Wednesday, June 18, 2025
No Result
View All Result
News Report  Zimbabwe
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News
No Result
View All Result
News Report  Zimbabwe
No Result
View All Result
Home News

Details Emerge: Why Mnangagwa cut short Mangudya’s Reserve Bank stay

March 29, 2024
0
Zimbabwe working on measures to stabilise currency – Mangudya

PRESIDENT Emmerson Mnangagwa was yesterday forced to retire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya a month earlier to give his successor room to come up with fresh measures to stabilise the economy.

NewsDay understands that government wants Mangudya’s successor John Mushayavanhu to bring in new ideas to stem a raging economic chaos reminiscent of 2008.

Zimbabweans are grappling with the ever-rising cost of goods and services, while the local currency continues to tumble daily on the parallel market, with some service providers now rejecting it.

“It would not have made sense to allow Mangudya to release a Monetary Policy Statement (MPS) when he will be leaving office in a month’s time,” a source said last night.

“In addition, monetary authorities were under pressure to release the MPS after President Mnangagwa jumped the gun by announcing plans for a structured currency. The announcement caught everyone by surprise.”

The local currency, reintroduced in 2019, has been depreciating sharply amid calls for the redollarisation of the economy.

Mushayavanhu will present the much-awaited MPS next week as he hits the ground running, insiders said.

He will unpack the structured currency seen as a lasting solution to the challenges afflicting the local currency.

The Finance ministry yesterday hinted on new measures to buttress the local unit.

In a statement posted on the ministry’s X handle, Finance, Economic Development and Investment Promotion deputy minister Kudakwashe Mnangagwa cautioned Zimbabweans against disposing of the Zimdollar.

“We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner. If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it,” Mnangagwa said.
“Government is committed to ensuring that there will be no loss of value through the introduction of the currency stabilisation measures.”

In a notice published in the Government Gazette yesterday, Finance, Economic Development and Investment Promotion minister Mthuli Ncube said: “It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] appointed John Mushayavanhu as the governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024 and ending on March 27, 2029.”

Mnangagwa appointed Mushayavanhu as Mangudya’s successor in December.

He was supposed to assume office on May 1.

Mangudya’s term was due to end on April 30 after which he would have assumed a new role as Mutapa Investment Fund chief executive officer on May 1.

However, the veteran banker had commenced his new role earlier, necessitating the changes at RBZ, insiders said.

Mushayavanhu’s biggest task will be to stop the rapid depreciation of the Zimdollar, which has been on a free fall that has seen it depreciate by over 250% in just three months.

Last year, the local currency depreciated by over 700%.

Mushayavanhu is a respected banker who was at the helm of FBC Holdings Limited until the end of December.

Mangudya had been at the helm of RBZ since 2014.

Economists, however, remain cautious expressing concerns over government’s ability to deliver on its promises.

Harare-based economist Noah Ngirande said all forecasts for the country paint a picture of doom and gloom with no real prospects of a quick turnaround.

“Zimbabwe has a history of struggling to control inflation,” Ngirande said.

“The success of these new measures will depend on their implementation and the government’s commitment to long-term economic reforms.”

Government has previously introduced a raft of measures to stabilise the local currency without success.

In 2022, Zimbabwe introduced gold coins to mop excess local currency balances, blamed for fuelling the parallel market rate and leading to the rout of the Zimdollar by major currencies such as the United States dollar.

At the time, the Zimdollar was trading at US$1:ZWL$2 000 on the parallel market.

As of yesterday, the parallel market rate was over ZWL$30 000 to one US$1.

Currency depreciation has also led to an increase in prices with annual inflation racing to 55,3% in March from 47,62% in February.

Sources who attended the Zanu PF politburo meeting on Wednesday said runaway inflation was discussed extensively as the ruling party tried to find ways to deal with the weakening of local currency.

Mnangagwa said government was trying to find ways to stabilise the economy and prices.

“My government is determined to implement responsive interventions towards arresting speculative activities, inflation, price increases and stabilising the exchange rate,” he said.

“Equally important, our home-grown innovative solutions and hard honest work remain critical to increasing production and productivity in every sector.”

In 2008, hyperinflation in Zimbabwe peaked to an estimated 500 billion percent resulting in authorities dumping the local currency and adopting a multi-currency regime, a year later

Related Posts

The Billionaire Chronicles: Wicknell Chivayo’s Holiday from Drama

The Billionaire Chronicles: Wicknell Chivayo’s Holiday from Drama

by Nyathi
June 18, 2025
0

In a dramatic turn of events, Wicknell Chivayo has decided to respond to the circulating reports of his alleged US$437...

The Great ZWG Conundrum: A Tale of Two Realities

The Great ZWG Conundrum: A Tale of Two Realities

by Nyathi
June 18, 2025
0

  In a bizarre turn of events, the Reserve Bank of Zimbabwe (RBZ) has declared that there's enough Zimbabwe Gold...

Land Grab Drama Unfolds in Zimbabwe: Billionaire Gets Generous Government Deal

Land Grab Drama Unfolds in Zimbabwe: Billionaire Gets Generous Government Deal

by Nyathi
June 18, 2025
0

In a shocking twist, Zimbabwean businessman Muller Conrad "Billy" Rautenbach is set to receive over 1,000 hectares of land as...

Zimbabwe’s US$412 Million Contract Controversy: A Deepening Scandal

Zimbabwe’s US$412 Million Contract Controversy: A Deepening Scandal

by Nyathi
June 18, 2025
0

Fadzai Mahere's recent tweet has sparked widespread concern about the Zimbabwean government's dealings with businessman Wicknel Chivayo. According to Mahere,...

