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2024 Intake

Shares of Vast Resources PLC dropped by 24% following the mining company’s announcement regarding a delay in progressing the settlement for the release of diamonds held in custody at the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe/">Reserve Bank of Zimbabwe (RBZ)</a>. The delay was attributed to the recent elections that took place in the country.
As of 0707 GMT, Vast Resources’ shares were down by 0.06 pence, trading at 0.19 pence.
In a statement released on Monday, Vast Resources expressed confidence in finalizing the process to release the historic parcel of 129,400 carats of rough diamonds held by the Reserve Bank of Zimbabwe since 2010. The company assured investors that it would report further progress on the matter.
Vast Resources initiated formal legal action in December through the High Court of Zimbabwe to advance the release of the diamond parcel. In February, the company received a signed and stamped court order from the High Court of Zimbabwe pertaining to the release of the diamonds.

<ul style="list-style-type: square;">
<li><a href="https://www.pindula.co.zw/2023/01/27/london-based-company-seeks-to-retrieve-129k-diamond-carats-held-by-rbz/">London-based Company Seeks To Retrieve Over 129k Diamond Carats Held By RBZ</a></li>
</ul>
In February, Vast Resources stated that it would turn its attention back to other opportunities in Zimbabwe once the case is resolved. The AIM-listed mining company is already operating in Zimbabwe through the 95 percent-owned Eureka Gold Mine in Mashonaland Central province.

<ul style="list-style-type: circle;">
<li><a href="https://www.pindula.co.zw/2019/09/26/vast-resources-signs-diamonds-joint-venture-with-chiadzwa-community/">Vast Resources Signs Diamonds Joint Venture With Chiadzwa Community</a></li>
</ul>
Vast Resources is a mining company operating in Southern Africa and Eastern Europe. It focuses on gold, copper, diamond, silver, zinc, and lead. The company owns the Manaila Polymetallic Mine in Romania, is developing the Baita Plai Polymetallic Mine, and has a 25% interest in the Pickstone-Peerless Gold Mine in Zimbabwe. Vast Resources aims to advance brownfield projects and restart production at previous mining sites.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Vast Resources' Shares Drop 24% Due To Diamond Release Delay At RBZ

The Zimbabwean dollar has weakened against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 6, 2023. The USD was sold at a rate of ZW$4,647.9681, compared to ZWL$4,604.62 on August 29, 2023. This follows previous rates of ZW$4,571.29 on August 21 and ZW$4,573.77 on August 18. The majority of foreign currency obtained from the auction was utilised for purchasing raw materials, followed by machinery and equipment.
While the Zimbabwean dollar has been strengthening against the USD in recent months, this latest development indicates a shift in the trend. Authorities attribute the strengthening of the Zimbabwean dollar to the government’s implementation of measures to stabilise the economy and the local currency. These measures included restricting foreign currency in local transactions, and making the Zimbabwean dollar the sole legal tender for certain domestic transactions like taxes. This resulted in a reduction in money supply in the market. However, this reduction has been viewed by some analysts as intentional hoarding by authorities to create an artificial shortage.
Although the Zimbabwean dollar has shown recent stability, its long-term sustainability remains uncertain. Previous attempts to reintroduce the local currency have been met with limited success due to a lack of public confidence following the hyperinflation experienced in 2008 and subsequent policy changes resulting in monetary losses.
There are predictions that the local currency may further devalue after the recent harmonized elections held on August 23-24, 2023, which saw the ruling ZANU PF party secure victory. The future role of the United States dollar in Zimbabwe’s currency system also remains unclear.
In his inauguration speech, President Emmerson Mnangagwa emphasized the importance of a national currency for development, <a href="https://www.pindula.co.zw/2023/09/05/mnangagwa-hints-at-strengthening-the-zimbabwean-dollar/">hinting at a preference for the Zimbabwean dollar as the sole currency</a>. He also expressed a focus on utilising internal resources to foster economic growth. The evolving situation will determine the future direction of the country’s currency system.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwean Dollar Weakened Against USD At Reserve Bank Auction On 6 September 2023

Listed companies Econet Wireless Zimbabwe (Econet) and EcoCash Holdings (EcoCash) have received approval from the central bank to conduct rights offers in United States dollars. Rights offers are a corporate action where existing shareholders are given the opportunity to purchase additional shares at a discounted price. It allows companies to raise capital from their current investors, who have the right to buy new shares before they are offered to the public.
Through these rights offers, Econet and EcoCah aim to raise $30.3 million each from their existing shareholders. The companies were unable to obtain foreign currency through the Reserve Bank of Zimbabwe’s auction process to redeem their debentures (long-term loans), which matured in April 2023. As a result, they sought exchange control approvals to proceed with the rights offers.
In separate statements on Tuesday, the companies stated that the ultimate Zimdollar price for the shares would be determined when they receive foreign currency on the interbank market to redeem the debentures, following the country’s exchange control laws. Econet said:
<blockquote>
Members are hereby advised that the company has now obtained exchange control approval for the rights offer to be made in United States dollars.
</blockquote>
The companies said the final price of the shares will be determined when the companies receive foreign currency on the interbank market to redeem the debentures. Shareholders registered as of September 1, 2023, will have the option to exercise their rights using the local currency. A deposit will be required for each share, with the remaining balance to be paid once foreign currency has been secured. The applicable exchange rate will be the prevailing interbank rate plus a 10% margin.
The rights offer is scheduled to open on September 11, 2023, and close on September 29, 2023, with the results expected to be announced on October 6, 2023. The debentures stem from a capital raise exercise in 2017, which aimed to secure foreign currency for external loan repayments.
This approval allows Econet and EcoCash to proceed with their rights offers in an effort to raise the necessary funds from existing shareholders. It provides them with an alternative means to obtain foreign currency, as they were unable to access it through the Reserve Bank of Zimbabwe’s auction process.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Econet And EcoCash Received Central Bank Approval For US Dollar Rights Offers

