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Zimbabwe shuts down popular website in forex crackdown

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BY RAY NDLOVU

Zimbabwean authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.

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The central bank ordered marketwatch.co.zw and other sites that publish parallel-market currency rate to shut down, governor John Mangudya said in a phone interview.

The website has been used by residents and businesses to guide their purchases of foreign exchange on the streets of the capital, Harare, which they are forced to resort to when weekly central bank auctions don’t provide enough to meet demand.

Zimbabwe follows Nigeria, Africa’s biggest economy, in blaming online platforms for fueling the collapse of their currencies.

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Nigerian authorities last month targeted abokiFX, a platform that tracks the unofficial naira exchange rate, after central bank governor Godwin Emefiele accused the company of manipulating the exchange rate. abokiFX denies any wrondoing.

“It’s cybercrime,” Mangudya said. “How is the rate determined on the computer? It’s based on nothing but hot air.”

Marketwatch.co.zw was unavailable on Wednesday morning, with a notice saying: “Sorry, this website is no longer in service.”

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The Zimbabwean dollar weakened 3.2 percent on Tuesday to 93 per dollar — the biggest decline in 14 months. It’s plunged to about 175 per dollar on the parallel market in recent weeks.

Instability in the foreign-exchange market is being driven by an unrelenting growth in money supply, increasing imports and long delays in settlement at the central bank’s weekly currency auction, the Chamber of Zimbabwe Industries said last week.

To halt the currency’s decline, authorities have taken steps including arresting black-market traders and launching a probe into a currency abuse claim against Simbisa Brands, the nation’s largest fast-food giant.

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Businesses that peg their prices using unofficial market rates have been threatened with having their operating licenses revoked. – Bloomberg

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National

ZIMRA customs officer appears in court for criminal abuse of office

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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.

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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.

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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.

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Retailers send Mnangagwa SOS as shops continue shutting down over operational woes

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BY ZIMLIVE

The Confederation of Zimbabwe Retailers (CZR) has implored President Emmerson Mnangagwa to intervene and save the sector which has seen various formal retail and wholesale businesses closing shop countrywide due to operational challenges.

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In a statement on Sunday, CZR president Denford Mutashu said the continued closure of formal retail and wholesale businesses is a direct consequence of the tough economic environment that has consistently failed to support formalised sector players who face stiff competition from informal businesses and vendors the majority of whom have no tax obligations to deal with.

Mutashu said his association was concerned that authorities continue to downplay the crisis.

“The recent closure of several outlets under the N. Richards Group, coupled with Spar Zimbabwe’s painful decision to shut down Queensdale Spar, Choppies Zimbabwe’s exit from the market, and Mahommed Mussa’s significant reduction of shop space by 60%, highlights the growing crisis.

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“As the representative association for these and other brands, CZR is alarmed that while formal businesses face enormous challenges, the authorities continue to present a different picture of the operating environment,” he said.

Given the situation, Mutashu said, only President Mnangagwa can rescue the troubled sector.

“CZR therefore calls for urgent intervention from His Excellency, President Emmerson Dambudzo Mnangagwa, to rescue what remains of the formalized retail and wholesale sector,” said Mutashu.

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He said the sector was in urgent need of rescue.

“While CZR acknowledges the continued support from the Ministry of Industry and Commerce, it is clear that the root causes of these challenges are fiscal and monetary in nature. These require urgent and decisive action to ensure the survival of formal businesses.

“CZR therefore appeals to the Presidium to prioritize interventions aimed at saving jobs and mitigating the ongoing wave of shop closures and retrenchments,” he said.

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Crisis in Zimbabwe Coalition vows to resist term limit changes

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BY WANDILE TSHUMA

Zimbabweans are speaking out against proposed constitutional amendments that would extend President Emmerson Mnangagwa’s tenure beyond the constitutional limit of two five-year terms.

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A stakeholder engagement meeting convened by the Crisis in Zimbabwe Coalition today brought together a diverse group of stakeholders, including labor, church, and business representatives, to devise a collective strategy against the proposed amendments.

“The participants firmly argued that such changes would significantly undermine the spirit and collective will of the Zimbabwean populace,” the meeting noted.

They characterized the amendments as “self-serving maneuvers orchestrated by a small clique of politicians pursuing personal ambitions over the broader interests of the nation.”

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“This clique’s pursuit of power undermines the very foundation of Zimbabwe’s democracy,” the meeting emphasized. Furthermore, the participants noted that the proposed amendments “fundamentally contradict the democratic principles enunciated in the country’s constitution.”

The meeting expressed concern that enacting such changes would exacerbate the lingering legitimacy crisis, leading to increased international isolation and a further decline in Zimbabwe’s global standing.

The participants also reflected on how these ongoing attempts to alter the constitution demonstrate a profound disregard of the will of Zimbabweans, as expressed in 2013 when they unanimously voted for the supreme law.

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The meeting further noted that the relentless efforts to amend the constitution will continue to limit the democratic space in Zimbabwe. “The shrinking environment poses a serious risk of consolidating authoritarian practices and eroding the fundamental rights and freedoms of the citizens,” the meeting warned.

In addition to the constitutional amendments, the meeting highlighted the ongoing economic crisis in Zimbabwe, which has severely impacted the daily lives of ordinary citizens. “As inflation spirals and basic necessities become increasingly scarce, many families struggle to meet their fundamental needs,” the meeting noted.

The participants expressed concern that political elites and a small group of individuals with close ties to the government are exploiting the nation’s resources for their own gain. “This systematic looting occurs with little regard for the welfare of the populace, exacerbating the country’s economic plight and contributing to widespread hardship among the general population,” the meeting emphasized.

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To resist these developments, the meeting resolved to:

– *Build a Broad-Based Movement*: Unite various stakeholders to defend democratic space and resist the proposed constitutional amendment. This comprehensive approach seeks to unite stakeholders, including the media, diplomats, community mobilizers, and rapid response teams, to ensure ordinary Zimbabweans are empowered to engage in this righteous and noble cause.
– *Mobilize Nationally*: Prioritize community consultation to safeguard the constitution and nurture a culture of constitutionalism. This mobilization effort must extend across all political affiliations and should commence without delay.
– *Convene a National Convention*: Organize an inclusive national all-stakeholders convention that incorporates all stakeholders to prepare for a united response, specifically a collective VOTE NO campaign, should a referendum be called regarding any constitutional changes.
– *Employ All Permissible Channels*: Utilize mass mobilization initiatives, organize demonstrations, engage in diplomatic discussions, and pursue public interest litigation to challenge and stop the encroachments on democracy.

The Crisis in Zimbabwe Coalition emphasized the urgency of mobilizing citizens across the country to defend democratic ideals and resist any proposed amendments to the constitution.

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