Zimbabwe’s Farmers Unite Amid Land Grab Compensation Woes

Zimbabwe’s Farmers Unite Amid Land Grab Compensation Woes

by Nyathi
June 17, 2025
0

In the heart of Zimbabwe's agricultural sector, an unlikely partnership is flourishing. Daniel Burger, a fourth-generation white farmer, and Miriam...

The Whipping Girls of Limpopo

The Whipping Girls of Limpopo

by Nyathi
June 17, 2025
0

In the heart of Limpopo, South Africa, there's a culture that's got everyone running for cover – literally! Meet the...

Please login to join discussion

Trending News Today

  • Man Narrowly Escapes Becoming a Lion Snack

    Man Narrowly Escapes Becoming a Lion Snack

    194 shares
    Share 78 Tweet 49
  • The Whipping Girls of Limpopo

    159 shares
    Share 64 Tweet 40
  • Beauty & Betrayal- Pageant Queen’s $5,6K Nightmare

    84 shares
    Share 34 Tweet 21
  • Newborn Baby Found Buried in Shallow Pit

    49 shares
    Share 20 Tweet 12
  • Walter Mzembi’s Night in the Cells: A Former Minister’s Troubles Continue

    46 shares
    Share 18 Tweet 12
  •  Lungu Family and Zambian Government Reach Last-Minute Agreement

    56 shares
    Share 22 Tweet 14
  • Justice Sought for Ruwa Man’s Death

    33 shares
    Share 13 Tweet 8
  • Themba Mliswa’s Birthday Bash: Jah Prayzah Steals the Show

    30 shares
    Share 12 Tweet 8
  • Zimbabwe’s Farmers Unite Amid Land Grab Compensation Woes

    25 shares
    Share 10 Tweet 6
  • Bulawayo Artist Leaves Wife With 7 kids for a Side Chick

    75 shares
    Share 30 Tweet 19

Popular This Week

  • Susan Mutami’s Desperate Plea To  Temba  Mliswa

    Susan Mutami’s Desperate Plea To Temba Mliswa

    408 shares
    Share 163 Tweet 102
  • The Pilot Who Flew Under the Radar for 20 Years

    227 shares
    Share 91 Tweet 57
  • Street Preacher’s Double Life Exposed

    227 shares
    Share 91 Tweet 57
  • Man Narrowly Escapes Becoming a Lion Snack

    194 shares
    Share 78 Tweet 49
  • Witchcraft in Glen View 1

    179 shares
    Share 72 Tweet 45
  • The Whipping Girls of Limpopo

    159 shares
    Share 64 Tweet 40
  • Tragic Incident in Dema Village Under Investigation

    151 shares
    Share 60 Tweet 38
  • Tuck-Shop Bandits Get a Taste of Justice

    137 shares
    Share 55 Tweet 34
  • Tragic Accident Claims Life of Young Man in Mbizo 7

    121 shares
    Share 48 Tweet 30
  • Scandal!’s Sweethearts Say Goodbye: Hungani and Stephanie Ndlovu’s Bittersweet Split

    120 shares
    Share 48 Tweet 30

Popular This Month

  • How to Legally Avoid Paying the US$92 ZBC Radio Licence Fee in Zimbabwe

    How to Legally Avoid Paying the US$92 ZBC Radio Licence Fee in Zimbabwe

    615 shares
    Share 246 Tweet 154
  • Susan Mutami’s Desperate Plea To Temba Mliswa

    408 shares
    Share 163 Tweet 102
  • Bulawayo Police Bust Vuzu Party, Arrest 13 Youths

    334 shares
    Share 134 Tweet 84
  • Fatal Dog Attack Exposes Mike Mupinga’s Troubling Past

    289 shares
    Share 116 Tweet 72
  • Widow Caught in Bed With Lover a Week After Burying Husband

    260 shares
    Share 104 Tweet 65
  • New ‘ lobola’ Fees for Foreigners Seeking Medical Care in Gauteng

    246 shares
    Share 98 Tweet 62
  • The Pilot Who Flew Under the Radar for 20 Years

    227 shares
    Share 91 Tweet 57
  • Street Preacher’s Double Life Exposed

    227 shares
    Share 91 Tweet 57
  • Drama at a Funeral: Speaking Ill of the Dead Doesn’t Pay

    210 shares
    Share 84 Tweet 53
  • Two Zimbabwean Care Home Workers in the UK attacked, one killed

    208 shares
    Share 83 Tweet 52

Most Read Stories

  • “Zimbabwe Is Discrediting SADC”

    ZANU PF Accused Of Bribing SADC Elders To Retain From Losing Power

    5245 shares
    Share 2098 Tweet 1311
  • Madzibaba gets Toyota Aqua after explaining new currency ZiG to church

    4535 shares
    Share 1814 Tweet 1134
  • Breaking News: Zimbabwe launches New Currency (Zig)

    4279 shares
    Share 1712 Tweet 1070
  • Guide : How to access 2023 Zimsec Ordinary O Level results online

    3974 shares
    Share 1590 Tweet 994
  • Uganda Police Officer Shoots Wife Dead After Mocking Him Over Man-U Loss

    3897 shares
    Share 1559 Tweet 974
  • Floods hit Gweru

    3595 shares
    Share 1438 Tweet 899
  • Mashura pa Gokwe musi wa 12.02.24

    3544 shares
    Share 1418 Tweet 886
  • Secret message for ED after his inauguration

    3483 shares
    Share 1393 Tweet 871
  • Heatwave Warning:Expect Extremely hot temp ranging from 36° to 41° until 12 March

    3394 shares
    Share 1358 Tweet 849
  • Here is the reckless Kombi Driver!!!!!!!!!!! See pics here

    3221 shares
    Share 1288 Tweet 805

  • About Us
  • Contact Us
  • FAQ
  • Privacy Policy
  • Terms of Service
  • Home

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News