The Reserve Bank of Zimbabwe (RBZ) is in the final stages of preparing to introduce gold-backed digital tokens as a medium of exchange for domestic transactions, alongside the US dollar, according to Governor Dr John Mangudya. In his presentation of the Mid-Term Monetary Policy Statement, Mangudya said:
<blockquote>
The Bank is at an advanced stage in preparations for the rolling out of GBDTs (Gold-Backed Digital Tokens) for transactional purposes in Phase II of the project under the code or name ZiG, which stands for Zimbabwe Gold. It is envisaged that the transactional phase will see GBDTs complimenting the demand for the US dollar in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange. As such, appropriate awareness campaigns would be conducted in all provinces and districts of the country to educate the public on the use and benefits of GBDT.
Consultations with various stakeholders including the Confederation of Zimbabwe Industries (CZI) and the Zimbabwe National Chamber of Commerce (ZNCC) and the Retailers Association of Zimbabwe (RAZ) have already been undertaken and banks are now configuring their systems to allow for the issuance of cards which will be denominated in ZiG.
</blockquote>
According to Governor Dr John Mangudya, the gold coins introduced as an alternative store of value have been effective in mopping up over ZW$35 billion from the sale of 36,059 coins. He said only 769 coins (2% of the total sold) have been redeemed, indicating their value as a store of value.
Mangudya said to further expand value-preserving instruments and increase accessibility, the central bank introduced Gold-Backed Digital Tokens (GBDT) on May 12, 2023. These tokens are fully backed by physical gold held by the Bank. He said as of July 21, 2023, RBZ had issued 325,024,524 milligrams (equivalent to 325.02 kgs) of gold through 11 issuances, valued at ZW$50.50 billion and US$7,794.87.
Economic blogger Tinashe Murapata expresses scepticism regarding the introduction of gold-backed digital tokens as a medium of exchange, suggesting it may be an attempt to reintroduce the Zimbabwe dollar. Murapata raises concerns about multiple currencies in circulation and the potential conversion of local Nostro to ZiG, making it another form of Zimbabwean currency. He said:
<blockquote>
The Gold Backed Digital token will now evolve from being an investment vehicle to being a currency. This will be called ZiG. It is being touted as an alternative for USD. Never mind the efficacy of how this currency will work. But, does it not bother the authorities that Zimbabwe will have another currency on top of the four currencies will already have. Namely. RTGS, Nostro, Bond notes, USD. This will mean five competing currencies with five different exchange rates. Why would a retailer accept ZiG, whose price is determined by the variability of the Auction rate? Well, they will be forced to. The second worry is that local Nostro is a direct substitute of ZiG. Meaning the authorities could easily convert all local nostro to ZiG. On the ostensible claim of facilitating transactions. The post-election period will be very interesting as ZWL is now effectively less than 20% of money supply. Meaning probably 10% of transactions. ZiG will be another attempt at the new ZWL currency. Buyer beware.
</blockquote>
If the RBZ is successful, Zimbabweans will be able to purchase groceries using gold coins and gold-backed digital tokens. To prepare for Phase II, which is the transactional phase of the Gold-Backed Digital Tokens (GBDT), the RBZ plans to conduct an awareness campaign in all national provinces. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

RBZ Preparing To Introduce Gold-backed Digital Tokens As A Medium Of Exchange

On Wednesday, August 9, 2023, the Governor of the Reserve Bank of Zimbabwe, Dr. John Mangudya, released the Mid-Term Monetary Policy Statement. He highlighted that the implemented policy measures have set the country on a path towards macroeconomic stability. The focus will be on maintaining the current tight monetary policy stance to ensure price stability and achieve the benefits of monetary and fiscal consolidation. Regarding global economic developments, a slowdown in global GDP growth is expected due to reduced growth in advanced economies. This has led to a decrease in global commodity prices. These global factors have had spillover effects on the domestic economy through trade, imported inflation, and financial linkages, Mangudya said.

<ul style="list-style-type: circle;">
<li>Download: <a href="https://news.pindula.co.zw/wp-content/uploads/2023/08/Mid-Term_Monetary_Policy_Statement_2023.pdf">Mid-Term_Monetary_Policy_Statement_2023</a></li>
</ul>
However, despite the volatility in the exchange rate during the second quarter of 2023, the domestic economic prospects remain robust, Mangudya added. Economic growth is projected at 5.3% for 2023. Mangudya said the measures implemented by the Government and the Bank have stabilized the exchange rate and domestic consumer prices. Inflation, which rose sharply in June 2023, has reversed considerably and is expected to decline further as the policy measures take full effect.
He notes that the Reserve Bank of Zimbabwe will maintain the current monetary policy stance, utilizing open market operations and interest rates to stabilize the exchange rate and inflation expectations. The strong macroeconomic fundamentals and commitment to monetary and fiscal consolidation will sustain stability in domestic consumer prices and the exchange rate.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Mangudya Emphasises Macroeconomic Stability In Mid-Term Monetary Policy Statement

The Reserve Bank of Zimbabwe has reported that one United States Dollar (USD) was sold at ZW$4,517.1359 at the wholesale foreign currency auction held on 27 July 2023 in Harare.
The central bank also reported that it accepted bids worth USD 14,226,060.00 which was allotted. 
In recent weeks, the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a> has been strengthening against the <a class="MarkdownLink_linkifiedLink__KxC9G">United States</a> dollar (USD) after months of a downward trend.
To stabilize the macroeconomy and the local currency, the government introduced a range of measures. These measures include levying taxes in <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollars which created demand for the local currency</a>.
The government also made it mandatory for all government agencies, including parastatals, to collect their fees in local currency. Additionally, the Finance Minister directed non-exporters to pay their bills to the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe Electricity Supply Authority</a> (ZESA) in local currency. Furthermore, all <a class="MarkdownLink_linkifiedLink__KxC9G">customs duties</a> are now payable in local currency, except for designated or luxury goods, and in cases where the importer chooses to pay in foreign currency.
By requiring fees and bills to be paid in local currency, the government aims to increase demand for the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a>, which could help to stabilise its value. This move also reduces the demand for foreign currency, which is essential for importing goods that are not available locally. 
T<a class="MarkdownLink_linkifiedLink__KxC9G">he government </a>hopes that these measures will help to stabilise the economy and improve the value of the Zimbabwean dollar. While the Zimbabwean dollar recently strengthened, it remains to be seen how it will perform in the long term.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Sells USD At ZW$4.5K At RBZ Forex Auction

The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services.
Private credit has saved Zimbabwe’s economy from total collapse, according to John Mangudya, the central bank’s governor. He told Bloomberg:
<blockquote>
The creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans. It’s only right that the country repays.
</blockquote>
Trafigura is Zimbabwe’s second-largest private creditor, owed $66 million, behind Holbud, which is owed $85 million. SAA is owed $61 million for airline services. Mangudya expects the recent appreciation of the Zimbabwean dollar against the greenback to continue, which should alleviate pricing pressures.
John Mangudya expects the recent appreciation of the Zimbabwean dollar against the US dollar to continue, which he believes will alleviate pricing pressures. He also expects to see negative month-on-month inflation in July.
The central bank’s quasi-fiscal activities have been criticised by the International Monetary Fund, which has urged authorities to end them. Zimbabwe cannot access credit from international financial institutions as it is already $17 billion in arrears. Zimbabwe’s Treasury plans to seek lawmaker approval to assume the central bank’s external obligations.
Former Finance Minister Tendai Biti is also on record criticising the central government for off-budget spending such as subsidies, loan guarantees, and tax exemptions, as well as the accumulation of off-budget debts or other financial obligations and sidelining of Parliament in key economic policy decisions. Biti argues that laws affecting the economy have mostly been made through Statutory Instruments and the Presidential Powers (Temporary Measures) Act, bypassing the role of Parliament. He argues that Parliament should take back its powers to act on policies that affect the economy to prevent negative consequences for millions of people, particularly pensioners. 
<h3><a href="https://www.pindula.co.zw/">More Pindul News</a></h3>

Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services

The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe (RBZ) has released the <a class="MarkdownLink_linkifiedLink__KxC9G">Wholesale Foreign Exchange Auction Results</a> for 16 June 2023. In a statement seen by Pindula News, the central bank said the auction received 14 bids from banks, all of which were accepted. Out of the total bids accepted, 9 were allotted, with a total value of USD10,635,904.00. The amount allotted was USD6,990,750.00, with the <a class="MarkdownLink_linkifiedLink__KxC9G">highest bid rate</a> received being 7,200.0000 and the <a class="MarkdownLink_linkifiedLink__KxC9G">lowest bid rate</a> allotted being 6,600.0000. The weighted average rate was 6,713.3462. Reads the statement:
<blockquote>
<h3>Wholesale Foreign Exchange Auction Results 16 June 2023</h3>
Number of Bids Received From Banks: 14 
Number of Bids Disqualified: 0 
Total Number of Bids Accepted: 14 
Total Number of Bids Allotted: 9 
Total Value of Bids Accepted: USD10,635,904.00 
Amount Allotted: USD6,990,750.00 
Highest Bid Rate Received: 7,200.0000 
Lowest Bid Rate Allotted: 6,600.0000 
Weighted Average Rate: 6,713.3462
</blockquote>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

RBZ Releases Wholesale Foreign Exchange Auction Results For 16 June

The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe has released the results of the RBZ Gold-backed Digital Tokens auction (Issue no. 3/2023, ) which took place on Friday 26 May 2023. <a class="MarkdownLink_linkifiedLink__KxC9G">The Bank</a> received a total of 107 applications, with a combined value of ZW$8,500,033,262.87 and US$245, for the purchase of gold-backed digital tokens. The Bank has allotted the full amount of tokens. The details of the results are as follows:       
                                                                                       ZW$                                    US$ 
<blockquote>
<ol>
<li>Number of Bids Received                       105                                            2 </li>
<li>Value of Bids Received                           8,500,033,262.87                  244.97</li>
<li>Amount Allotted                                       8,500,033,262.87                 244.97</li>
<li>Price per Milligram of Gold                  152.46                                      0.0658</li>
<li>Milligrams of Gold Purchased              55,752,547                               3,723</li>
</ol>
Total milligrams of gold purchased: 55,756,270 (55.76 kgs of gold)
</blockquote>
The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a> also announced that applications for RBZ Gold-backed Digital Tokens Issue no. 4/2023 should be submitted through banks during the current week, with settlement and issuance scheduled for Thursday, 1 June 2023. <a class="MarkdownLink_linkifiedLink__KxC9G">The Bank</a> advised interested parties to follow the proper procedures for participating in this upcoming issue.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Announces Results Of Gold-backed Digital Tokens Auction

Only two out of seven operational deposit-taking microfinance institutions (DTMFIs) in Zimbabwe have complied with the central bank’s regulatory capital requirement of US$5 million, according to a report by the Reserve Bank of Zimbabwe.
The deadline for compliance was December 31, 2022, but the report reveals that only two DTMFIs had met the requirement. The RBZ has extended the deadline to December 31, 2023.
The report noted that non-compliant institutions were at various stages of implementing measures to raise their capital levels. The RBZ said in a micro-finance industry report for the quarter ended December 31, 2022:
<blockquote>
Core capital for deposit taking micro-finance institutions increased by 16,71% from US$9,93 billion as at 30 September 2022 to US$11,59 billion.
Two out of the seven operational deposit-taking micro-finance institutions complied with the new minimum capital requirement of ZW$ equivalent to US$5 million effective 31 December 2022.
Compliance with the minimum capital requirements by non-compliant deposit-taking micro-finance institutions was extended by a further 12 months to December 31 2023, to allow for completion of the recapitalisation processes currently underway.
The bank continues to monitor progress towards compliance with both minimum capital requirements and economic capital to facilitate underwriting of more meaningful business.
</blockquote>
In the quarter under review, total deposits for DTMFIs increased by 83.27% to $6.23 billion, with foreign currency deposits accounting for 74.47% of total subsector deposits.
The DTMFI subsector’s aggregate core capital registered a 27.77% increase to $12.70 billion, with much of the growth attributed to revaluation gains on investment property and foreign currency, organic growth, and additional capital injections by some DTMFIs.
The subsector recorded an aggregate net profit of $6.53 billion for 2022, with revaluation gains on investment properties and financial assets denominated in foreign currency being the main drivers of the profits.
More Pindula News

$5M Capital Compliance: Reserve Bank Says 2 Microfinance Institutions Complied

The Reserve Bank of Zimbabwe (RBZ) has allotted US$15.0 million to the Foreign Exchange Auction System for May 23, 2023. In a statement seen by Pindula News, the central bank said this is due to the refinement of the <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction System</a> and the <a class="MarkdownLink_linkifiedLink__KxC9G">Exchange Control Circular</a> to <a class="MarkdownLink_linkifiedLink__KxC9G">Authorised Dealers</a> (Circular No. 03 of 2023). Reads the statement:
<blockquote>
AMOUNT AVAILABLE FOR ALLOTMENT UNDER THE FOREIGN EXCHANGE AUCTION SYSTEM ON 23 MAY 2023
PRESS STATEMENT
In line with the refinement of the Foreign Exchange Auction System and the subsequent Exchange Control Circular to Authorised Dealers (Circular No. 03 of 2023), the Reserve Bank of Zimbabwe (the Bank) would like to advise the public that the amount available for allotment for 23 May 2023 will be US$15.0 million.
Going forward, the Bank will continue to advise the public of the weekly amounts available on offer under the Foreign Exchange Auction System through Authorised Dealers.
</blockquote>
The allotment of US$15 million on May 23 is a relatively small amount in the context of the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean economy</a>, which has been grappling with <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency shortages</a> for several years. The central bank has been allotting about US$20 million every week.
One positive picking from the statement is that the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank of Zimbabwe</a> intends to continue to refine the <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction System</a> which could lead to more <a class="MarkdownLink_linkifiedLink__KxC9G">stable exchange rates</a> and improved access to foreign currency for businesses and individuals.
In the long term, this could help to stimulate economic growth and improve the country’s overall economic situation. However, the impact of this allotment on the economy will depend on various factors, such as the demand for foreign currency and the effectiveness of the refinements made to the <a class="MarkdownLink_linkifiedLink__KxC9G">exchange system</a>.
Last week, the <a class="MarkdownLink_linkifiedLink__KxC9G">Ministry of Finance</a> and Economic Development lifted a ban on the importation of certain basic commodities. This means there will be increased demand on foreign currency as cross-border traders need forex to import those commodities. 
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Allots US$15m To The Forex Auction For May 23, 2023

The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe (RBZ) has announced the outcome of the RBZ Gold-backed Digital Tokens issue No. 1/2023, held on May 12, 2023. <a class="MarkdownLink_linkifiedLink__KxC9G">The Bank</a> received 135 applications worth ZW$14,077,337,421 to purchase gold-backed digital tokens.
In a notice seen by Pindula News, the central bank reported that the full amount was allotted. The details of the results are as follows:
Zimbabwe dollar bids:
<ul>
<li>Number of Bids Received: 132</li>
<li>Value of Bids Received: 14,077,337,421</li>
<li>Amount Allotted: 14,077,337,421</li>
<li>Price per Milligram of Gold: 100.87 </li>
<li>Milligrams of Gold Purchased: 139,559,209</li>
</ul>
United States dollar bids:
<ul>
<li>Number of Bids Received: 3</li>
<li>Value of Bids Received: 810</li>
<li>Amount Allotted: 810</li>
<li>Price per Milligram of Gold: 0.0688</li>
<li>Milligrams of Gold Purchased: 11 773</li>
</ul>
Total milligrams of gold purchased: 139,570,982 (139.57 kg of gold)
RBZ GOLD-BACKED DIGITAL TOKENS ISSUE NO. 2/2023:
The Reserve also announced that Applications for the second issue of the RBZ gold-backed digital tokens must be submitted through banks during the week for settlement and issuance on Thursday, May 18, 2023.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ: 135 Applications Received For Gold-backed Digital Tokens

