ZIMBABWE’S banking sector is skating on thin ice due to a illiquidity crunch that has drastically reduced the financial institutions’ capacity to lend following the reintroduction of a local currency, a report has revealed. According to the report by brokerage research firm IH securities titled, The Zimbabwe Banking sector: Navigating a challenging monetary space, released on Friday, the currency reforms created a mismatch between foreign currency-denominated assets and liabilities on some banks’ balance sheets. The distortions have stifled the financial institutions’ lending capacity, the report says. “The floating of the Zimbabwe dollar resulted in the translation of foreign currency denominated assets at the interbank rate,” reads part of the
Guests who attended the wedding of President Emmerson Mnangagwa’s son have dismissed an article circulating on social media that the First Lady Auxilia clashed with MDC-T leader Thokozani Khupe. The viral article claimed the First lady was mad at Khupe for attending the wedding and went on to slap the latter. However the allegations were dismissed as false as Khupe did not attend the wedding. Speaking to Zimlive,Norton Legislator Themba Mliswa confirmed that Khupe was not there. “She never came to the wedding. There were only a few people there. The reception probably 200 people only, family and friends. She doesn’t fit into that category at all,” said Mliswa. He Added: “The friends are well-known, these are long-time friends of the families
Government yesterday came down hard on errant service stations countrywide, closing them for refusing electronic modes of payment and only accepting hard cash. Ruyamuro service stations in Glendale, Harare and Nzvimbo Growth Point in Chiweshe were shut down for refusing alternative payment methods, except cash. Engen at the corner of Harare Street and Robert Mugabe Road was closed for the same reason. Energy and Power Development Minister Fortune Chasi said Government, through the Zimbabwe Energy Regulatory Authority (Zera), was in the process of revoking licences for filling stations breaching the law, following several warnings a few months ago. He said stern measures being taken against irresponsible filling station operators were appropriate in the circumstances,
if ecocash is paying more than 70% of zimbabwean mobile money transfer,why the gvt not putting a glims on the extrem charges being done by the Eco cash agences and certain individuals acting as agences. _For example if you want to cash out 10 Rtgs you have to be charged 35%± which means that from 10rtgs you will walk away with 6.50 RTGS±_. Why cant this issue be addressed,Zimbabweans are crying foul but they dont know where to forward their grievance…
TREASURY failed to account for about US$1,03 billion it paid to Sakunda Holdings, a company owned by President Emmerson Mnangagwa’s close ally and adviser, Kudakwashe Tagwirei, under the fabled Command Agriculture programme from 2017 to date, it has emerged. Command Agriculture is an agricultural scheme that was introduced in 2016 aimed at ensuring food self-sufficiency through supporting farmers with irrigation and farming inputs. According to the 2017/18 Command Agriculture payment schedule provided by Treasury to Parliament’s Public Accounts Committee (PAC) yesterday, in 2017, Sakunda was given US$378,73 million and US$235,95 million last year by the Finance ministry under the Command Agriculture scheme. Under the Presidential scheme, another similar agricultural sche
Police Launch Manhunt For Madzibaba Playing House With 15 Year Old Following Social Media Outrage The Zimbabwe Republic Police (ZRP) has launched a manhunt for a Madzibaba affiliated with the Johanne Marange Apostolic Sect who married a 15-year-old girl. According to a report by Girl Child Network leader Betty Makoni the young girl eloped to the elderly man (aged 65) and her parents are said to be appealing for help to locate and rescue her. Police are appealing for information about pictures circulating on social media where a man is seen holding a girl. It is being alleged that the man is aged 69 while the girl is aged 15 years and they are married.
In this explosive sermon, Prophet Makandiwa slammed selfish ZANU PF Politicians for focusing on political power without showing concern for poor Zimbabweans. He recounted the following incidents. – He received some second hand donations and on arrival was made to pay duty – He took foodstuffs to a Rural area and the local politicians refused to allow him to offload the goods and he had to return to Harare with the donations. The old people who were waiting to receive the goods cried. – He paid for 10 boreholes to be drilled and the local politicians refused to let him sink the boreholes in their area. This is despite the fact that the boreholes had already been sighted and the equipment was already on site. He concluded by saying Politicians are now
On Friday Zim Morning Post reported that Vice President Constantino Chiwenga had returned home from China. We would like to unreservedly apologise to our valued readers and subscribers for getting it wrong. We have since established that the indisposed Vice President is still in China where he continues to receive treatment. We were misled by our usually reliable sources that the former military boss had returned home, information which we now know to be false. Our sources have been 100% correct on previous occasions hence we saw no need to doubt their information. As Zim Morning Post we thrive to offer factual, reliable, independent and objective reportage. From the first day we opened to the world we have committed to abide to these tenants.
Prophetic and Healing ministries (PHD) leader Walter Magaya escaped abduction when seven machete-wielding men attacked his grandmother in search of him. Sources said the armed men arrived at the house around 0100 hours and demanded to know Magaya’s whereabouts. “They beat up two security guys… took US$2000 and a Mercedes Benz,” said the source. “Magaya usually passes by every Sunday after his church services to see his mother and grand mother.” The attempt on Magaya comes when reports of abductions are all over and mainly targeted at the opposition and activists. Sources, however, said the attack on Magaya is shocking because the clergyman is not a politician or an activist. “Why are they attacking him? He is not a poli
The Zimbabwe Energy Regulatory Authority has announced new fuel prices for week starting Monday 26 August 2019. In Harare diesel will be selling at $10.32 and blend at $10.01, Bulawayo prices are at $10.69 for diesel and $10.39 for blend and Hwange its $10.82 for diesel with blend going for $10.52. ZERA said the difference in prices takes into account the transport costs. Find the full prices below:
