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RBZ boss warns big firms ‘manipulating exchange rate’

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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.

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“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.

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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.

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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

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National

RemitHope launches “100 for 10” campaign to raise $100K for grassroots organisations across Africa

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BY STAFF REPORTER 

RemitHope, a pioneering fintech social enterprise – founded by global philanthropist and social entrepreneur Tsitsi Masiyiwa – has launched a bold campaign to raise US$100 000 in just 60 days for 10 grassroots organisations serving some of Africa’s most vulnerable communities.

The campaign – themed “100 for 10” – seeks to channel life-changing support to organisations on the frontlines of health, education, gender equity and community resilience.

The 10 beneficiaries span nine African countries, including Cancerserve (Zimbabwe), Cáritas Regional De Chokwe (Mozambique), Empowered Girls (Tanzania), Ewang’an Nadede Advocacy Initiative (Kenya), Child Restoration Outreach (Uganda), Hands of Hope (Zimbabwe), Bana Ba Metsi (Botswana), Njira Impact (Malawi), Phelisanong Children’s Centre (Lesotho) and Refugee Children’s Project (South Africa).

“The 100 for 10 campaign is intended to harness the transforming power of small acts of generosity into life-changing opportunities for communities too often overlooked. And every dollar given delivers hope, dignity, and the promise of progress,” Mrs Masiyiwa said.

Running from September 15 to November 15, 2025, the campaign pivots RemitHope’s unique model of transparency, real-time storytelling and direct funding to vetted local partners, ensuring every contribution makes a measurable difference.

In a powerful show of commitment, and leveraging its network of donors and partners, RemitHope has pledged to match every donation given, dollar-for-dollar – effectively doubling the impact.

“If you give $5 it becomes $10, give US$50 and it becomes US$100. This is multiplying hope, opportunities, and futures with every dollar donated,” she said.

The campaign builds on RemitHope’s recent success, where the platform raised over US$81 000 in funding to rebuild Mt Selinda Orphanage in Zimbabwe after a devastating fire swept through the institution.

That effort demonstrated RemitHope’s unique ability to mobilise rapidly, scale generosity and deliver urgent impact.

“We’ve witnessed how extraordinary things happen when people unite in moments of crisis. And now, with 100 for 10, we are channelling that same spirit beyond emergencies, for the long journey of community-led development,” Mrs Masiyiwa said.

RemitHope seeks to unlock the transformative potential of diaspora remittances – redirecting a portion of the more than US$90 billion sent to Africa annually, into structured, high-impact community giving.

By blending trust, technology and targeted generosity, RemitHope aims to mobilise US$50 million for grassroots organisations over the next five years.

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In the community

Avoid nightime movement and stoning elephants, communities told

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BY NOKUTHABA DLAMINI 

Following a recent spate of human-wildlife conflict incidents, Zimbabwe Parks and Wildlife Management Authority spokesperson Tinashe Farawo has urged communities to exercise caution when encountering wild animals.

Farawo emphasized the importance of avoiding confrontations with elephants, particularly when they encroach into community areas. “We would like to urge members of the communities to avoid throwing stones at elephants,” he said. “This action agitates them, leading to attacks on people.”

In addition to avoiding confrontations, Farawo advised community members to minimize movement at night, as this is when wild animals are most active. “We would like to urge communities to avoid moving at night to minimize casualties,” he said.

Farawo’s comments come after a 79-year-old man from Hwange was killed by an elephant yesterday. The incident is still under investigation by rangers. This is the second fatal incident in the area, following the death of another man who was attacked by an elephant while on his way to work in Hwange town several weeks ago.

 

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In the community

Elephant attack claims life of 79-year-old man in Mbizha

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BY STAFF REPORTER 

A 79-year-old man from Mbizha village met a tragic end yesterday when he was killed by a stray elephant, according to the Zimbabwe Parks and Wildlife Management Authority.

Zimbabwe Parks spokesperson, Tinashe Farawo, confirmed the incident, saying, “We confirm the sad and unfortunate incident that happened today where a 79-year-old man lost his life.”

The attack occurred four kilometers away from the community, although the exact time of the incident was not disclosed.

This latest incident brings the total number of human deaths caused by wild animals to 40 this year, with over 55 people injured, according to statistics from the Zimbabwe Parks and Wildlife Management Authority as of last month.

Since 2019, over 370 people have been killed and 453 injured in similar incidents, highlighting the ongoing concern of human-wildlife conflict in the country.

 

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