Zimbabwe rules out ditching local currency as dollar use soars

Published

2 years ago

April 24, 2023

LONDON – Zimbabwe plans to keep its local currency as legal tender, even as the US dollar is now the unit of choice for most transactions in the economy.

The extensive use of US dollars doesn’t concern authorities, who instead see it as a way to access foreign currency, according to Mthuli Ncube, the Southern African nation’s finance minister.

The country is ineligible to access lines of credit from multilateral financial institutions because it owes more than US$14 billion.

“Zimbabwe is very clear, the currency for transaction is the Zimbabwe dollar and US dollar and we are very comfortable with that,” Ncube said on Friday.

“For now the Zimbabwe dollar exists.”

Still, the highest denomination of the local unit is $100 — equivalent to about 10 US cents — highlighting the pressure the Zimbabwean currency is under.

It has lost more than 40% of its value on the official market this year.

The Zimbabwe dollar was reintroduced as legal tender in June 2019 after bring scrapped a decade before when hyperinflation made it worthless.

It’s struggled to find widespread acceptance among citizens, with inflation that peaked at 837 percent in 2020 helping erode value.

At least 77 percent of transaction are done in the American currency, according to the statistics agency.

The Zimbabwe dollar’s return four years ago made domestic manufacturers more competitive, with locally produced products at 80 percent in most retail outlets, according to Ncube.

“It has done a great job,” he said. “We are very comfortable with both currencies.” – Bloomberg

Coal train in flames: NRZ locomotive damaged in fire incident

Published

5 days ago

April 16, 2025

VicFallsLive

BY WANDILE TSHUMA

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.

National

Ranger killed by elephant in Kariba

Published

1 month ago

March 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A 62-year-old ranger, Josphat Mandishara, was tragically killed by an elephant in Kariba yesterday.

Mandishara, who worked for the Zimbabwe Parks and Wildlife Management Authority (ZimParks), was on patrol in the Gatche-gatche area with fellow rangers and police officers.

At around 10 pm, Mandishara returned to the harbor where their boat was docked, and that’s when he encountered the elephant. The elephant charged at him, causing fatal injuries. His colleagues were nearby, resupplying at the Gatche-gatche Irrigation Scheme.

Mandishara’s body was taken to Kariba District Hospital for a post-mortem, and the incident was reported to the police.

ZimParks has sent a team to manage the problem elephant and prevent similar incidents in the future.

The Director General of ZimParks, Prof. Edson Gandiwa, and his team have sent condolences to Mandishara’s family, friends, and colleagues. Mandishara will be remembered for his dedication to wildlife conservation in Zimbabwe.

National

ZIMRA customs officer appears in court for criminal abuse of office

Published

3 months ago

February 3, 2025

VicFallsLive

BY STAFF REPORTER

A Zimbabwe Revenue Authority (ZIMRA) customs officer, Phillip Kuvenga, has been accused of criminal abuse of office for allegedly assisting in the importation of banned motor vehicles.

Kuvenga, 28, who is stationed at Victoria Falls, allegedly received documents from clients, completed valuation sheets, and carried out the valuation process. However, he is accused of endorsing different chassis numbers to deceive his supervisors during the validation and approval process.

After obtaining approval, Kuvenga would capture the correct chassis numbers in the ASYCUDA World System. He would then alter or replace the documents submitted earlier to his supervisors.

The offense came to light when a motor vehicle that had not yet arrived in Zimbabwe was found to have been already registered. A thorough check by ZIMRA led to Kuvenga’s arrest.

Kuvenga appeared in court on February 1, where he was denied bail by Magistrate Gift Manyka. He is expected to appear in court again today for another bail hearing.