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ZiG Is A CZI Invention, Not Reserve Bank – Mushayavanhu


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Wide consultations involving economic players such as the Confederation of Zimbabwe Industries (CZI), and other key stakeholders preceded the launch of the Zimbabwe Gold (ZiG) currency.

This was said by Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu while addressing business leaders at a Zimbabwe National Chamber of Commerce (ZNCC) organised meeting in Gweru yesterday to unpack the new Monetary Policy Statement (MPS). He said:

Consultations before the MPS were made, yes. My appointment was announced on December 8, but His Excellency told me on September 11 that I was going to be the Governor of RBZ.

So, I started working as Governor from as far back as September 11 and we consulted far and wide. We didn’t come to Gweru, but we spoke to the Chamber of Mines, ZNCC, Retailers Association, and CCZ, and you will be surprised to note that most of the input came from the stakeholders.

We borrowed a lot from a paper that was presented by CZI. We didn’t invent ZiG; it was invented by CZI.

They are the ones who said to us that when we look at the amount of RTGS/bonds in circulation if we convert them, we can buy it all and start afresh. This came from CZI and so we consulted far and wide.

Mushayavanhu insisted that the Central Bank’s operations were independent with no Government interference as spelt out in the RBZ Act. He said:

We are not subject to interference by the Ministry of Finance and Economic Development. I want to assure you that when I went to the Central Bank, the first thing I was interested in was to confirm whether or not the Ministry of Finance was dipping into the coffers of the Central Bank whenever they felt like it.

I could not find an occurrence when the ministry used its overdraft facility whenever it wanted. The Ministry of Finance is running a surplus budget and if anything, we handle their deposits and we see how they are running their accounts every day.

The Reserve Bank chief said the idea behind the Monetary Policy Statement (MPS), was to ensure that the new currency was acceptable and stable. Said Mushayavanhu:

Once we do that, we create an acceptable currency. Remember with the currency we had in the past, as soon as one got the RTGS in the account, they made sure that by the end of the day, they would have changed it to US dollars at whatever price.

But we want to create a stable currency, which you can sell and that way you see people banking the extra money they have and start building up towards something they will be investing in.

The ZiG was launched on 05 April 2024 to replace the inflation-hit Zimbabwe dollar, which had fallen to around $33 000 against US$1 on the interbank market and traded above $40 000 to US$1 on the parallel market.

More: Pindula News

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Politics

Divided Dreams: Why rural community development is stalling


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Rushinga, a rural district in Zimbabwe, embodies the heartbreaking paradox of a community yearning for progress yet perpetually stuck in the mire. Rushinga stands as a testament to untapped potential and unrealised dreams. Here, the promise of progress is shrouded in the mists of political discord and institutional neglect.

By Douglas Mutepaire

Despite its residents’ aspirations, development initiatives consistently crumble under the weight of political polarisation and a lack of clear vision. This article is a clarion call to the citizens of Rushinga — a call to unite, engage, and forge a path towards sustainable development, leaving behind the shackles of dependency and division.

The district, rich in potential, languishes in a state of inertia, with life plodding along in its customary rhythm. The stark reality is that Rushinga’s developmental pace lags woefully behind, reliant on neighbouring Mt Darwin for essential services. The district’s infrastructure, from banking facilities to postal services, is rudimentary at best. Agricultural potential is stymied by siltation in dams, and the absence of a tarred road to the Chimhanda growth point speaks volumes of decades of neglect. Yet, the aspirations for a developed Rushinga persist, beckoning a collective focus on issues pertinent to our current state. Amidst this backdrop, the spectre of hate speech, partisan politics, and propaganda looms large, thwarting the district’s developmental aspirations. Political affiliations become a battleground for development discourse. WhatsApp groups, intended as platforms for collaboration, devolve into battlegrounds for supremacy. Accusations fly, suspicion festers, and any attempt at constructive dialogue dissipates. The desire to establish one’s political ideology as the sole driver of progress trumps the pursuit of common ground. The potential for these digital community meetings to foster unity and development is lost amidst the partisan bickering.

Further compounding the issue is a fundamental misunderstanding of development itself. Relief programs and handouts are often misconstrued as progress, neglecting the need for sustainable solutions. Rushinga’s leadership has a critical role to play in breaking the cycle of dependence. They must educate residents on the importance of self-sufficiency and long-term solutions. Caution is prudent; fostering self-sufficiency within the community does not necessitate the abrupt termination of donor support. The harsh reality is that people here rely on handouts not out of laziness, but because crushing poverty and stark inequality leave them with few alternatives. The most crucial development Rushinga needs is institutional. Crucially, the emergence of community-led development ideas should not absolve the government and local authorities of their responsibilities. These grassroots initiatives are intended to complement, not replace, the constitutional obligations of the rural district council and central government. With the bricks of community effort and the mortar of governmental duty- this symbiotic relationship between institutional support and community action can help build Rushinga.

The path towards a thriving Rushinga requires a multifaceted approach. Firstly, fostering a culture of civic engagement is crucial. Residents must learn to navigate their political differences and engage in constructive dialogue focused on tangible solutions. Secondly, there’s a dire need for leadership that prioritises long-term development strategies over temporary fixes. Finally, harnessing the collective energy of Rushinga’s diverse voices requires moving beyond the confines of virtual platforms. Business symposiums and in-person gatherings can foster a spirit of unity and shared purpose. Breaking the cycle of stagnation in Rushinga demands a collective effort. By fostering collaboration, prioritising education, and embracing diverse perspectives, the community can finally turn the tide and translate dreams of development into a tangible reality.

Douglas Mutepaire, a passionate educationist with extensive experience, was born in 1960 in the Rushinga district. He began his teaching journey as a temporary teacher in 1980, eventually earning a diploma in primary education from Masvingo Teachers College in 2001. He holds a Bachelor of Arts in Education from the University of Zimbabwe and heads Makachi Primary School in the Rushinga district. Throughout his career, he has held teaching and leadership roles at schools such as Kasenzi, Katoni, Runwa, Nyamatikiti, Rusambo, and Katakura primary schools. This article was published here by the NewZwire.

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Politics

Suspected measles, mumps kill 35 Hurungwe children in one month – Government

Nick Mangwana
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HARARE – At least 35 children born to parents who are members of the apostolic sect have died from suspected mumps and measles inside a single month in Mashonaland West province’s Hurungwe district, a government spokesperson has said.

Last year, Harare recorded cases of mumps (mahumunya/amatitiyane), a contagious viral infection which leads to painful swelling of parotid salivary glands in the face, have been recorded in the capital, raising fears of an outbreak.

It is frequently reported in children aged 5-9 years of age, although both adolescents and adults may be affected.

Posting on X, information ministry permanent secretary Nick Mangwana said the Civil Protection Department was seized with the matter which happened in Hurungwe Rural District Council.

“The CPU is seized with the death of 35 children who have died in a space of a month from suspected measles and mumps.

“The children are from one of the apostolic religious sects. The tragic deaths came to light when a member of the church brought four of his children to Karoi Hospital with two showing signs of measles and the other 2 having mumps.

“The affected wards and villages are Ward 4, 22 and Nyama village 5 of Hurungwe Rural District Council.

“Some of the children who have died were recorded from the following families; Nduna household 7 children, Magara 5 children, Matashu 2 children, Chikonamombe 2 children, Kaitano 2 children.

“A CPU Team has been dispatched to the shrine to engage the leadership,” posted Mangwana.

Members of the apostolic sect do not believe in clinical methods of treatment but on performing some religious rituals on the sick. – ZimLine

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Politics

Econet fintech Sasai enters global money transfer market

Cassava Fintech announces release of a voice and video conferencing service
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Zimbabwe’s largest telecommunications and technology company, Econet Wireless, has achieved an Africa first by opening two free remittance corridors into the country, completely eliminating the cost to both sender and receiver.

Econet has partnered with its sister company, Sasai Money Transfer, to enable individuals and companies in the United Kingdom and South Africa to send money into Zimbabwe free of charge, starting today (May 2, 2024). The receiver also cashes out of their EcoCash wallet for free.

International remittances attract a charge of up to 15% for the sender, while the receiver is charged 3% when cashing-out.

Econet Wireless Zimbabwe chief executive, Douglas Mboweni explained that the latest decision is aimed at helping Zimbabweans to weather the acute challenges caused by the drought.

The country recently declared a national disaster over a drought caused by the climate event known as El Niño, which has left more than 2.7 million people in need of food aid.

“We hope Zimbabweans in the Diaspora will use the savings to send more money home to their families,” Mboweni said.

“The majority of remittances to Zimbabwe are conducted through these two main corridors (the UK and South Africa). We don’t have to pay any third parties on those corridors, because we rely on a sister company in the group, which agreed to help out,” he said.

He said he hopes the move by Econet will encourage other companies facilitating remittances into Zimbabwe to reduce their fees, noting that it was time that remittances into Africa in general were brought down “to assist with the continent’s economic development agenda”.

Mboweni added that the initiative was in support of government efforts to increase diaspora remittances coming into the country through formal channels.

Econet’s extensive EcoCash agent network ensures that even people in remote rural areas have access to low-cost financial services, reducing the need for recipients to travel long distances to collect cash.

Econet said Remittance transfers will be facilitated through the EcoCash US dollar wallet, which is accessible by dialling *153# on an EcoCash registered Econet line.

Senders in the UK and South Africa can access Sasai Money Transfer by downloading the Sasai Money Transfer App on the Google Play Store and on the App Store.

Source: News Day

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