SA Banks Stop Supply Of US Dollars To Zimbabwe – Business News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Business News

SA Banks Stop Supply Of US Dollars To Zimbabwe

Published

on

SA Banks Stop Supply Of US Dollar To Zimbabwe

South African banks have stopped supplying Zimbabwe with U.S Dollar notes saying they want to avoid risk. They cite Zimbabwe`s loss of a hundred correspondent banking relationships in the past few years because of the country`s high risk rating.

READ:  Zimbabwe: Unions Give Govt 48-Hour Strike Ultimatum To Make New Salary Offer

South African banks have been the major sources of U.S dollars for Zimbabwe since 2009.

Zimbabwe Reserve Bank Director, William Wanimanzi says the development is a result of the country`s failure to follow proper dollarization procedures, signs of which he said are now catching up with the country`s fragile economy. He said the country is not officially dollarized because it does not have an agreement with the United States government to use its currency. He says this will make it difficult to take in cash into the economy.

READ:  Tight Security As Zimbabwe Court Prepares To Hear MDC's Election Challenge

Business News

Boeing Shares Continue To Slide As Countries Ground 737 MAX Planes

Published

on

By

Boeing Shares Continue To Slide As Countries Ground 737 MAX Planes

Boeing shares have continued to slide on Tuesday as a growing list of countries move to ground the aircraft manufacturer’s 737 MAX model jets after the crash of an Ethiopian Airlines flight on Sunday killing a hundred fifty-seven persons.

READ:  Gun-wielding Zanu-PF-linked Thugs Invade Grace Mugabe's Property – Report

Boeing’s stock price has fallen nearly twelve percent since the accident, erasing roughly twenty-eight billion dollars in value amid concerns the accident could have links to last October’s crash of a 737 MAX 8 operated by Indonesia’s Lion Air. A hundred eighty-nine persons died in that one.

READ:  Asia Shares Bounce After Rout, Shanghai Crawls Higher From Four-Year Trough

Although experts warn that it’s too early to know what caused the Ethiopian Airlines crash, both crashes occurred shortly after takeoff. Experts say, that suggests a possible connection.

Bloomberg reports the Boeing 737 is the best selling aircraft in history.  The MAX is its newest version, with more fuel-efficient engines.  It is also generates almost one-third of the airline maker’s operating profit.

READ:  Trump Ready To Ratchet Up China Trade War With More Tariffs - Report

Continue Reading

African News

Zimbabwe Central Bank Abandons Quasi Dollar

Published

on

By

Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

READ:  Zambia’s Tax Hike Plan Will Ruin Economy – Mining Firms

Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

READ:  Zimbabwe: Unions Give Govt 48-Hour Strike Ultimatum To Make New Salary Offer

Continue Reading

Business News

FIRS Directs Banks To Lift Liens Placed On Tax Defaulters’ Accounts

Published

on

By

FIRS Directs Banks To Lift Liens Placed On Tax Defaulters' Accounts

The Federal Inland Revenue Service (FIRS) has directed banks to lift for 30 days the liens placed on bank accounts of alleged tax defaulters.

FIRS explained that it took the step because large numbers of defaulting taxpayers have besieged its offices in than effort to regularise their tax positions.

READ:  Zimbabwe Faces Worst Economic Crisis In A Decade

In September, FIRS Boss Babatunde fowler had said the service was going after six thousand defaulters whose bank accounts would be frozen until they pay up.

READ:  Nigeria Remains Biggest Economy In Africa

KPMG, one of the big four auditors in the world, had accused FIRS of going draconian by directing banks to freeze accounts of suspected tax defaulters.

READ:  Recession Looms In South Africa

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: