Connect with us

National

Zimbabwe shuts down popular website in forex crackdown

Published

on

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.

Advertisement

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.

Advertisement

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.”

Advertisement

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.

Advertisement

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

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

National

Chinese businesswoman nabbed over $880K illegal transfer scandal

Published

on

BY WANDILE TSHUMA

A 52-year-old Chinese national has appeared in court on charges of illicit financial dealings involving US$880 000.

Advertisement

According to the National Prosecuting Authority (NPA), Sun Limin, a Chinese businesswoman, was arrested on July 31, at her premises in Graniteside, Harare.

“The accused, a Chinese national, is facing charges of contravening the Exchange Control Act [Chapter 22:05] and the Money Laundering and Proceeds of Crime Act [Chapter 9:24:1],” said the NPA in a statement.

“Sun Limin allegedly transferred US$880 000 to China without the Reserve Bank of Zimbabwe’s approval between January and July 2025.

Advertisement

Investigations have confirmed bills of entry for the goods, which were imported from China via Forbes Border Post. Witness testimonies from clearing agents and documents proving transactions were also obtained.”

The NPA added that Sun Limin concealed the true nature and source of the funds, which authorities believe are proceeds of crime.

Sun Limin was granted US$500 bail, with conditions that include surrendering her passport, reporting to the police every Friday, and refraining from interfering with witnesses.

Advertisement

“The case highlights growing scrutiny on financial crimes in Zimbabwe, especially involving cross-border transactions. Authorities are tightening controls to curb illicit capital flight and money laundering,” said the NPA.

Advertisement
Continue Reading

National

Zimbabwe on track for 6% growth as economy recovers from drought

Published

on

BY REUTERS

Zimbabwe is on track to achieve a forecasted 6% economic growth in 2025 helped by good agricultural output and strong commodity prices, Finance Minister Mthuli Ncube said on Thursday.

Advertisement

The Southern African country’s economy has shown signs of recovery in the first half of the year following a severe drought and currency turbulence in 2024 that pushed GDP growth down to 2%.

“Given the positive economic developments during the period January to June, we are confident that the projected economic growth of 6% alluded to in the 2025 National Budget is achievable,” Ncube told parliament in a mid-year budget review.

“All sectors of the economy are expected to record positive growth in 2025, mainly on account of a favourable agriculture season, improved electricity generation, stable exchange rate and inflation rate,” he said.

Advertisement

He did not give an update on the budget deficit, which was seen at 0.4% of gross domestic product in 2025 during the budget forecast last November.

Zimbabwe’s fiscal position remains under strain from grain imports, drought relief spending and the public sector wage bill. While the government has collected more revenue than in the same period last year, analysts say containing the deficit may prove difficult without new fiscal measures.

The local currency, the ZiG, launched in April 2024 to replace the Zimbabwe dollar, has largely remained stable against the U.S. dollar but is still overshadowed by widespread use of the dollar in everyday transactions.

Advertisement

Ncube reiterated the government’s commitment to the gold-backed unit and said the currency had benefited from tight monetary and fiscal policies.

Advertisement
Continue Reading

National

Malaria cases surge in Zimbabwe

Published

on

BY NOKUTHABA DLAMINI

Zimbabwe is experiencing a dramatic surge in malaria cases, with 111 998 cases and 310 deaths reported as of epidemiological week 23 in 2025.

Advertisement

This is a significant increase from the same period in 2024, which saw 29 031 cases and 49 deaths.

According to Dr Memory Mapfumo, an epidemiologist at the Africa Centres for Disease Control and Prevention (Africa CDC), “This surge is no coincidence. Prolonged rains have fueled mosquito breeding, while activities like gold panning, fishing, and artisanal mining are exposing more individuals to risk, especially during peak mosquito activity hours.”

The situation is worsened by the low use of insecticide-treated bed nets (ITNs), leaving communities exposed and placing further strain on already stretched health systems. Across Zimbabwe, 115 out of 1 705 health facilities have been affected, highlighting the widespread impact of the disease on healthcare infrastructure.

Advertisement

Mashonaland Central Province has accounted for 32% of all malaria cases, while Manicaland reported 25% of the malaria-related deaths. The interconnectedness of the countries in the region has also contributed to the spread of the disease.

Zimbabwe’s malaria outbreak is part of a broader regional trend. Other countries in southern Africa, including Botswana, eSwatini, and Namibia, are also experiencing significant increases in malaria cases.

In Botswana, 2 223 cases and 11 deaths have been reported, with Okavango being the hardest hit. eSwatini has recorded 187 cases, with children under 15 and farmers being particularly affected. Namibia has seen over 89 959 cases and 146 deaths, with the majority of cases being local transmissions.

Advertisement

The Africa CDC emphasizes the need for continued vigilance and investment in malaria control. Governments must enhance their efforts to improve the use of ITNs, strengthen community engagement, and address environmental and social factors driving the outbreaks.

Dr Merawi Aragaw, head of Africa CDC’s Surveillance and Disease Intelligence, notes that “as climate change accelerates, we are witnessing shifts in temperature and rainfall that are expanding the range of malaria-carrying mosquitoes, introducing vectors into previously unaffected regions.”

According to Dr Aragaw, “sustained vector control measures – including environmental management, strengthening surveillance, drug and diagnostic resistance monitoring, and fostering cross-border collaboration – will be critical in mitigating the growing threat of vector-borne diseases, especially malaria.”

Advertisement

The regional surge underscores a broader global trend, with malaria cases worldwide climbing to 263 million in 2023, up from 252 million the previous year, and Africa accounting for 95% of all malaria-related deaths.

Despite these alarming figures, there have been significant successes: Cabo Verde was certified malaria-free in 2023, and Egypt is poised to achieve the same in 2024. Yet for many countries in southern Africa, the road to elimination remains steep, with outbreaks threatening to reverse years of progress.

Advertisement
Continue Reading

Trending

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