National

Zimbabwe cracks down on currency dealers as dollar collapses

Published

4 years ago

October 8, 2021

BY RAY NDLOVU

Zimbabwean authorities are arresting informal currency traders who they blame for fuelling the latest collapse of the local unit on the black market.

The arrests come four days after Vice President Constantino Chiwenga warned the traders that their activities were undermining government efforts to revive the economy.

Seventy-seven offenders have been arrested since September 28 and barred from accessing any financial services for two years with immediate effect.

The arrests are the latest attempt by the government to try and keep control of its currency, the Zimbabwe dollar, through two decades of economic turmoil.

The local unit was scrapped after a bout of hyperinflation in 2009 and trade in the greenback and other currencies was permitted.

It was reintroduced in 2019 at parity with the American currency but quickly plummeted.

Attempts to keep the official rate stable have often seen the gap with the black-market rate widen.

“The runaway parallel market rate is a concern and it causes dislocations on how the final product is priced,” Kurai Matsheza, president of the Confederation of Zimbabwe Industries, the country’s biggest business group, said by phone.

The Zimbabwe dollar changes hands on the streets of Harare, the capital, for Z$170 per U.S. dollar, while the official rate is Z$88.55.

Its recent drop in value has fuelled inflation, with businesses raising prices to hedge against the currency volatility.

The official inflation rate rose for the first time in eight months in September, reaching 52%.

The Financial Intelligence Unit accused the traders of abusing mobile telecommunications services and social media platforms to promote and facilitate illegal foreign-exchange transactions and money laundering activities, according to John Mangudya, the governor of the central bank.

“The FIU has also requested the Postal and Telecommunications Regulatory Authority of Zimbabwe to bar the said individuals from operating mobile-phone lines,” he said in an emailed statement.

Lawmakers discussed the widening gap between the official and parallel market exchange rate at a pre-budget seminar on Wednesday.

The central bank had to urgently act against companies that accessed foreign currency at the official rate at weekly auctions, but priced their goods and services based on parallel market rates, Gift Mugano, the executive director at Africa Economic Development Strategies, which does policy research, told the seminar. – Bloomberg

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

2 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

2 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.