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Mangudya blames businesses for Zimbabwe dollar collapse

Published

4 years ago

January 19, 2022

BY RAY NDLOVU

Reserve Bank of Zimbabwe governor John Mangudya is reluctant to act to narrow a widening gap between the national currency’s official and black market rates, saying businesses were to blame for the disparity.

While the Zimbabwean dollar has been allowed to gradually weaken from parity with the greenback in February 2019 to 112.80 to the dollar as of Wednesday, it trades at more than 200 to the dollar on the black market, stoking inflation.

Business leaders have blamed the gap on a lack of foreign currency supply though Mangudya says it’s due to many businesses accepting payment in US dollars at the unofficial, or parallel market, rate.

“We would love convergence, but it requires the business community to also walk the talk,” he said in an interview in Harare.
“Convergence must be at a realistic exchange rate.”

A weekly foreign currency auction run by the central bank resumed Tuesday after a more than month-long gap over the Christmas holidays.

“Delays only help in promoting the parallel market as a source of US dollars,” the oldest brokerage in the country, Imara Asset Management, said in a note to clients this week.

Currency collapse

The local currency slid 3.68 percent at the first auction of the year to 112.80 per US dollar, according to data provided by the central bank. That’s the largest decline in two months.

Business has said it is at the receiving end of the currency rate disparity. It struggles to obtain the foreign currency, which it needs to keep operations running and is forced to turn to the parallel market.

The Confederation of Zimbabwe Industries, the largest business lobby group in the country, warned in October that a policy response from authorities was needed to save the local unit from collapse.

“Such a gap plays havoc” for companies, John Legat, the CEO of Imara, said.

To have the official rate move to match the parallel market rate is “like chasing one’s tail,” according to Mangudya.

The unofficial rate will only surge even higher, decimate the earnings of citizens and lead to price hikes in the southern African nation, where annual inflation was 61% in December,” he said.

“People just want to hold US dollars,” said Mangudya. – Bloomberg

In the community

Domestic violence takes a deadly turn: Hwange woman’s violent outburst lands her in jail

Published

4 days ago

July 24, 2025

VicFallsLive

BY STAFF REPORTER

A 19-year-old woman from Makwika Village has been sentenced by the Hwange Magistrate’s Court for domestic violence and assault after a violent incident occurred on June 2, 2025.

The court heard that the woman assaulted her husband after he confronted her over messages on her phone. She slapped him, grabbed his private parts, dragged him into the kitchen, and poured boiling water on his lower body, causing serious injuries.

A concerned neighbor who attempted to intervene was also burnt with boiling water on her chest and hospitalized.

The woman was sentenced to 12 months imprisonment for domestic violence and 24 months imprisonment for assault. However, 12 months of the assault sentence were suspended for 5 years on condition of good behavior, and the remaining 24 months were suspended on condition of performing 630 hours of community service.

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, emphasizing that violence, whether in the home or community, is unacceptable.

“The law applies equally to all, and offenders will be held accountable,” said the NPAZ. “We encourage citizens to resolve disputes peacefully and report abuse immediately.”

In the community

Teenager sentenced to 18 months for knife attack on minor

Published

4 days ago

July 24, 2025

VicFallsLive

BY WANDILE TSHUMA

The Bulawayo Regional Court recently sentenced a 19-year-old male from Nkayi’s Maphosa Village to 18 months imprisonment for attempted murder after a violent knife attack on a 15-year-old boy at Gwamayaya Business Centre.

Allegations are that on April 18, at approximately 23:00 hours, the offender entered a shop at the business centre, causing a commotion. When customers attempted to calm him down, he became aggressive and charged at the victim, stabbing him in the left side of the stomach with a knife.

The victim was rushed to the hospital for medical attention, while the offender was arrested and charged with attempted murder.

In court, the offender was convicted and sentenced to 18 months imprisonment. However, six months of the sentence were suspended on condition of good behaviour, while the remaining 12 months were suspended on condition that he performs 410 hours of community service.

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, urging young people to resolve conflicts peacefully and encouraging communities to play a role in early intervention.

“Violence is never the answer. Every life matters – walk away, don’t escalate,” said the NPAZ in a statement.

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Fastjet launches Bulawayo to Victoria Falls flights

Published

4 days ago

July 23, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

Fastjet Zimbabwe is set to expand its domestic route network with the introduction of flights from Bulawayo to Victoria Falls, starting August 8.

The new route will operate four times a week, on Mondays, Wednesdays, Fridays, and Sundays.

According to Nunurai Ndawana, spokesperson for Fastjet Zimbabwe, “The new Bulawayo to Victoria Falls flight strengthens our presence in Bulawayo and underscores our commitment to the development of tourism region.” Ndawana added, “Our four times a week flights will offer more travel opportunities and support both leisure and corporate travel between the two cities, reaffirming our position as a key airline partner in connecting the Matabeleland region.”

Vivian Ruwuya, Fastjet Zimbabwe’s Chief Commercial Officer, noted that “This has been a long time coming. We have been monitoring the development and traffic trends between the manufacturing city of Bulawayo and our tourism hub of Victoria Falls. The introduction of a scheduled service is a result of widespread consultative engagements and collaboration with key players in the industry.”

Fastjet Zimbabwe will deploy its Embraer fleet on the new route, offering customers a comfortable flight experience. The flight schedule is as follows:

– BUQ-VFA Flight FN8111: Monday, Wednesday, Friday, Sunday, departing Bulawayo at 13:25 and arriving in Victoria Falls at 14:20.
– VFA-BUQ Flight FN8112: Monday, Wednesday, Friday, Sunday, departing Victoria Falls at 14:50 and arriving in Bulawayo at 15:45.