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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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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Porous borders aiding illicit cash outflow: RBZ

Porous borders aiding illicit cash outflow: RBZ

By Daniel Chigundu RESERVE Bank of Zimbabwe (RBZ) has blamed the country’s porous border ports for the continued illicit financial outflows that are draining the country of the much needed resources. Zimbabwe has lost a lot of revenue from illicit deals and according to President Robert Mugabe; the country was deprived of about US$15billion from the diamond mining sector in 2015. So porous are the country’s border posts that truck-loads of banned goods are still finding their way into the country in hordes, denting the effects of Statutory Instrument 64…

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