The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned. Growth is losing momentum in many countries and won’t edge up until 2025, when real incomes recover from the inflation shock and central banks will … Read more
Harare skyline, including the Reserve Bank of Zimbabwe tower in the centre Zimbabwe’s central bank lowered its policy rate by 20 percentage points, to 130%, on October 23. This is the first change to the policy rate since June, when Zimbabwe devalued its currency and raised its rate 1,000 basis points. According to official statistics, … Read more
Kenyan travel writer Harriet Akinyi breaks down the top 10 African countries for game drives. Source: Harriet Akinyi In some African cultures, the combination of rain and sunshine means that a leopard and a lioness have given birth to a cub. I was hoping that this was the case as we traversed Kenya’s Maasai … Read more
The US dollar will remain the dominant currency in Zimbabwe even after the government’s December 2025 deadline to stop its use in the economy, the country’s largest independent asset manager said. Imara Asset Management, which oversees more than $100 million, said the dollarization of the economy is actually accelerating since authorities curbed the local currency’s … Read more
Gold-Backed Digital Currency Is Zimbabwe’s Way to Sway Love for … Bloomberg Source link
Developers have started selling villas that will be built in a new Zimbabwean city that’s targeting the economically troubled country’s elite and may eventually be designated its capital. Under the first phase of the so-called Cyber City, 50 luxury villas are now available for pre-selling, according to Vanessa Vos, managing director at the Pam Golding … Read more
By Staff Reporter A GLOBAL recent ranking of central bank governors has given Zimbabwe’s John Mangudya the lowest grade amid speculation that he may be replaced as President Emmerson Mnangagwa reshapes his administration. New York-based magazine Global Finance, which reviews central banks, recently reviewed the performance of the central bank governors of some 102 countries … Read more
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Images are unavailable offline. Workers are seen holding a picture of Zimbabwe’s President Emmerson Mnangagwa on July 5. PHILIMON BULAWAYO/Reuters Robert Rotberg is the founding director of the Harvard Kennedy School’s program on intrastate conflict and president emeritus of the World Peace Foundation. His latest book is Overcoming the Oppressors. Electoral autocracy has replaced democracy’s … Read more
Zimbabwe has launched gold-backed local digital tokens today in order to reduce reliance and dependence on the US dollar. In a press release, the Reserve Bank of Zimbabwe (RBZ) announced that the gold-backed tokens will be fully backed by physical gold held by the Bank. Last month on April 28, RBZ governor John P Mangudya … Read more
The greenback has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time, almost four years after the re-introduction of the local unit. US dollars were utilized for 77% of transactions this year, surpassing the proportion that were conducted in the local currency for the first time since … Read more