National

Zimbabwe announces new measures to aid ailing local currency

Published

2 years ago

May 30, 2023

BY NYASHA CHINGONO

Zimbabwe’s treasury has announced measures to encourage the use of the local dollar as opposed to the U.S. dollar, in a bid to boost the local unit and tame rising consumer inflation.

The measures include a directive that all government departments collect fees in the local currency, the introduction of a 1% tax on all foreign payments and that all customs duty be payable in local currency, with the exception of designated or luxury goods and where an importer opts to pay in foreign currency.

The Treasury will also assume all foreign currency debts from the Reserve Bank of Zimbabwe, Finance Minister Mthuli Ncube said in a statement dated May 29.

“Government shall create a debt redemption fund to service other external liabilities in line with the arrears clearance program. These will be funded through new levies and other resource mobilisation initiatives,” Ncube said.

Zimbabwe legalized the use of foreign currencies in domestic transactions in 2020, less than a year after abandoning dollarisation. Economists estimate that 80% of the local economy is dollarized.”The assumption of the external obligations by Treasury and the implementation of non-inflationary financing of the liabilities, coupled by sourcing of additional resources, will go a long way in reducing money supply growth and its impact on exchange rate depreciation and prices increases,” Ncube’s statement said.

But some economists doubted the new measures would help the Zimbabwe dollar, which has weakened by about 70% since the beginning of this year, with the gap between the official and exchange rates continuing to widen.

“They are doing this to preserve the value of the Zimdollar. Is this going to work? I say no. This is akin to using toothpaste when you have lost your teeth,” economics professor Gift Mugano said.

“It will be a miracle for us to be able to reverse the crash of the Zimdollar and ensure stability.”Mugano also criticized what he termed the government’s plan to “raid” foreign currency accounts of exporters, after Ncube said that “all export proceeds that remain unutilised after 90 days will be liquidated onto the interbank market”. SOURCE: REUTERS

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

3 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.