Mangudya dismisses TB criticism…chides bankers on interest rates

Mangudya dismisses TB criticism…chides bankers on interest rates

By Ndafadza Madanha RESERVE bank of Zimbabwe (RBZ) governor John Mangudya says concern over the issuance of treasury bills (TBs) is unnecessary as the practice is common practice world over. His remarks come at a time when some market watchers have intimated that the issuance of TBs was crowding out the private sector and could have a negative impact on the economy. However, Mangudya said the criticism was largely “textbook economics” as the majority of TBs was intended to bolster the country’s production capacity. “Issuance of TBs is a common…

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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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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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