The Minister of Mines, Winston Chitando, has unveiled a plan to address gold smuggling following findings of the <a href="https://news.pindula.co.zw/2023/04/16/gold-mafia-kamlesh-pattni-claims-he-appreciates-mnangagwa-every-two-weeks/">Al Jazeera Gold Mafia</a> investigative report released one month ago.
Speaking at a Gold Mobilisation seminar in Harare, Chitando said the government is set to enhance security in gold production and sale. He said:
<blockquote>
We are going to put stern measures so as to plug leakages. So far, our teams will scrutinise output for every gold producer and all the metallurgical records and make sure that all gold produced is channelled officially.
</blockquote>
Al Jazeera’s four-part series revealed that a significant amount of gold worth billions of United States dollars is being smuggled out of Zimbabwe by organised criminals in collaboration with state officials from the Reserve Bank of Zimbabwe, Fidelity Printers and Refinery, and airport employees.
Senior figures in government and mining, including President Emmerson Mnangagwa’s Special Envoy Uebert Angel, were secretly recorded providing information on money laundering and gold smuggling.
The Fidelity Printers and Refinery has deployed 17 teams across the country to combat the problem. Several individuals, including politicians and businessmen, were implicated, but none have been arrested.
The Zimbabwean government has denied the Al Jazeera report on the “Gold Mafia” allegations. The government has rejected these allegations, describing them as baseless and false. The government has also stated that it is committed to combating illegal gold trading and smuggling. 
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe's Mines Minister Unveils Plan To Tackle Gold Smuggling

Professor Mthuli Ncube, the Finance and Economic Development Minister, has announced that as of May 15th, 2023, the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank of Zimbabwe</a> (RBZ) will allow dealers to retain 100% of foreign currency from domestic sales.
In a statement seen by Pindula News, Minister Ncube said the move is meant to promote the banking of domestic sales of foreign currency in the banking system. He said:
<blockquote>
100% Retention of Domestic Foreign Currency Earnings.
In order to promote the banking of domestic sales foreign currency in the banking system, the Reserve Bank of Zimbabwe will with effect from 15 May 2023, exempt all proceeds from domestic sales in foreign currency from the 15% surrender requirement.
</blockquote>
The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe declared in February of this year that authorized dealers must sell 15% of their domestic sale proceeds to the central bank at the prevailing <a class="MarkdownLink_linkifiedLink__KxC9G">interbank market rate</a> within 48 hours of receiving the funds. In a statement seen by Pindula News, RBZ Governor, Dr John Mangudya said:
<blockquote>
In line with the liberalization of the foreign exchange market, Authorised Dealers are advised that the foreign exchange retention on domestic sales has been reviewed upwards to 85%, with effect from 06 February 2023.
This requirement shall apply to all foreign exchange deposits from domestic sales of goods and services, with the exception of deposits of entities listed in Annexure A.
Authorised Dealers are required to sell to the Reserve Bank, the 15% of domestic sale proceeds at the prevailing interbank market rate. The foreign exchange shall be sold to the Reserve Bank within 48 hours from the date of receipt of the funds.
</blockquote>
This comes amid reports that some dealers avoid paying taxes and fail or neglect to submit all of their <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency earnings</a> to the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a>.
Some analysts have been urging the government to provide incentives for compliance to encourage dealers to bank their foreign currency. 
A snap survey conducted by <a class="MarkdownLink_linkifiedLink__KxC9G">Pindula News</a> found that certain dealers in Harare’s central business district (CBD) sell their goods in US dollars without providing receipts to customers, creating challenges in determining <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency sales</a> as dealers can argue that products were purchased using local currency.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Dealers Allowed To Retain 100% Of Foreign Currency From Domestic Sales

The International Monetary Fund (IMF) advised Zimbabwe not to adopt a gold-backed digital currency to address macroeconomic issues such as volatility in the local currency.
Instead, they recommended that Zimbabwe liberalize its foreign exchange market. However, the country’s central bank began selling digital tokens on Monday to reduce demand for US dollars, currently the preferred currency for transactions. The tokens are available for purchase by individuals for a minimum price of $10 and by corporations and other entities for a minimum price of $5 000 and will eventually be used for transactions.
An IMF spokesperson said Tuesday in an emailed response to questions by <a href="https://www.dailymaverick.co.za/article/2023-05-09-imf-cautions-zimbabwe-against-plan-for-gold-backed-digital-money/">Daily Maverick</a>: 
<blockquote>
A careful assessment should be conducted to ensure the benefits from this measure outweigh the costs and potential risks including, for instance, macroeconomic and financial stability risks, legal and operational risks, governance risks, cost of forgone FX reserves.
</blockquote>
The International Monetary Fund advised Zimbabwe to use conventional measures like maintaining a tight monetary policy and accelerating the liberalization of the foreign currency market to address economic challenges. The Zimbabwean dollar has depreciated 40% against the US dollar this year.

<ul>
<li><a href="https://news.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/">Buying RBZ Gold-backed Currency: Here Is What You Need To Know</a></li>
</ul>
The effectiveness of conventional measures in addressing economic challenges in Zimbabwe has been mixed. While maintaining a tight monetary policy and accelerating foreign currency market liberalization can help address macroeconomic issues like currency volatility, the country has struggled with economic instability, high inflation, and a shortage of foreign currency for years.
Zimbabwe has implemented several economic reforms in recent years, including currency reforms, but progress has been slow, and the country continues to face significant economic challenges.
Some factors contributing to Zimbabwe’s economic instability include political instability, corruption, poor governance, land reform policies, and economic sanctions. 
International Organizations’ Role in Zimbabwe’s economic recovery:
The International Monetary Fund (IMF) has provided financial support to Zimbabwe through various programs, including the Staff Monitored Program (SMP) and the Extended Fund Facility (EFF). The World Bank has also provided Zimbabwe with technical assistance and policy advice through various programs, including the Economic Reform and Competitiveness Project. Additionally, regional organizations like the African Development Bank (AfDB) have provided financial and technical assistance to support Zimbabwe’s economic recovery efforts. However, the effectiveness of these efforts has been limited by political and economic challenges within the country.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

IMF Advised Zimbabwe Against Adopting Gold-backed Digital Currency For Economic Stability

