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Inflation ravaged Zimbabwe introduces $100 note

Published

3 years ago

April 7, 2022

HARARE – Zimbabwe has introduced a new $100 note as inflation ravages the nation.

Announcing the new features of the dollar note in Statutory Instrument (SI) 68A of 2022, Finance minister Mthuli Ncube did not spell out the reasons for introducing the dollar note.

According to the Reserve Bank of Zimbabwe (RBZ), the country is facing galloping inflation and the new note shall be issued in terms of section 40(3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15].

Statutory Instrument 68A reads in part, “On the front side the dominant feature shall be the logo of the Reserve Bank of Zimbabwe (three balancing rocks), with the visually impaired recognition feature to the left, latent image showing the denomination, windowed security strip inscribed “RBZ” with color shift from red to green, watermark with highlighted inscription “RBZ” and see-through of Zimbabwe Bird looking to the left in perfect register, as secondary features.

“On the back side, there shall be an impression of Great Zimbabwe Monument and the Baobab Tree, gold colour iridescent band showing the denomination of the note and see-through of the Zimbabwe Bird looking to the right.”

The RBZ last year introduced $10, $20 and $50 notes

In a statement, the RBZ said the Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on April 1, 2022 to consider developments in the domestic and international macroeconomic environment as well as the impact of global geopolitical factors on the economy.

The RBZ said: “While noting the decline in month-on-month inflation, from 6.99% in February 2022 to 6.31% in March 2022, the Committee was concerned with the escalation in annual inflation, from 66.11% to 72.70%, over the same period.

“The committee particularly noted that global inflation was on the increase as a consequence of the on-going Russia-Ukraine conflict which had secondary pass through effects on domestic and international prices.

“Rising prices of oil, gas, fertilizers and other related products had the effect of increasing global inflation and inevitably had a negative impact on domestic costs of production and was destabilising the foreign exchange market.

“In this regard, the committee reiterated the need for the bank to remain focused on inflation reduction and putting in place additional policy measures in response to the resurging inflationary pressures and foreign exchange parallel market activities.”

The RBZ said the committee resolved to review upwards the bank policy rate from 60 percent to 80 percent per annum; review upwards the medium-term bank accommodation facility Interest Rate from 40 percent to 50 percent per annum; review upwards the minimum deposit rates for Zimbabwe savings and time deposits from 10 percent and 20 percent per annum to 12.5 percent and 25 percent, respectively.

The committee also recommended the tightening of the monetary policy by reducing the quarterly reserve money growth target from 7.5 percent to five percent for the quarter ending June 2022; liberalising the foreign exchange market by allowing banks to conduct foreign exchange transactions of up US$1,000 under an arrangement agreed upon between banks and the RBZ and in terms of which individuals with free funds and entities/corporates holding foreign exchange in their foreign currency accounts (after meeting the statutory surrender requirements) shall be free to sell foreign currency to banks on a willing-buyer-willing-seller basis; and ensuring that commercial imports are processed through normal banking channels in line with international best practice. – VOA

National

ZESA struggles to meet demand as Hwange fault and Kariba dam water levels bite

Published

2 days ago

November 13, 2024

VicFallsLive

BY WANDILE TSHUMA

Zimbabwe Electricity Supply Authority, ZESA has announced that the national power grid is experiencing reduced electricity generation capacity due to a technical fault at Hwange Power Station and low water levels at Kariba Dam.

“ZESA Holdings would like to advise its valued stakeholders that the national power grid is currently experiencing reduced electricity generation capacity due to a technical fault at Hwange Power Station,”

“This has been further compounded by low generation capacity at Kariba Power Station, resulting from low water levels.

Our technical teams are actively working to resolve the fault at Hwange to minimize the impact on our customers.”

ZESA STATEMENT

Meanwhile, the Zambezi River Authority has sounded the alarm on the dire water levels at Kariba Dam, which has dropped to a critically low 2.40%.

This has left Zimbabwe and Zambia facing a precarious electricity supply situation.

As the power cuts continue, communities are feeling the brunt of the outages.

Businesses are struggling to operate, and residents are forced to go without electricity for extended periods. The situation has also affected water supply, communication, and healthcare services.

Other news organizations and research have highlighted the severity of the power crisis in Zimbabwe.

According to a report by the Zimbabwe Coalition on Debt and Development, the country’s energy sector is facing a myriad of challenges, including aging infrastructure, lack of investment, and a heavy reliance on imported electricity.

The report notes that the power cuts have had a devastating impact on the economy, with businesses losing millions of dollars in productivity and revenue.

The situation has also affected the livelihoods of ordinary Zimbabweans, who are struggling to access basic services like healthcare and education.

National

Stepdad accused of killing three months old daughter

Published

3 days ago

November 12, 2024

VicFallsLive

BY STAFF REPORTER

A Shurugwi stepfather has appeared in court facing allegations of poisoning to death his 3-month-old stepdaughter.

According to the National Prosecuting Authority, Tatenda Masunda (24) appeared before the Shurugwi Magistrates’ Court facing a murder charge.

The State alleges that on the 3rd of November, at around 5 AM, the accused stopped the infant’s mother from taking the baby with her to a nearby borehole where she intended to do the laundry.

He then retrieved a poisonous substance, commonly used in gold purification, which he had hidden in the yard, and fed it to the infant.

The accused later brought the visibly distressed and crying infant to the mother.

The mother rushed the infant to Zvamabande Hospital.

She was referred to Shurugwi District Hospital, where the baby was pronounced dead upon arrival.

The accused fled to Chegutu, where he was arrested on the following day.

He was remanded to the 21st of November
pending investigations.

National

UK scam lands two in court

Published

3 days ago

November 12, 2024

VicFallsLive

BY STAFF REPORTER

Two women have appeared in the Magistrates’ court in Bulawayo charged with fraud.

Nokuthula Sibanda and Nothando Ndlovu allegedly received a total of $5 730 from the complainant on the pretext of securing a UK sponsorship certificate for her daughter sometime last year.

However, the accused persons provided conflicting information during numerous follow-ups, leading the complainant to report the matter to the police.

The pair was remanded to November 18.

The state alleges that the complainant and her daughter approached Sibanda seeking assistance to secure a UK sponsorship certificate for her daughter.

Sibanda and Ndlovu, acting in connivance, promised to facilitate the process upon payment of a registration fee of $230 and a processing fee of $5 300.

The complainant paid the registration fee and an additional $5 300 on May 2 .

She also paid the remaining $200 on May 3

The accused persons assured her that her daughter would depart for the UK in August.

Despite numerous follow-ups, the complainant received conflicting information, leading her to report the matter to the police.

The total amount lost by the complainant is $5 730, which has not been recovered.