billions of dollars in savings and wreaked havoc on pension funds. Zimbabwe was, prior to October 2018, using a pegged exchange rate of 1:1 between the greenback and the local Zimbabwe dollar, known as the bond note. According to the International Monetary Fund, Zimbabwe is facing a threatening economic and humanitarian crisis due to macroeconomic instability, climate shocks and policy missteps.
InFocus
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A High Court in Zimbabwe has set aside a central bank exchange control directive which had unilaterally ordered the conversion of U.S. dollar bank account balances into Zimbabwe ... Read more »
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The government says it needs to investigate "malpractices, criminality and economic sabotage" activities on the stock exchange and mobile money services. Zimbabwe has struggled to ... Read more »
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Zimbabwean stocks tumbled as trading resumed for the first time in five weeks after authorities shut down the exchange for allegedly contributing to the plunge in the local ... Read more »
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The Reserve Bank of Zimbabwe has conducted its second foreign currency auction as it aims to promote transparency and efficiency in the foreign currency market. However, the latest ... Read more »