The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe (RBZ) provided an update on the identified weaknesses at AFC Holdings Limited and <a class="MarkdownLink_linkifiedLink__KxC9G">AFC Commercial Bank</a> in October 2022, as well as the progress made in addressing the issues.
President Emmerson Mnangagwa launched the Agricultural Finance Company (AFC) Holdings, formerly known as Agribank in 2021. AFC Holdings has four subsidiaries, including <a class="MarkdownLink_linkifiedLink__KxC9G">AFC Commercial Bank</a>, AFC Insurance, AFC Land and <a class="MarkdownLink_linkifiedLink__KxC9G">Development Bank</a>, and AFC Leasing Company. The institution offers funding to the entire <a class="MarkdownLink_linkifiedLink__KxC9G">agriculture value chain</a>, from communal to large-scale farmers.
However, the central bank observed supervisory issues last year and suggested a remedy. The bank did not specify the issues in question. In an update seen by Pindula News, the central bank said:
<blockquote>
Members of the public are advised that the Reserve Bank of Zimbabwe (the Bank) conducted an on-site examination of AFC Holdings Limited and AFC Commercial Bank in October 2022, as part of its ongoing supervisory activities in terms of Section 45 of the Banking Act [Chapter 24:20]. The examination determined matters of supervisory concern, which were communicated to the Boards of AFC Holdings Limited and AFC Commercial Bank Limited through a Corrective Order issued on 8 March 2023. The Corrective Order, which was issued in terms of Section 48 of the Banking Act, requires the boards of AFC Holdings Limited and AFC Commercial Bank Limited to remedy identified weaknesses.
To date, the Boards of the holding company and the banking institution, and senior Management have initiated measures to correct the identified deficiencies and notable progress has been made in that regard.
Through its supervisory processes, the Bank will continue to monitor progress on the resolution of the identified weaknesses. 
The Bank urges banking institutions to desist from leaking of confidential information. 
</blockquote>
More Pindula News

RBZ Update On Weaknesses At AFC Holdings Limited, AFC Commercial Bank

The <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> plans to introduce a <a href="https://www.pindula.co.zw/2023/04/24/rbz-introducing-new-currency-backed-by-gold-tokens">gold-backed digital currency</a>, but there are concerns that it may be a scam to deceive people. The governor of the RBZ, <a href="https://www.pindula.co.zw/John_Mangudya">John Mangudya</a>, stated that the currency would be launched in <a href="https://zero.pindula.co.zw/rbz-to-introduce-gold-backed-digital-tokens-on-8-may/">two phases starting on May 8, 2023</a>, and would be used for payment and as a store of value. However, the announcement has divided public opinion.
<a href="https://www.pindula.co.zw/Walter_Mzembi">Walter Mzembi</a>, a former Minister of Tourism and Hospitality, believes “this is the way to go!” In a Twitter post seen by Pindula News, the self-exiled former minister said:
<blockquote>
 May not make sense to many now but anything currency must begin to be anchored by our precious minerals, mined and stored and proven reserves. The return of the Gold Standard is imminent only this time it will be digital… If you follow the debate in the #BRICS even our own #AfCFTA you will understand where things are going globally.
</blockquote>
Zimbabwean politician <a href="https://www.pindula.co.zw/Zvaringeni_Samuel_Chasi">Zvaringeni Samuel Chasi</a>, leader of the opposition People’s Patriotic Party, however, thinks that the RBZ intends to scam people by introducing a gold-backed digital currency. He said:
<blockquote>
Introduction of Crypto Currency by #RBZ is a #PonziScheme and Fraudulent. Individuals, Pensioners, Companies, Investors, etc are being owed #Trillions diverted for personal use over past decades with no single arrest or compensation. Citizens are open to rather Trade on.
</blockquote>
Simon Musvosve also expressed similar concerns, calling for the stabilization of the local currency instead. He added that people’s trust in digital currencies is decreasing due to too much risk involved. He said:
<blockquote>
Give us the old, real, crispy dollar note-remember the ones Governors Moyana &amp; Tsumba signed- not ravaged by inflation. Otherwise, USD ngoma ndiyo-ndiyo. Simon Musvosve @Musvosve – I keep abreast with new developments. Without going into the geopolitics, I don’t think this will be a panacea for Zim’s currency woes. Our people need workable solutions now. The rest are lofty dreams.
</blockquote>
Economic blogger, Tinashe, Twitter handle Baba_nyenyedzi has also expressed worry about the RBZ’s plan, calling it a crazy move. In a Twitter post seen by Pindula News, he said:
<blockquote>
Gold-backed digital currency. The RBZ is again off the tracks with another crazy idea. If RBZ believes in backing currency with gold why not back their own issued currency ZWL with gold The PMR rate is now 1800 double the Jan rate in four months. Inflation spiralling out of control. Yet RBZ has “gold reserves” to back a digital currency. They should back ZWL with gold and the rate ( including inflation) will stabilize. Surely it’s simple enough.
</blockquote>
The gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. Banks will create dedicated accounts for holding the tokens. Physical gold coin holders can exchange them for digital tokens through the banking system.
In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Gold-backed Digital Currency A Scam - Opposition Leader

The insurance sector in Zimbabwe is moving towards complete dollarisation, as per data from the Insurance and Pension Commission (Ipec). Industry participants wrote businesses worth approximately US$300 million in the previous year.
For short-term insurers in foreign currency, Gross premium written (GPW) increased by 42% to US$143.85 million. The main sources of foreign currency business were motor and fire insurance, which together made up 51% of the total business written during the period. Gross premium written (GPW) refers to the total amount an insurer writes during a specific period, before any deductions for expenses such as ceding and commissions. 
Zimnat Lion, Old Mutual, Cell Insurance, Alliance and Nicoz Diamond Insurance dominated the market with a combined market share of 83% in terms of foreign currency-denominated GPW, <a href="https://www.newsday.co.zw/business/article/200010589/insurance-sector-moves-towards-dollarisation">NewsDay</a> reported citing a report by Ipec. The Ipec report read in part:
<blockquote>
Only motor insurance line of business had negative growth of 15%. Consistent with the 2021 trend in foreign currency-denominated business, the major classes of business written by short-term reinsurers were fire and motor insurance business contributing a combined 62% of the gross premium written for the year ended December 31, 2021.
</blockquote>
<h2>The trend isn’t peculiar to the Insurance sector</h2>
The latest statistics availed by the Zimbabwe National Statistics Agency show that the whole economy is fast dollarising with 78% of transactions for food purchases now being done in foreign currency.
According to central bank governor John Mangudya, the financial industry in Zimbabwe has more US dollars than local currency. About 70% of the total deposits in the banks are in foreign currency, with the remainder being in Zimbabwe dollars.
This is mainly because the Zimbabwe dollar has been losing value against the USD since its reintroduction in 2019.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe's Insurance Sector Moving Towards Complete Dollarisation

