Home Business RBZ Says The Auction System Is Super Transparent…

RBZ Says The Auction System Is Super Transparent…


The Reserve Bank of Zimbabwe has assured players in the economic sector that the central bank will be “super” transparent with the operations of the new foreign currency auction which started last week Tuesday.

In an interview, central bank governor Dr John Mangudya said there will be enough foreign currency drawn from gold producers, remittances and other sources to circulate.

He went on to explain briefly how the auction system is operating.


In the Courts – A Zvishavane fraudster has been slapped with an 8 month for a US$80 fraud in which he swindled an unsuspecting accommodation seeker.

37-year-old Silence Nyanganye was found guilty of fraud as defined in C/S 136 of the Criminal Law Codification and Reform Act Chapter 9:23.

The court heard that the accused falsely presented himself as a property owner to Gregory Bhunu offering him a house to rent and charging him US$80 per month. He demanded the payment before Bhunu moved in at the end of the month.

The court also heard that the accused took the complainant to a house where he showed him around and the two agreed he would move in at the end of May 2020. The complainant went to the house as per the agreement only to realize he had been duped after a conversation with the tenants of the said house.

The court found the accused guilty and sentenced him to 8 months in prison, however, 5 months were suspended on condition he does not commit a similar offence in the next five years. The other three months were suspended on condition Nyanganye restitutes ZW$4000.

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The Covid-19 National Lockdown has disrupted the national education calendar and hampered education activities for many students this has pushed a group of parents in Kwekwe have come up with a community schooling programme that is helping primary and secondary students to continue learning. Organizational Change Management Consultant Maureen Sigauke who gave birth to idea explains how it came to be.

A student at one of the many classes said the initiative has helped.

Parents that have joined the initiative said it keeps children off the streets of the high-density suburb and ensures learning continues.


AND IN REGIONAL NEWS – Kenya Airways expects to lose over $500m (£405m) this year as a result of the business disruption caused by the coronavirus pandemic.

The airline says it expects to have to make painful decisions, including laying off staff and selling off key assets, besides seeking to secure more than $70m in an emergency, bailout to stay afloat.

CEO Allan Kilavuka said a restructuring plan is awaiting board approval, with the company working on a strategy to diversify its business away from passengers to cargo.

The airline recorded a $122m net loss in 2019 attributed to higher operating costs.


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