Mangudya runs out of options

Mangudya runs out of options

By Michael Gwarisa IT’S barely three months after the Reserve Bank of Zimbabwe (RBZ) introduced the surrogate currency, or funny money as many might want to call it in the form of bond notes. Although the money has been hugely accepted as a medium of exchange across the economy, the sight at most financial institutions is one that clearly tells  a tale of a currency that has failed to solve the woes that bedeviled depositors before the introduction of bond notes. Long winding queues and hungry depositors sleeping in banking…

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RBZ meet banks over high POS fees

RBZ meet banks over high POS fees

By Michael Gwarisa THE apex bank has criticised the exorbitant rates being levied by banks on most Point of Sale (POS) transactions amid revelations that most card transactions were being treated as international transactions resulting in the high charges. The move follows public grumbling over the high POS rates which has resulted in many loosing sizable amounts of money under blurred circumstances. Devastated depositors petitioned the RBZ over the high charges with view of being compensated for their lost funds. In an exclusive interview with The Business Connect, Reserve Bankof…

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Long queues continue despite Bond note introduction

Long queues continue despite Bond note introduction

By Michael Gwarisa DESPITE the introduction of Bond notes into circulation early this week, long meandering and winding bank queues continue to haunt the banking sector as depositors wait for their hard earned cash. The initial $10 million injection of bond notes was in denominations of $2, $5 and $1 bond coins. However, the coming in of the new notes has done little to avert the cash shortages bedevilling the banking sector as depositors have to spend several hours waiting for their monies. A survey conducted by The Business Connect…

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Mangudya not breaking the law: Economists

Mangudya not breaking the law: Economists

By Michael Gwarisa THE decision by the central bank to withhold publicising and advertising of Bond Notes specimen is not a violation of depositors rights, economists have said. The development comes at the back of widespread criticism from members of the public who claim they have a right to know the features of any new currency that comes into circulation way before it becomes effective. In an interview with The Business Connect, top economist Vince Musewe hinted the move by RBZ governor to withhold publicising the Bond Notes as was…

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