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> is reportedly planning to stabilise the Zimbabwe dollar by introducing a new currency backed by gold tokens.
<a href="https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency">The Sunday Mail</a> reported that RBZ would issue digital gold tokens backed by gold held at the central bank. This will allow people holding Zimbabwe dollars, which have been losing value, to exchange them for the tokens. RBZ governor John Mangudya said:
<blockquote>
 The movements in the parallel market rate are mainly because of the expectations of increased foreign currency supply in the market when the tobacco marketing season opened. However, the supply of foreign currency over the past three weeks has been lower than expected. That expectation raised the rates because people thought there will be more money in the market.
It means anyone with local currency would want to convert it to foreign currency. We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.
We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.
</blockquote>
The value of the gold-backed currency is based on the current market price of gold and can be used for transactions just like any other type of currency.
The value of the Zimbabwe dollar has decreased significantly against the USD in recent months. The official exchange rate, set by the central bank, is 1 USD to 1 000 Zimbabwe dollars. However, obtaining this rate is challenging because the unofficial market values it at over 1 750 Zimbabwe dollars per USD.
The Zimbabwean government has implemented several measures to stabilize the Zimbabwean dollar, which has been volatile in recent years due to a variety of economic and political factors. Some of these measures include:
<ol>
<li>
Currency Reforms: In June 2019, the government of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, replacing the multi-currency regime that had been in place for over a decade. The reintroduction of the Zimbabwean dollar aimed to reduce currency fragmentation and enhance the effectiveness of the monetary policy.
</li>
<li>
Tightening monetary policy: The Reserve Bank of Zimbabwe (RBZ) has increased interest rates to tighten monetary policy and control inflation. The RBZ has also limited the amount of money that can be withdrawn from banks to reduce demand for foreign currency.
</li>
<li>
Boosting exports: The government has implemented measures to promote exports and reduce imports. For example, it has introduced export incentives, increased funding for agriculture, and banned the importation of certain goods to encourage local production.
</li>
<li>
Improving fiscal policy: The government has implemented a range of fiscal measures to reduce expenditure and increase revenue, such as the introduction of taxes on electronic transactions and a reduction in government spending.
</li>
<li>
Negotiating with international organizations: The government has engaged with international organizations such as the International Monetary Fund (IMF) to access financial assistance and technical support. The IMF has approved a $400 million loan to Zimbabwe to support economic reforms and stabilize the currency.
</li>
</ol>
However, these measures have not been effective so far because of a range of factors, including political instability, ineffective implementation, and external factors such as global economic conditions.
Government critics say members of the public do not have confidence in the government, especially after the 2008 era during which the Zimbabwe dollar plunged.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Introducing New Currency Backed By Gold Tokens

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has been asked to explain the missing US$295 million from gold exports to the United Arab Emirates (UAE) in 2021.
RBZ reported that Zimbabwe exported 28 468kg of gold to UAE for US$1 604 058 775 in 2021.
However, UAE reported that it received 34 340kg of gold from Zimbabwe for US$1 898 899 693 in 2021.
This means US$294 840 918 is unaccounted for or RBZ underreported its exports by that figure. 
In a Twitter post seen by Pindula News, Team Pachedu, an online political activism group, demanded to know how could UAE import more than Zimbabwe exported. Said Team Pachedu:
<blockquote>
Dear @ReserveBankZIM
You reported that Zimbabwe exported US$1.7 Billion gold worldwide in 2021, however, United Arab Emirates says that they imported US$1.9 Billion gold from Zimbabwe in 2021. How does UAE import more than what you exported? Explain the discrepancy!
</blockquote>
This comes as authorities are under fire for alleged gold illicit trade after some government officials and offices were named in Al Jazeera’s documentary – Gold Mafia – as involved in gold smuggling operations.
Episode 01 of the documentary was released last week, episode 02 is expected this Thursday.
In the documentary, Tendai Biti, a former Minister of Finance and Economic Development, claimed that Zimbabwe was losing gold worth about US$1.2 billion every year.
Government officials are denying the allegations.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Asked To Explain US$295 Million Missing From Gold Exports To UAE

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has revised the terms for mandatory retentions on USD Point of Sale (POS) and e-commerce settlements. 
In a statement seen by Pindula News, Nedbank told its clients that the central bank had directed that the tourism sector was no longer exempted from mandatory retentions. Reads the statement issued on 28 March 2023:
<blockquote>
Dear Valued Client.
<h2>EXCHANGE CONTROL DIRECTIVE RY002-2023 DATED 3 FEBRUARY 2023: MANDATORY RETENTIONS ON USD POS AND E-COMMERCE SETTLEMENTS</h2>
Further to the abovementioned Directive, the Reserve Bank of Zimbabwe has revised the terms for mandatory retentions on USD POS and E-Commerce settlements in respect of the tourism sector. 
To this end, the tourism sector is no longer exempt from mandatory retentions with effect from 6 February 2023. As such, the Bank shall be mandated to surrender to the Central Bank export Retentions on Export and Domestic sales as follows: –
• 25% Retention on POS settlements acquired from foreign-issued cards.
• 15% Retention on POS settlements on transactions issued by domestic cards 
Kindly be advised that the Bank shall be collecting the Retentions in retrospect (at the prevailing interbank market rate on the day of the transaction), dating back to 6 February 2023. 
In need of further clarity, kindly contact your respective Business Manager, SME Banker, or Branch Manager.
</blockquote>
The RBZ announced last year that players in the tourism and hospitality industry shall retain 100% of their foreign currency earnings. 
This was meant to allow them to quickly recapitalise and procure the necessary goods and services required by tourists and travellers, said RBZ governor John Mangudya in his Monetary Policy statement of 7 February 2022.
<ul>
<li><a href="https://zero.pindula.co.zw/wp-content/uploads/2023/03/Monetary-Policy-Statement-February-2022.pdf">Monetary-Policy-Statement-February-2022</a></li>
</ul>
Mangudya said this was a measure in response to the adverse effects of COVID-19 on the tourism sector, which was hard hit by the pandemic.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Has Revised Terms For Retentions On USD POS & E-Commerce Settlements

<a href="https://www.aljazeera.com/news/2023/3/23/gold-smuggler-pattni-kenya-zimbabwe">Al Jazeera’s Investigative Unit (I-Unit)</a> has reported that the Reserve Bank of Zimbabwe (RBZ) is broke and relies on individuals like <a href="https://www.pindula.co.zw/Simon_Rudland">Simon Rudland</a> for money to buy gold.
In episode 01 of its documentary titled Gold Mafia, Al Jazeera says Simon Rudland is connected to ZANU PF ruling elite including the late former Foreign Affairs minister <a href="https://www.pindula.co.zw/Sibusiso_Moyo">Sibusiso Moyo</a>.
Rudland, who survived <a href="https://zero.pindula.co.zw/watch-assassination-attempt-on-zimbabwean-businessman-simon-rudland/">an assassination attempt</a> in South Africa in 2019, has a different deal with the government.
Simon Nango, South African Airways Customer Service Agent, explained that Rudland has a contract to move gold to Dubai and get cash to Zimbabwe.
Rudland’s bags are exempted from search. They use Emirates. He has serious buyers in Dubai, Nango says.
Airport officials will be waiting for Rudland’s several couriers who fly to Dubai with gold and back to Zimbabwe with cash. 
The documentary says due to sanctions on the southern African nation, importing cash is difficult and gold is one of the effective ways of dealing with that problem. Therefore, Rudland helps bust sanctions on behalf of the government. 
According to <a href="https://www.pindula.co.zw/Aljazeera_2023_Zimbabwe_Corruption_Documentary">Ewan Macmillan</a>, another mafia in the Al Jazeera documentary, the Zimbabwean government does not have the money to buy gold from miners. That’s where Rudland comes in. 
Rudland has money from his company, <a href="https://www.pindula.co.zw/Gold_Leaf_Tobacco_Zimbabwe">Gold Leaf Tobacco</a>. According to Ewan Macmillan, Rudland then lends the government the money to buy gold from miners.
Rudland provides an advance payment to Fidelity Printers and Refiners, a subsidiary of the Reserve Bank of Zimbabwe, which is the sole buyer, refiner and exporter of the precious metal.
Fidelity, a subsidiary of the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a>, buys the gold and gives it to Rudland to export.
Former Finance and Economic Development Minister, <a href="https://www.pindula.co.zw/Tendai_Biti">Tendai Biti</a>, says Zimbabwe is losing approximately US$1 billion per year through smuggling and Rudland is at the centre of the operation.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Doesn't Have Money To Buy Gold, Rudland Buys On Its Behalf - Al Jazeera

