Connect with us

Slider

Zimbabwe imposes capital controls to stem currency’s slide

Published

on

BY RAY NDLOVU AND GODFREY MARAWANYIKA

 Zimbabwe’s President Emmerson Mnangagwa has imposed capital controls in an attempt to control the currency’s rapid depreciation.

Advertisement

The Zimbabwean dollar has lost half of its value this year making it Africa’s worst performing currency.

Banks in the country have been ordered to stop lending with immediate effect “to minimise the creation of broad money that is prone to abuse for purposes of manipulating the exchange rate,” Mnangagwa said in a televised speech.

The move is meant to support the currency, amid a growing threat of the economy dollariszing for the second time since 2009 when the country last officially turned to the US dollars as hyperinflation soared.

Advertisement

Old Mutual, the largest insurer in the country, in its quarterly economic brief warned that dollarisation is inevitable to stabilise prices.

Annual inflation in April soared to 96.4% from 72.7%.

“Banks shall with immediate effect not process third-party country foreign payments,” the president said, referring to payments made to an entity overseas via another country.

Advertisement

“Third-party foreign payments are susceptible to illicit financial flows which prejudice the country of its hard-earned foreign currency resources.”

The new measures also reverse the administration’s propensity toward the US dollar which had the effect of undermining the local currency reintroduced in February 2019.

The state pays in part its employees salaries and Covid-19 allowances in the American currency.

Advertisement

It had also paid annual bonuses in US dollars last year.

In the southern African nation most payments from fuel to food, medicine and school fees are pegged in US dollars.

Multiple exchange rates of at least 350 to 420 per US dollar are readily available on the parallel market.

Advertisement

The local unit officially trades at 165.99 to the US dollar. – Bloomberg

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

In the community

Domestic violence takes a deadly turn: Hwange woman’s violent outburst lands her in jail

Published

on

BY STAFF REPORTER

A 19-year-old woman from Makwika Village has been sentenced by the Hwange Magistrate’s Court for domestic violence and assault after a violent incident occurred on June 2, 2025.

Advertisement

The court heard that the woman assaulted her husband after he confronted her over messages on her phone. She slapped him, grabbed his private parts, dragged him into the kitchen, and poured boiling water on his lower body, causing serious injuries.

A concerned neighbor who attempted to intervene was also burnt with boiling water on her chest and hospitalized.

The woman was sentenced to 12 months imprisonment for domestic violence and 24 months imprisonment for assault. However, 12 months of the assault sentence were suspended for 5 years on condition of good behavior, and the remaining 24 months were suspended on condition of performing 630 hours of community service.

Advertisement

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, emphasizing that violence, whether in the home or community, is unacceptable.

“The law applies equally to all, and offenders will be held accountable,” said the NPAZ. “We encourage citizens to resolve disputes peacefully and report abuse immediately.”

 

Advertisement

Continue Reading

In the community

Teenager sentenced to 18 months for knife attack on minor

Published

on

BY WANDILE TSHUMA

The Bulawayo Regional Court recently sentenced a 19-year-old male from Nkayi’s Maphosa Village to 18 months imprisonment for attempted murder after a violent knife attack on a 15-year-old boy at Gwamayaya Business Centre.

Advertisement

Allegations are that on April 18, at approximately 23:00 hours, the offender entered a shop at the business centre, causing a commotion. When customers attempted to calm him down, he became aggressive and charged at the victim, stabbing him in the left side of the stomach with a knife.

The victim was rushed to the hospital for medical attention, while the offender was arrested and charged with attempted murder.

In court, the offender was convicted and sentenced to 18 months imprisonment. However, six months of the sentence were suspended on condition of good behaviour, while the remaining 12 months were suspended on condition that he performs 410 hours of community service.

Advertisement

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, urging young people to resolve conflicts peacefully and encouraging communities to play a role in early intervention.

“Violence is never the answer. Every life matters – walk away, don’t escalate,” said the NPAZ in a statement.

 

Advertisement

Continue Reading

Slider

Fastjet launches Bulawayo to Victoria Falls flights

Published

on

BY NOKUTHABA DLAMINI

Fastjet Zimbabwe is set to expand its domestic route network with the introduction of flights from Bulawayo to Victoria Falls, starting August 8.

Advertisement

The new route will operate four times a week, on Mondays, Wednesdays, Fridays, and Sundays.

According to Nunurai Ndawana, spokesperson for Fastjet Zimbabwe, “The new Bulawayo to Victoria Falls flight strengthens our presence in Bulawayo and underscores our commitment to the development of tourism region.” Ndawana added, “Our four times a week flights will offer more travel opportunities and support both leisure and corporate travel between the two cities, reaffirming our position as a key airline partner in connecting the Matabeleland region.”

Vivian Ruwuya, Fastjet Zimbabwe’s Chief Commercial Officer, noted that “This has been a long time coming. We have been monitoring the development and traffic trends between the manufacturing city of Bulawayo and our tourism hub of Victoria Falls. The introduction of a scheduled service is a result of widespread consultative engagements and collaboration with key players in the industry.”

Advertisement

Fastjet Zimbabwe will deploy its Embraer fleet on the new route, offering customers a comfortable flight experience. The flight schedule is as follows:

– BUQ-VFA Flight FN8111: Monday, Wednesday, Friday, Sunday, departing Bulawayo at 13:25 and arriving in Victoria Falls at 14:20.
– VFA-BUQ Flight FN8112: Monday, Wednesday, Friday, Sunday, departing Victoria Falls at 14:50 and arriving in Bulawayo at 15:45.

 

Advertisement

Continue Reading

Trending

Copyright © 2022 VicFallsLive. All rights reserved, powered by Advantage