Tax Amnesty 2018

Tax Amnesty 2018

Press Statement on TAX AMNESTY 2018 In an effort to encourage our valued clients to regularize their tax affairs, Government has, through the Finance Act No. 1 of 2018 published on 15 March 2018, made provisions for the granting of a tax amnesty to persons on application. Persons include companies, corporate or unincorporated body of […]

Forex Externalisers – Looters Named by ED Mnangagwa

Forex Externalisers – Looters Named by ED Mnangagwa

Forex externalization has been blamed by most for the current cash shortages the nation is facing that has seen the reintroduction of black market forex trading with rates averaging 20% but as high as 90% in some periods. President ED Mnangagwa gave individuals and companies 3 months until March 16, 2018 to return all the […]

Barclays Bank Zimbabwe Snatched by FMB Malawi

Barclays Bank Zimbabwe Snatched by FMB Malawi

Barclays Bank Zimbabwe, with a market capitalization of approximately US$65 million, has been bought by First Merchant Bank (FMB) of Malawi. According to sources Barclays Bank plc, the majority shareholder of the bank, will not necessarily receive cash settlement for the acquisition but will received part ownership of FMB Malawi that it can dispose of […]

Grocery Shopping – 10 Ways to Save Money

Grocery Shopping – 10 Ways to Save Money

Grocery shopping can be an expensive part of your monthly budget. Most people will agree with the previous statement and because every household has a monthly grocery expenditure this article is for you. The savings elements discussed here could save you hundreds of dollars every year. With the cash crisis we are experiencing in Zimbabwe […]

One Hundred Trillion Zimbabwean Dollar Notes On eBay For US$3000

One Hundred Trillion Zimbabwean Dollar Notes On eBay For US$3000

One Hundred Trillion Zimbabwean Dollar Notes making sellers lots of money on eBay – turnovers of over US$120,000.00 in some cases. Since the hyperinflation in the late 2009 the RBZ issued $100,000,000,000,000 notes, and they barely paid for a loaf of bread. And from 2009 the value of these notes has not gone down. In […]

Selling of Cash Against RTGS Balances

Selling  of Cash Against RTGS Balances

There have been reports of much chatter on whatsapp groups of people selling cash against RTGS, bank transfers or mobile money transfers with individuals reported to be trading as little as $50-$100 against mobile transfers at rates ranging from 10% to 30%. Sadly some involved are unaware of the illegality of such transactions while some […]

Banking Charges Reduced by RBZ

Banking Charges Reduced by RBZ

The Reserve Bank of Zimbabwe (RBZ) has today introduced a new bank transaction fees which are structured according to the amount a person withdraws .This move by the RBZ will result in withdrawal costs declining significantly and certain charges being scrapped. The new charges will be put at 1 percent of an amount withdrawn at […]

The 2017 Budget Highlights

The 2017 Budget Highlights

Highlights of the 2017 budget presented by Finance Minister Patrick Chinamasa to Parliament on Thursday, 8 December 2016. Growth is projected to increase from 0,6 percent in 2016 to 1,7 percent. Inflation projected to go up from a negative -1,5 percent to 1,1 percent. Total expenditure projected at $4.1 billion, total revenue collection at $3,7 […]

Bond Notes: The Release Of $7 Million In Second Batch

Bond Notes: The Release Of $7 Million In Second Batch

PRESS STATEMENT ON THE RELEASE OF $7 MILLION SECOND BATCH OF BOND NOTES The Reserve Bank of Zimbabwe (the Bank) would like to express its great appreciation to the Zimbabwean public, consumers and business, for embracing Bond Notes following the release of the first batch of $10 million Bond Notes on 28 November 2016. The […]

Bond Notes Arrive on 28 November 2016

Bond Notes Arrive on 28 November 2016

PRESS STATEMENT ON THE INTRODUCTION OF BOND NOTES The Reserve Bank of Zimbabwe is pleased to advise the nation of the introduction of bond notes with effect from Monday, 28 November 2016. The bond notes will be released into the market through normal banking channels in small denominations of $2 and $5 to fund export […]

IMF Lifts Zimbabwe Sanctions as Ties Normalise; But Fresh Funding Far Off

IMF Lifts Zimbabwe Sanctions as Ties Normalise; But Fresh Funding Far Off

The International Monetary Fund (IMF) executive board on Monday approved the removal of the remedial measures applied to Zimbabwe that had been in place because of the country’s overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT). The measures to be removed include the declaration of non-cooperation with the IMF,the suspension of technical […]

Cash transactions down 8pct as cash shortages intensify – RBZ data

Cash transactions down 8pct as cash shortages intensify – RBZ data

Cash transactions declined by eight percent from $5,3 billion in July to $ 4, 9 billion in August, as an acute shortage of bank notes forces more people to use online payment methods, data from the central bank has shown. The Reserve Bank of Zimbabwe (RBZ) noted that the total value of mobile and internet […]

Telecash To Give International Remittance Recipients 10% Incentive

Telecash To Give International Remittance Recipients 10% Incentive

Telecel Zimbabwe has announced that it will be giving international remittance recipients a 10% incentive provided they are registered on Telecash. The scheme which is currently the largest incentive on the market is intended for registered Telecash users who are receiving money from the diaspora. Registered Telecash customers will receive an extra 10% with the […]

Foreigners Ditch Zimbabwe Equities In Record Numbers Over Currency Move

Foreigners Ditch Zimbabwe Equities In Record Numbers Over Currency Move

Foreign buyers are deserting the Zimbabwe Stock Exchange in record numbers, with net outflows of $56, 28 million in the 10 months to October, the biggest sell-off in five years over government plans to introduce a token currency in the financial system. Zimbabwe has sort to contain a dollar shortage by introducing local ‘bond notes,’ […]

Budget – Create One For Your Home

Budget – Create One For Your Home

Most people will look at the title and think budgets are only for accountants or the Minister of Finance or businesses, BUT everyone and every institution requires a budget. Perhaps let’s begin by defining it so that it’s use immediately becomes apparent. Simply put, a budget is a spending plan for your money. It considers […]