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RBZ boss warns big firms ‘manipulating exchange rate’

Published

4 years ago

September 7, 2021

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has urged large corporates to stop “manipulating the exchange rate” by exploiting the gap between the parallel-market and official currency prices for profiteering.

The governor expressed concern that companies are snapping up more foreign currency than they are allowed to through the Reserve Bank of Zimbabwe’s auction system, then selling it on at inflated prices.

“They are manipulating the auction system through arbitrage behaviour.

“Some of them are coming to the auction with more than 50 surrogate entities and we have picked that up,” Mangudya said in an interview Monday.

“They come to the auction and they are allocated the foreign currency at $86 (for one United States dollar) but they offload it at $140 on the parallel rate,” he said.

Under the auction rules, primary producers are allowed to bid for as much as US$500,000 during the weekly auction while secondary producers can bid for a maximum of us$100,000.

Mangudya said the entities are also pricing their goods and services using the parallel rates, despite having accessed the dollars at the auction system.

“At the end of the day, it’s the consumer who will be forced to pay more and that is simply not fair,” he said.

Zimbabwe’s central bank last year abandoned a currency peg and set up a weekly auction to ease a severe United States dollar crunch that forced companies to turn to the parallel market for foreign currency. Since then, officials have regularly raised concern over the abuse of the auction system.

President Emmerson Mnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 50% and foreign-currency shortages.

In May, he published penalties for companies and individuals for currency manipulation that include fines of $1million (US$11,620) as well as a “total ban” from the auction. – Bloomberg

National

Government unveils plan to curb road accidents

Published

13 hours ago

July 30, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

Minister of Information, Publicity, and Broadcasting Services, Jenfan Muswere, has outlined a series of measures to combat the rising tide of road traffic accidents in the country.

Zimbabwe has been witnessing a worrying surge in road traffic accidents, with the latest incident claiming 17 lives last week, along Seke road.

Yesterday, Muswere addressed the cabinet, outlining measures to curb road traffic accidents. Below is his statement, word for word:

“So capacitation of the vehicle inspection is ongoing and the sourcing of the vehicle inspection department. Compliance to legislation is also one of the parameters that we are utilising.Standardisation in terms of driving schools, the training of drivers, speed limits as a governance to traffic monitoring, the utilisation of traffic management, the utilisation of cameras for number plate recognition and facial recognition in order to curb over speeding and traffic offences. The capacitation of the Zimbabwe Republic Police in order to apprehend and also deal with traffic offences. Legislation amendments that are taking place in order to ensure that our roads are safe. As the minister (Felix Mhona) has also highlighted that the Civil Protection Unit is being capacitated in order to deal with the challenges that we might not have been able to deal with as part of an architecture under the hall of government approach.”

Background statistics from the Zimbabwe Republic Police reveal a concerning trend. During the first six months of 2025, the country recorded 28 159 road traffic accidents, up from 25 968 in the same period last year. Fatal crashes also increased by 11% from 784 to 870, while road deaths rose by 4.9% from 1 037 to 1 088. The majority of accidents occur in known danger zones, often due to commuter congestion and erratic driving by public transport operators.

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Two Zimparks rangers injured in elephant attack

Published

13 hours ago

July 30, 2025

VicFallsLive

BY WANDILE TSHUMA

Two Zimbabwe Parks and Wildlife Management Authority (Zimparks) rangers were injured by elephants in the Sengwa, Chirisa Safari area yesterday, while investigating a reported case of a snared buffalo.

According to a Zimparks press statement released yesterday by their spokesperson, Tinashe Farawo, the incident occurred when the duo encountered a herd of elephants with calves, which charged at them.

A helicopter was reportedly dispatched to airlift both rangers to Harare for urgent medical attention as of yesterday afternoon.

During the chaotic scene, one ranger suffered a broken arm while fleeing, while the other was gored, sustaining severe abdominal wounds and fractures to his arm and leg.

Farawo concluded by saying that the authority’s thoughts are with the injured rangers and their families during this challenging time.

In the community

Relatives convicted of brutal assault of son-in-law over property dispute

Published

2 days ago

July 29, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

The Bulawayo court has concluded the case of a 65-year-old man, Abednico Maposa, who was brutally attacked by his relatives, including his wife and three brothers-in-law, over a property dispute in Swart Village, Inyathi.

According to the National Prosecuting Authority, four accused individuals – Sikhanyiso Zulu, Isaac Sibanda, Cabangani Zulu, and Lucky Zulu – were on trial for assaulting Maposa.

The State alleged that on February 9, the accused persons attacked Maposa with stones, demanding a fridge and other belongings, and left him unconscious with head and body injuries.

In conclusion, the Tredgold Regional Court Magistrate in Bulawayo acquitted Sikhanyiso Zulu and Isaac Sibanda due to insufficient evidence.

Cabangani Zulu and Lucky Zulu were convicted and sentenced to 24 months imprisonment, with 6 months suspended and an additional 18 months suspended on condition that they complete 630 hours of community service.