foreign currency

President Emmerson Mnangagwa has prohibited the Reserve Bank of Zimbabwe (RBZ) from borrowing foreign currency amid the surge in the crippling financial crisis in Zimbabwe.
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The opposition Citizens Coalition for Change (CCC) has warned that Zimbabwe is becoming "riskier, bad for investment, deathly uncertain and volatile with low returns" following President Emmerson Mnangagwa’s "illegal decree" of banning…
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Zimbabwe holds the world’s second-largest reserves of platinum and chrome, while large deposits of lithium, diamond, coal and gold have attracted some investors. However, mining executives are expecting no new investment in operations.
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The bulk of the country’s foreign currency earnings come from export proceeds, development partner support and diaspora remittances.
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Speaking at a post-Cabinet briefing, Minister of Information, Publicity and Broadcasting Services Monica Mutsvangwa said Government had decided to prosecute offenders and cancel fuel trading licences.
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Fidelity Printers and Refiners head of gold operations, Mr Mehluleli Dube said they were also cautious in issuing gold buying licences to deal with unscrupulous buyers who might be in the business for speculative reasons.
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Some businesses have put in more than 50 bids from a single firm to access foreign currency at the Reserve Bank of Zimbabwe auctions using different names and banks, RBZ Governor Dr John Mangudya told a Parliamentary committee yesterday.
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Government yesterday gazetted new regulations that criminalise the conduct of charging above the official exchange rate and refusing to take the Zimdollar in local transactions.
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Illegal money changers in Harare and other parts of the country are now hanging around and even inside supermarkets that might have a reasonable number of shoppers using foreign currency offering to pay a premium.
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A gang of six armed robbers raided Access Bureau de Change in Bulawayo this morning and made off with an undisclosed amount of money in foreign currency.
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