John Mangudya - The African Mirror

May

2023

A bumpy journey to economic stability

AFTER years of grappling with hyperinflation, Zimbabwe has taken bold steps towards stabilising its economy. In a major turnaround, the country cut inflation rates from over 300% in 2020 to 92% in February 2023. In an innovative, if drastic, step to scale down stubbornly high inflation numbers, the Reserve Bank of Zimbabwe has now introduced digital tokens backed by gold reserves to complement the national currency. The digital tokens can be transferred between people and businesses as a form of payment and are projected to stabilise the Zimbabwean dollar. According to Reserve Bank of Zimbabwe Governor John Mangudya, the digital…

Jul

2022

By The African Mirror

Zimbabwe to introduce gold coins as local currency tumbles

BUSINESS

ZIMBABWE'S central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency. The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production. The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said. The gold…

Nov

2020

By The African Mirror

Zimbabwe Jan-Sept diaspora remittances up 45% y/y due to lockdowns

BUSINESS

ZIMBABWE's central bank governor says official remittances from the diaspora were up 45% during the January-September period from last year at $657.7 million as COVID-19 lockdowns forced people to send cash home via official channels. Diaspora remittances are an important source of foreign exchange for the southern African country, which is in the grip of its worst economic crisis in more than a decade that has seen worsened dollar shortages. Most of Zimbabwe's more than 2 million-strong diaspora live in South Africa, many of them illegally, and often send money via unofficial channels, including buses and trucks. When Zimbabwe and…