The central bank has announced that it will now allow individuals to be able to purchase small amounts of forex from bureaux de change at the auction rate.

These news comes after the nation received close to a million dollars from the IMF.

Up to now this privilege was only reserved for selected companies.

Just like anything in Zimbabwe, there is a catch, and individual can only purchase a maximum of US$50 per week, and all that is required is our identity card to access the facility.

You can downlod the RBZ’s full statement here.

This is great news, right?

The post Breaking: Ordinary Zimbabweans can now buy Forex at Bank Rate, RBZ Announces appeared first on Provoker Magazine.

Zimbabwe recorded a bumper harvest this year as a result of good rains. The President made an announcement that this year’s harvest exceeded all others.

As a result, the IMF issued a statement saying that the economy will rise upto 6% on higher farm output and a recovery in energy, manufacturing and construction.

The IMF report released on Wednesday, announced the 6% growth to the economy which is an increase from the previously reported 3.1% growth for the same 2021 period.

In a statement at a virtual staff visit to Zimbabwe which took place from June 1 to 15, the IMF stated:

“However, an economic recovery is underway in 2021, with real GDP expected to grow by about 6%, reflecting a bumper agricultural output, increased energy production, and the resumption of greater manufacturing and construction activities”.

On the other hand, Zimbabwe predicted a higher 7.4% growth. So, its no surprise that the financial analyst, Eddie Cross confidently stated that the economy of Zimbabwe is now on a very sturdy foundation.

Another noteworthy source, the World Bank, stated that the country is headed in the right direction despite the increase in poverty.

However, recent laws have been said to sabotage individuals and companies. A major one is the statutory Instrument 127 of 2021. The effects of this law on the said economic growth is not yet certain.

What are your thoughts?

Let us know in the comment section below.

The post Zimbabwe’s economic to grow by more than we previously reported: IMF appeared first on Provoker Magazine.

The IMF says Zimbabwe will register a negative economic growth of -5.2% in 2019, that means Zimbabwe is officially in a recession, for the first time since 2008.

The IMF had initially predicted a 4.2% economic growth in October 2018, but on the flipside the Zimbabwean economy is expected to grow by 3.3% in 2020.

Zimbabwe Finance Minister has predicted a 3.1% growth of the economy in 2019.

Basically what this means for ordinary Zimbabweans is tat life will be very difficult this year with unemployment figures expected to increase, and just like in 2008 inflation, and more.

Price hikes are contributing to the recession according to economists.

The post Zimbabwe’s Economy is Shrinking says IMF appeared first on Provoker Magazine.