Connect with us

Economy

3 months after: Zimbabwe to raise public sector wages again

Published

on

Wage

Harare, July 8, 2019 NNNThe Zimbabwean government is ready to raise civil servants’ wages for the second time in three months, Finance Minister Mthuli Ncube said on Monday, after a labour group threatened protests.

Ncube told a meeting with local businesses in Harare that he already a new wage figure pending the outcome of discussions with the unions.

“I have a (wage increase) figure already, and I am just waiting to hear from the unions.

“We will be meeting them tomorrow to hear their figures,” Ncube told a meeting with local businesses in Harare.

He said the southern African country’s central bank would not hesitate to raise interest rates above their current level of 50 per cent to deal with people speculating on the value of the local currency.

Zimbabweans are angry as year-on-year inflation of around 100 per cent has eroded the value of their wages and savings, recalling the horrors of the hyperinflation era in 2008.

Currency reforms introduced last month to ban the use of foreign currencies and make the interim RTGS currency the sole legal tender have done little to instill confidence that people’s living standards will improve soon.

Central bank Governor John Mangudya told the same event that Zimbabwean individuals and companies held around one billion dollars in foreign-currency accounts, around three months’ import cover.

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
MTWTFSS
« Dec
12345
6789101112
13141516171819
20212223242526
2728293031

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng