Reserve Bank of Zimbabwe

 

Zim gold output sinks 64%

Staff Reporter

Zimbabwe's gold production plunged by 64,5% in October compared with the same period last year, underscoring the woes of the once vital industry.

Gono fails to name-and-shame cash barons

Staff Reporter

Zimbabwe's bank chief Gideon Gono did not hold his long-awaited name-and-shame meeting with a parliamentary committee this week because Parliament has adjourned until April, state radio said on Tuesday. Gono was on Monday scheduled to give a damning report on top officials he calls cash barons.

Zimbabwe to introduce new banknotes

Staff Reporter

New banknotes, including a Z$10-million bill, will go into circulation in inflation-ravaged Zimbabwe this week, the central bank's governor said on Wednesday. Less than a month after announcing a similar move, Gideon Gono said the new notes would provide much-needed relief to consumers who often have to go shopping with sacks of cash.

Zimbabwe fuel shortage threatens tobacco output

Staff Reporter

Zimbabwe's agricultural production is poised to plummet further amid revelations that the country has secured less than 5% of the agricultural sector's fuel requirements for the 2007/08 season. In a development likely to hurt the key tobacco sub-sector, only 9-million litres of fuel have been acquired by cash-strapped Harare authorities.

Zimbabwe lifts main lending rate to 800%

Staff Reporter

Zimbabwe's central bank on Monday raised its main lending rate to 800% from 650% to tame "angry and formidable" inflation, Reserve Bank of Zimbabwe Governor Gideon Gono said. The central bank also will launch a new currency soon to try to curtail a thriving foreign-exchange black market, he announced in a bi-annual monetary policy speech.

Production plummets at last Zim diamond mine

Staff Reporter

Murowa Diamonds -- Zimbabwe's sole operating diamond miner -- recorded a 40% drop in production in 2007, owing to frequent power failures and machine breakdowns, the company said. Murowa is 78% owned by London-based mining firm Rio Tinto.

Inflation shock? Not for cynical Zimbabweans

MacDonald Dzirutwe

Simon Kamunhukamwe just shrugged when Zimbabwe's official inflation figure topped 26 000%. Exploding prices have become a part of life and protesting against the economic meltdown can be risky, especially as President Robert Mugabe digs in for elections next month.

Report: Zim MP flees to UK over currency probe

Staff Reporter

A legislator in Zimbabwe's ruling party has fled to Britain, fearing arrest in a police probe of foreign-currency payments he made last month, official media reported on Sunday. The state-owned Sunday Mail quoted unnamed sources as saying police wanted to interview David Butau, the Zanu-PF MP for a northern constituency.