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has said there are no sanctions on Zimbabwean exports and imports.
The apex bank’s governor, <a href="https://www.pindula.co.zw/John_Mangudya">Dr John Panonetsa Mangudya</a>, made the remarks in response to reports by Al Jazeera that the government was using RBZ to outsmart sanctions imposed on the southern African nation. 
In a statement seen by Pindula News, Mangudya said <a href="https://zero.pindula.co.zw/al-jazeera-investigations-to-expose-astonishing-plunder-looting-in-zimbabwe/">Al Jazeera’s reports, in an unscreened documentary of corruption and plunder of natural resources in Zimbabwe</a>, are meant to tarnish the bank’s image. Said Mangudya:
<blockquote>
It is particularly strange that the reports claim that “through the Bank, Government is using illicit ways as a scheme to bust international sanctions placed on political leaders and government entities”. The Bank is not a sanctioned entity, and the cited individuals are not sanctioned persons either. There are no sanctions on Zimbabwean exports and imports, including trade in gold, to warrant Zimbabwe to “circumvent international sanctions” through illicit trade in gold. As such, the claim that there is “a scheme to bust international sanctions using illicit ways” shows beyond doubt that the peddlers of this narrative have a sinister agenda with nefarious objectives of tarnishing both the Bank and the Republic of Zimbabwe.
</blockquote>
Since the turn of the millennium, Zimbabwe has faced sanctions from various countries due to concerns about its human rights record, electoral processes, and economic policies. 
The government says these sanctions have had a negative impact on the country’s economy, but some argue they are necessary to hold the government accountable and push for reforms. 
Some sanctions have been lifted in response to positive developments, but others remain in place, and the situation in Zimbabwe is still being monitored by the international community.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

There Are No Sanctions On Zimbabwean Exports And Imports - RBZ

Zimbabwe is now measuring inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars (USD), Reuters reported citing a government statement issued on Friday.
Previously the official rate was based only on items in the local currency.
In his 2023 monetary policy statement released earlier in February, <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> governor, <a href="https://www.pindula.co.zw/John_Mangudya">Dr John Panonetsa Mangudya</a>, urged economic players to focus more on blended inflation since large parts of the Zimbabwean economy had dollarised.
The USD is widely used in the country alongside the Zimbabwe dollar and South African rand.
The government relaunched the Zimbabwean dollar in 2019 after a decade of dollarisation, but in 2020 it authorised the use of foreign currencies as part of measures to respond to the Covid-19 pandemic.
Last year, it said the multi-currency system would be maintained for a further five years.
Blended inflation for February stood at 92.3 per cent year-on-year compared to 101.5 per cent in January, the <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> said.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Now Measuring Inflation Using USD, Local Currency

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has increased cash withdrawal limits for different categories of banking clients.
The central bank’s Financial Intelligence Unit (FIU) directed banks to increase cash withdrawals for individuals from ZW$5 000 to ZW$15 000 per week, <a href="https://www.herald.co.zw/rbz-increases-cash-withdrawal-limits/">The Herald</a> reported citing a memo sent to all banks.
Withdrawal limits for corporates have been raised to ZW$100 000 from ZW$20 000. Hospitals and clinics can withdraw up to ZW$500 000 per month while the limit has been set at ZW$1 million for local authorities.
Individuals and corporates can withdraw the maximum weekly amount in a once-off transaction or in lesser amounts that shall not exceed the stipulated limit.
Courts, the Parliament, and international organisations are not subjected to withdrawal limits. FIU director general Oliver Chiperesa said in the memo dated February 9, 2023:
<blockquote>
In order to efficiently serve the banked customers, the Financial Intelligence Unit has come up with several cash withdrawal limits that banks should apply when processing cash withdrawals for their customers.
Banks may allow the customer to withdraw the amount in a once-off transaction for the week or month, or in lesser amounts, in the aggregate, and shall not exceed the set limit in week or month.  Banks are required to undertake due diligence when processing cash requests for customers to ensure the facility is not for criminal activities.
Where a customer has a valid need to withdraw cash above the stipulated limit, the bank shall continue to submit such applications to the FIU, clearly setting out the special grounds for the request. The FIU will not grant any such request unless satisfied that no other forms of payment are reasonably available to the customer.
</blockquote>
The move comes after last week the apex bank said <a href="https://zero.pindula.co.zw/rbz-70-of-domestic-expenditure-is-in-us-dollars/">70 per cent of local transactions</a> were now in foreign currency.
<a href="https://zero.pindula.co.zw/">More Pindula News</a>

RBZ Increases Cash Withdrawal Limits

The industries of Zimbabwe have demanded tougher action to combat persistent inflationary pressures.
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a> expressed concern about the sharp increase in month-to-month inflation towards the end of 2022, even after a drop in the annual rate.
Zimbabwe’s annual inflation rate dropped from a peak of 285% in August to 243% in December as the government proceeded to evaluate the terms of payment for commodities and the central bank stepped up its market-cooling operations.
CZI said additional austerity measures are required to lower the rate which is unquestionably the highest in the world.
 In its examination of inflationary tendencies for 2023 titled “2022 Inflation and Currency Developments Round-Up,” CZI said:
<blockquote>
Annual inflation ended the year 2022 at 243,8%, shrinking by 11,2 percentage points from the November inflation rate..
The December annual inflation rate was above the 2022 national budget end period target of between 15% and 20%, as well as above the February monetary policy statement target of 25% to 35%.
The beginning of the year is associated with new policy measures for the year, which may hold inflation down but (these) seem to fail to stay the course as it (inflation) surges again. Delayed policy responses seem to sustain high inflation or its upward movement.
</blockquote>
CZI said the sudden rise in December’s month-over-month inflation (2.4%) is cause for concern as it may indicate the need for new policies.
In Zimbabwe, inflation typically responds to depreciation in the exchange rate, particularly the rate on the black market which began to decline in December 2022. 
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ)’s <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-17-january-2023/">foreign currency auction results</a> on Tuesday show that the Zimbabwe dollar is currently trading at $732 to the US dollar, continuing its freefall versus the US dollar.
The Zimbabwe dollar is trading at $1100 to the US dollar on the black market up from $900 recorded last week.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Industries Demand Tougher Measures To Combat Inflation

