newZWire

newZWire

2/13/2025, 7:12:50 AM

*Mono-currency? We’re not there yet, says Mthuli* Finance Minister Mthuli Ncube says Zimbabwe is not yet ready to return to a ‘mono currency’. First, the country needs to build enough foreign currency reserves and reach a debt deal with creditors. SI218/2023, gazetted in October 2023, guaranteed the multicurrency system to stay until 2030. However, President Mnangagwa and some officials have publicly called for an earlier switch to a ‘sole local currency’, causing uncertainty and forcing banks to withhold new loans. RBZ says total reserves — gold plus forex — grew 87% from US$285m in April to US$550m in January. This is three times cover of the current ZiG in circulation, according to the latest monetary policy statement.

newZWire

2/12/2025, 10:07:13 PM

Details here: https://www.ecocash.co.zw

newZWire

2/14/2025, 6:05:32 PM

*Changes at Steward Bank as Nyambirai makes a comeback* EcoCash Holdings has announced changes to its board following businessman Tawanda Nyambirai’s recent acquisition of a controlling stake in the company. Last year, Econet Wireless took over EcoCash’s mobile money business along with VAYA Technologies, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health. The restructuring left Steward Bank as the only remaining subsidiary of EcoCash Holdings. “I am happy that I have now bought Steward Bank back and look forward to continued support from everyone,” Nyambirai recently posted on social media. No details have been given yet on the transaction. Nyambirai originally founded the bank in 2001 as TN Bank before selling it to Econet in 2013 as part of a bailout deal.

newZWire

2/13/2025, 7:19:00 AM

Auditors BDO confirming RBZ now holds 2.7 tonnes of gold in reserves. This is up from 1.5 tonnes in April last year. Above taxes and other fees, Zim’s gold miners pay up to 5% of their revenues as royalties. Half of this 5% is paid in gold, which RBZ uses to build reserves

newZWire

2/10/2025, 9:16:50 AM

From his takes on the crisis in retail, to why businesses shun banks, and to ZiG, central bank governor John Mushayavanhu last Thursday displayed one talent that seems to be a requirement for Zimbabwean reserve bank governors — denial _ANALYSIS_: https://newzwire.live/how-mushayavanhu-is-continuing-a-long-rbz-tradition-denial/

newZWire

2/14/2025, 7:56:26 AM

Kuvimba’s previous attempts to raise capital failed because of uncertainty over the identity of private investors. Now 100%-govt owned, the company says it is making progress. Here, CEO Trevor Barnard speaks on his US$950M plan to develop mining projects https://newzwire.live/interview-kuvimba-ceo-speaks-on-us950m-plan-to-develop-mining-projects/

newZWire

2/17/2025, 9:46:12 AM

*Latest trading update from OK Zimbabwe shows the dire crisis in the retail sector*: • Sales volumes over the December quarter, traditionally a strong period due to Christmas, were down 36% • OK’s shops had half their normal stock. While suppliers wanted payments in USD, just 20% of OK’s sales were in dollars, a result of ‘exchange rate distortions’ • Four OK shops in Harare closed, and other closures may follow due to high costs • OK is looking at new procurement models to restock • RBZ lifted some exchange rate controls, but a fully market-determined exchange rate is what’s needed

newZWire

2/16/2025, 6:22:00 AM

*ED, Hichilema Lead SADC Push for AfDB Presidency* At the AU Summit in Addis Ababa, President Emmerson Mnangagwa and Zambian President Hakainde Hichilema, joined by Burundi’s Evariste Ndaishimiye, the COMESA chair, have held a joint press conference to rally support for Zambian candidate Samuel Maimbo in the race for African Development Bank (AfDB) president. Maimbo, a VP at the World Bank, secured backing from regional leaders at last year’s SADC Summit in Harare. He faces competition from candidates across other regions ahead of the elections set for May in Côte d'Ivoire. AfDB has played a significant role in Zimbabwe’s financial landscape, extending $55 million in credit lines to the private sector since 2023, with a further $135 million planned for 2025. Outgoing AfDB president Akinwumi Adesina has also led Zimbabwe’s arrears clearance negotiations with creditors. The bank’s ownership structure comprises 54 African nations, collectively holding a 60% stake, while 27 non-African member countries control the remaining share.

newZWire

2/12/2025, 10:06:07 PM

The opening of SPAR’s latest outlet at Greenfield, a new shopping complex in Harare, was rare good news for the struggling retail sector. But, says the company, the cost showed why Zimbabwean retail is in crisis https://newzwire.live/spar-yes-weve-opened-a-shiny-new-store-but-what-it-took-tells-a-bigger-story-of-retails-crisis

newZWire

2/9/2025, 7:11:57 AM

President Mnangagwa says South Africa is being punished for pursuing its national interests, drawing parallels with Zimbabwe’s own long-standing tensions with Washington. Speaking to reporters in Harare on Saturday night after returning from a regional summit in Tanzania, Mnangagwa expressed solidarity with South Africa and said Trump’s order continues a pattern of external pressure by what he called “imperialists”. https://newzwire.live/imperialists-can-do-what-they-do-mnangagwa-speaks-on-us-action-against-south-africa/