Tag: black market
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Do not do it! Your ZiG loses value when you withdraw it, here is why.
Read More: Do not do it! Your ZiG loses value when you withdraw it, here is why.For many Zimbabweans, the mere mention of local currency evokes memories of economic instability and past financial hardships. Memories of sleeping in bank queues, desperately trying to access meagre savings, are etched in our collective consciousness. I personally remember spending hours at Standard Chartered, hoping to withdraw a paltry US$100, only to be met with…
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Exchange Rate U-Turn: RBZ now says businesses can only use the official rate
Read More: Exchange Rate U-Turn: RBZ now says businesses can only use the official rateIn Zimbabwe’s fast-paced economic environment, policy pronouncements can shift in a matter of hours, creating confusion and uncertainty for businesses and consumers alike. Yesterday, we reported on what appeared to be a significant liberalisation of exchange rate policy, with Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu seemingly giving businesses the green light to…
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Zimbababwean companies must now use ZiG when reporting here is what it means
Read More: Zimbababwean companies must now use ZiG when reporting here is what it meansThe Securities and Exchange Commission of Zimbabwe (SECZ) recently issued a directive requiring all licensed companies to use the Zimbabwean dollar (ZiG, ISO code ZWG) as their presentation currency for financial reporting, including the 2024 audited financial statements. This follows the Reserve Bank of Zimbabwe (RBZ) Governor’s announcement in the February 6, 2025 Monetary Policy…
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Torn and worn USD notes are suddenly being accepted again
Read More: Torn and worn USD notes are suddenly being accepted againThere appears to be a shift in attitudes toward the acceptance of torn and soiled United States dollar notes in Zimbabwe. Recent observations suggest that more businesses, particularly smaller vendors, are now accepting these notes at face value. This is welcome news for consumers who have struggled with the stigma attached to less-than-perfect currency. But…
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Informal businesses hunt for ZiG while formal business go through USD famine
Read More: Informal businesses hunt for ZiG while formal business go through USD famineZimbabwean businesses are currently navigating a strangling liquidity crisis, marked by a peculiar dual challenge: a shortage of both the local ZiG (Zimbabwe Gold) currency and the coveted United States dollar. This isn’t a simple case of overall scarcity; instead, it’s a complex situation where the formal and informal sectors are struggling with distinctly different,…
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How Varun Employees Gained Millions Through Illegal Forex Deals
Read More: How Varun Employees Gained Millions Through Illegal Forex DealsA recent report has highlighted how some employees at Varun Beverages, the bottler responsible for Pepsi Co branded drinks like Mirinda, Pepsi Cola, Pepsi Lite and Sting, are alleged to have colluded to extract profit from the company. This scheme is based around the difference between the official and unofficial (black market) exchange rates for…
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Mbare Musika Relocation List Sparks Fury and Accusations of Corruption
Read More: Mbare Musika Relocation List Sparks Fury and Accusations of CorruptionSometime last week, the authorities released a list of individuals slated to receive stalls in the newly constructed Mbare Musika Temporary Market. This market, situated opposite Carter House along Adbernie Road, was meant to be a fresh start. Instead, the list has ignited a firestorm of controversy and outrage amongst the vendors. Many are claiming…
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Why Zimbabweans Prefer “Rounds” (Mkando) to Formal Banking: A Deep Dive
Read More: Why Zimbabweans Prefer “Rounds” (Mkando) to Formal Banking: A Deep DiveDecember in Zimbabwe often brings a flurry of activity on social media, filled with images of individuals, predominantly women, proudly displaying their Mkando grocery hauls and savings. Mkando, also known as “rounds,” represents a popular, informal financial management system where individuals pool their funds for collective purchasing or informal lending with interest. This system, flourishing…
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Here is why the ZiG has been gaining value
Read More: Here is why the ZiG has been gaining valueIn recent weeks, the Zimbabwean gold-backed currency (ZiG) has shown remarkable resilience and an unexpected appreciation in value. This trend has sparked conversations in financial circles and on the streets, with many wondering what has changed in an economic environment long characterised by volatility. This article delves into the factors driving this change, explores historical…