Uncategorized

Zimbabwe doubles interest rates to fight inflation

Published

3 years ago

June 27, 2022

BY NYASHA CHINGONO

Zimbabwe more than doubled interest rates to 200 percent in an effort to tame inflation and also outlined plans to make the United States dollar legal tender in the southern African nation for the next five years, authorities said on Monday.

Soaring inflation has been piling pressure on a population already struggling with shortages and cast a shadow over President Emmerson Mnangagwa’s bid to revitalize an economy that suffered decades of decline and bouts of financial chaos under the leadership of former president Robert Mugabe.

Zimbabwe’s central bank said the increase in its policy rate to 200 percent from 80 percent will take effect from July 1 after annual inflation hit almost 192 percent this month.

“The Committee noted that the increase in inflation was undermining consumer demand and confidence and that, if not controlled, it would reverse the significant economic gains achieved over the past two years,” the Reserve Bank of Zimbabwe said in a statement.

Separately, Finance minister Mthuli Ncube said that Harare will maintain Zimbabwe’s multi-currency system for the next five years, including the US dollar.

The greenback is already used in Zimbabwe, but it will become legal tender to boost market confidence, Ncube told a news conference.

The country has experimented with various forms of legal tender, such as bond notes, though foreign currencies such as the U.S. dollar and South African rand have dominated domestic transactions.

The market’s lack of confidence in multi-currency is causing us problems, but I’m here to assure you it will remain in place for the next five years,” Ncube said.

The minister also said that the government had increased health sector allowances in an effort avoid further industrial action by healthcare workers who staged a five-day strike last week, demanding improved wages in US dollars after a slide in the local currency and brisk inflation. – Reuters

In the community

Victoria Falls man sentenced to six months for domestic violence

Published

2 days ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A 33-year-old Victoria Falls man has been sentenced to 6 months imprisonment for domestic violence charges. The sentence was handed down by the Victoria Falls Magistrates’ Court.

The man, from Chinotimba, was arrested on August 3 for a domestic violence charge. According to the National Prosecuting Authority, the facts of the matter are as follows: a misunderstanding arose between the offender and his 32-year-old wife over money left in her jacket. Later that evening, the offender shouted at his wife before strangling her several times on the neck. The victim reported the matter to the police, which led to the offender’s arrest.

The court sentenced the offender to 6 months imprisonment, with two months suspended for five years on condition of good behavior.

A further four months were suspended on the condition that he performs 140 hours of community service.

National

Zimbabwe roads claim 24 lives over Heroes holiday

Published

3 days ago

August 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A total of 24 people lost their lives on Zimbabwe’s roads during the 2025 Heroes and Defence Forces holidays, according to statistics released by the Zimbabwe Republic Police.

The police reported 196 road traffic accidents, 13 of which were fatal, between August 11 and 13. This represents a significant increase from the previous year’s figures, which saw 149 accidents and eight fatalities.

Reckless driving, mechanical faults, speeding, and overtaking errors were cited as major causes of the accidents.

Two major accidents occurred during the period, including a fatal crash on the Mutare-Masvingo Road that claimed the lives of six Zion Christian Church congregants. Another accident on the Bindura-Shamva Road resulted in four fatalities and 17 injuries.

The police have urged motorists to prioritize vehicle maintenance, avoid speeding and reckless overtaking, and adhere to road rules and regulations to prevent further loss of life.

In the community

Dete teen convicted for theft

Published

3 days ago

August 14, 2025

VicFallsLive

BY WANDILE TSHUMA

A Dete teenager has been convicted of breaking into a local shop and stealing goods and cash worth US$131.

Artwell Ncube, 18, of Lupote in Dete, was found guilty of aggravated unlawful entry by the Hwange Magistrates Court.

According to court records, Ncube used an unknown object to open the locked shop door between May 20 and 25, 2025. Once inside, he stole groceries, airtime, and US$50 in cash.

The shop owner unexpectedly returned to the premises on May 25 at midnight and found Ncube inside. The teenager fled, leaving some stolen items behind.

A subsequent police investigation led to Ncube’s arrest. Property worth US$31 was recovered.

Ncube was sentenced to 12 months’ imprisonment, which was fully suspended on condition that he repays ZWG3 516.04 to the complainant within six months and performs 110 hours of community service at Lupote Clinic which he started on Wednesday.