International creditors and banks have hit Zimbabwe with penalties totalling US$2.1 billion for unsettled debts.
Zimbabwe’s total public and publicly guaranteed (PPG) external debt was estimated to be US$14.04 billion during the period, <a href="http://www.thestandard.co.zw/business/article/200005153/lenders-slap-zim-with-us21b-penalties">the Standard</a> reported citing a report prepared by the Zimbabwe Public Debt Management Office.
Read the report titled “Statement of Zimbabwe’s Public Debt Position as at end September 2022”: 
<blockquote>
The external debt overhang continues to weigh down heavily on the country’s development efforts, as access to external financing remains very limited due to the accumulation of external debt arrears.
Of the total PPG external debt of US$8,3 billion excluding Reserve Bank of Zimbabwe (RBZ) debt and blocked funds, principal and interest arrears and penalties represent 76% (US$6,3 billion).
The bulk of the PPG external debt stock (excluding RBZ external debt and blocked funds), is made up of principal arrears —US$2,7 billion, interest arrears — US$1,6 billion and penalties — US$2,1 billion.
</blockquote>
The debt office said Zimbabwe’s external debt was made up of:
<blockquote>
a). US$3.4 billion in the RBZ unsettled commitments, 
b). US$3.4 billion in bilateral debt 
c). US$2.3 billion in blocked funds and 
d). US$5.7 billion in multilateral debt.
</blockquote>
Of the overall bilateral external debt of US$5.7 billion, debts to the Paris Club amounted to US$3.6 billion while non-Paris Club creditors were owed US$2.2 billion at the end of September.
Arrears in principal, interest, and penalties are nearly equal to the country’s ZW$4.5 trillion (US$6.7 billion) 2023 national budget.
In order to pay off its PPG foreign debt, the government has made payments of about US$114.7 million, which indicates that it will take some time before the nation can fully discharge its debt.
The government says it started making token payments to the World Bank Group in March 2021 and the total amount of these payments is US$66.9 million.
So far, Zimbabwe has paid the African Development Bank Group US$35.4 million and US$4,35 million to the European Investment Bank.
In 2021, the government also began making quarterly symbolic payments totalling US$100 000 to each of the 16 Paris Club bilateral creditors.
A total of US$8 million has been paid to the Paris Club creditors so far.
Finance and Economic Development minister Mthuli Ncube says the external debt overhang continued to hamper the nation’s development efforts.
The country’s domestic and external debt is estimated at about US$17 billion.
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Hit With Penalties Totalling US$2.1 Billion For Unsettled Debts

The International Monetary Fund (IMF) has urged the Reserve Bank of Zimbabwe (RBZ) to liberalise the exchange rate, NewsDay reported citing a statement by the Breton Woods institution.
The IMF delegation led by Dhaneshwar Ghura made the recommendation following a 15-day visit to Zimbabwe. Read the statement:
<blockquote>
A near-term policy imperative is to sustainably anchor macro-economic stability. In this context, fund staff recommends accelerating the liberalisation of the forex market, including through the removal of restrictions on the exchange rate at which banks, authorised dealers and businesses transact…
This can be achieved by mobilising additional revenues, based on tax policy reforms, and by scaling back non-priority outlays, while strengthening public finance management. The financial oversight of the SOEs [State owned enterprises] by Treasury should be further strengthened in order to minimise fiscal risks.
International re-engagement remains critical for debt resolution and access to external financial support.
</blockquote>
RBZ established the forex auction in June 2020 to cater for the foreign currency needs of businesses.
Local economists have always been advising the government through the RBZ to stop quasi-fiscal activities, liberalise the exchange rate, wind down gold coins and restore macroeconomic stability. 
The central bank has been controlling and regulating the foreign currency exchange rate accusing players on the black market of fueling the collapse of the Zimbabwe dollar.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

IMF Urges RBZ To Liberalise The Exchange Rate

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has agreed to provide <a href="https://www.pindula.co.zw/Harare_City_Council">Harare City Council (HCC)</a> with foreign currency to buy water treatment chemicals to improve the potable water supply in the capital.
This came after a meeting on the water situation which was held last week between RBZ and HCC where RBZ governor John Mangudya was present.
RBZ also agreed to provide foreign currency to import 15 service delivery vehicles from South Africa, NewsDay reported citing Harare mayor <a href="https://www.pindula.co.zw/Jacob_Mafume">Jacob Mafume</a>. He is quoted as saying:
<blockquote>
We met RBZ authorities last week and we agreed to find a lasting solution on the issue of water in our city. The RBZ agreed to provide us with the much-needed foreign currency so that we can buy the water chemicals for treatment of water.  Once we have the figure, we will announce the development.
We are happy that the RBZ has agreed to meet some of our challenges.  We also await 15 service delivery trucks which are outside the country because the contractor was affected by the foreign currency challenges, and has been failing to get the required currency. The contractor needs at least US$1,2 million dollars to import the trucks.
</blockquote>
In a statement earlier published by Pindula News, the local government authority said it had <a href="https://zero.pindula.co.zw/harare-city-resolves-to-ration-water/">resolved to start rationing water citing challenges in water production.</a>
Some suburbs are going for weeks, months even, without water exposing residents to diseases.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Agrees To Give Harare City Forex To Buy Water Treatment Chemicals

Time Bank of Zimbabwe Ltd reopened its doors last month, after an 18-year break.
The resumption follows a pre-opening inspection and authorisation by the Reserve Bank of Zimbabwe (RBZ).
The bank will operate a new business model whereby it will start by lending out to various categories of clients without taking deposits and review the model at an appropriate time, <a href="https://www.herald.co.zw/time-bank-reopens-with-new-business-model/">The Herald</a> reported citing a statement by Time Bank. 
The statement also indicated that the bank would now focus more on investment banking activities and has already started offering mortgage loans. Read the statement in part:
<blockquote>
The bank is now offering mortgage loans with effect from 27 October 2022 and other loans, with effect from December 1, 2022.
</blockquote>
These include:
<blockquote>
i). exporters’ loans including first-time exporters, 
ii). corporate loans, 
iii). factoring of book debts, 
iv). discounting of medium-term bills and promissory notes, 
v). discounting exporters’ receivables and consumer loans. 
</blockquote>
Time Bank added that it will with effect from December 1, 2022 offer services such as portfolio management services, advisory services, financial agency services and consultancy services.
The bank closed operations in 2004 and had its banking licence cancelled in 2006, but disputed the reasons for its closure and cancellation of its licence.
The bank in a notice this week said it resumed operations on October 27, 2022, after getting the green light from the central bank but with restrictions not to take in deposits.
<h2>Some context:</h2>
Time Bank which was Founded by Mr Chris Takura Tande, began operations in 1997 becoming the first locally-owned indigenous commercial bank. 
After prolonged legal battles, it emerged the bank was owed US$5 million by RBZ before its closure which created financial problems for the bank.
As Time Bank demanded a refund of the money, RBZ responded by putting the bank under a disputed curator in 2004 and cancelled the licence two years later.
After the cancellation of its licence, the RBZ tried to put Time Bank into ZABG, but Time Bank objected strongly, and given the intensity of legal fights, the RBZ left Time Bank out of ZABG.
The courts reinstated the licence of Time Bank in 2009 but the bank could not operate, as RBZ could not do a handover of the assets, documents and affairs of Time Bank in the normal way at the end of curatorship, from the former curator to the bank’s directors.
In 2015, the RBZ and Time Bank entered into a settlement agreement under which the RBZ agreed to refund Time Bank US$5 million.
They also agreed on the issue of the outstanding handover/takeover as well as the re-opening of Time Bank, subject to pre-opening inspection. 
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