Category: Economy

Zimbabwe’s Central Bank governor, John Mushayavanhu, has announced a conservative stance regarding the printing of additional ZiG notes, emphasizing the necessity of adequate reserves to support the new currency. Addressing delegates at a meeting, Mushayavanhu reiterated the country’s commitment to avoiding overprinting, which could risk the stability of the currency. He revealed that President’s directive mandates refraining from printing money without sufficient reserves. The recently introduced Zimbabwe Gold (ZiG) currency is backed by foreign currencies, gold, and other assets, marking the nation’s sixth attempt to establish a robust local currency.… Read More Here

Illegal money changers in Zimbabwe have resumed their activities following a brief hiatus, as reported after the country’s introduction of a new gold-backed currency called ZiG in April 2024. According to a report published in the East African newspaper, these currency traders have returned to the streets despite the ongoing process of transitioning to the new Zimbabwe Gold (ZiG) currency. Despite the currency being available only electronically for now, the black market is already active, offering rates slightly higher than the official exchange rate. ZB Financial Holdings reported that on… Read More Here

South Africa’s mining industry has shown robust growth in February, bouncing back from a challenging start to the year, according to the latest data released by Statistics SA. The Bureau for Economic Research’s (BER) Weekly Review highlighted that mining activity exceeded expectations, with production surging by 9.9% year-on-year (y-o-y). This represents the most significant growth in mining output since mid-2021, surpassing market forecasts of a 3.5% y-o-y expansion. Iron ore production led the way, increasing by 42.9% y-o-y and contributing 5.1 percentage points to the overall growth. Coal production also… Read More Here

The economic landscape of Zimbabwe is clouded with uncertainty as the informal sector, a key contributor to the nation’s economy, refuses to embrace the local RTGS dollar. Compounding the issue is the delayed introduction of the new gold-backed currency, ZiG, originally slated for April 8th but now postponed until April 30th. Representing approximately 75% of national employment, Zimbabwe’s informal traders have ceased accepting the RTGS dollar due to concerns over its dwindling value, leaving the US dollar as the predominant currency in circulation. Economist Happy Zengeni voices criticism over the… Read More Here

In a keynote speech delivered at the IMF-World Bank 2024 Spring Meetings, Managing Director Kristalina Georgieva emphasized the critical need for coordinated policy responses to address the current economic landscape and pave the way for a transformative future. Against the backdrop of geopolitical tensions and lingering pandemic scars, Georgieva painted a nuanced picture of the global economy. While acknowledging marginal improvements in growth, particularly in the United States and select emerging markets, she underscored persistent challenges and growing divergence, especially among low-income countries grappling with severe scarring. Central to Georgieva’s… Read More Here

On April 12, 2024, the Executive Board of the International Monetary Fund (IMF) reaffirmed its endorsement of Kristalina Georgieva as the sole candidate for the position of Managing Director for a second term, commencing on October 1, 2024. The decision, reached by consensus, followed extensive discussions, including dialogues with Georgieva herself. Coordinators of the Executive Council, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, emphasized Georgieva’s exemplary leadership amidst global challenges. The Board commended Georgieva’s proactive response to major global shocks during her tenure, including facilitating over $360 billion… Read More Here