By Alois Vinga FINANCE Minister Mthuli Ncube missed April’s revenue collection targets by 11 % owing to the impact Covid-19 lockdown had on businesses that were grounded to a halt as part of measures to minimise the spread of the virus. The Consolidated Statement of Financial Performance of the Consolidated Revenue Fund for the month
Bloomberg THE African Export-Import Bank Ltd. has agreed to give Zimbabwe a $250 million, three-year credit facility, according to people familiar with the transaction. As much as $150 million of the funds are expected to be used for buying fuel and the rest for other essential services said the people, who asked not to be
By Alois Vinga THE Zimbabwe Revenue Authority (ZIMRA) is owed a total of $4.7 billion in unpaid taxes by several companies and government departments indicating serious losses in revenue. The taxman’s 2019 annual report shows parastatals owe $1.02 billion, local authorities, $174 million while the private sector owes $3.4 billion. Out of the total debt
By Alois Vinga THE official foreign currency exchange rate Tuesday rose to US$1:63 at the close of business at the recently launched Reserve Bank of Zimbabwe (RBZ) forex auction system. Last week’s rate was at 1:57. The central bank’s report released after the auction shows that US$16.2 million was available on the market which saw
By Business Reporter A LEADING company is on a recruitment drive for customer service advisers as the firm gears for growth and provides world-class business packages to its over 75 000 associates across the globe. “We are changing the face of customer service. We are a people-driven, diverse company that does one thing really well,”
Agencies FORMER National Social Security Authority (NSSA) chairperson Robin Vela has pledged to continue to fight abuse of power, political expediency and overreach, and corruption after a landmark court judgment vindicated him. He hailed the damning High Court ruling which found that adverse findings and conclusions relating to him in an Auditor-General forensic audit report
By Alois Vinga ZIMBABWE Stock Exchange (ZSE) has formally notified its stakeholders that trading has been suspended as a matter of urgency following a ban order by the central bank after recent allegations of economic sabotage by authorities. In a statement Sunday, ZSE chief executive, Justin Bgoni said the decision to halt operations was reached
By ldah Mhetu THE Reserve Bank of Zimbabwe (RBZ) Saturday confirmed its unpopular suspension on all mobile money transfer platforms in respect of transactions above $5 000. This followed a Friday announcement by the Information ministry government had moved to suspend Ecocash, One Money, Telecash and MyCash Mobile money platforms as well as the Zimbabwe
By Robert Tapfumaneyi THE Zimbabwe Revenue Authority (ZIMRA) says it collected Net Revenue of $23.19 billion against a target of $18.6 billion, which is 24.65 % above target in 2019. The authority’s Commissioner General Faith Mazani said this Thursday at the organisation’s annual general meeting. “Widening of Tax Base with 21 333 new taxpayers were
Staff Reporter GOVERNMENT has cancelled the much touted US$130 million deal with a United Kingdom company, Boustead Beef (Boustead) for the recapitalisation of the Cold Storage Company (CSC), it has emerged. The decision, which is yet to be officially announced, was made in by Cabinet during its weekly Tuesday meeting. The multi-million-dollar deal was announced
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction System closed first day of trading Tuesday at an average rate of ZW$57 for every US$1. This was a source of relief on business players who had endured a fixed exchange rate on the interbank market. A trading report for the day titled
By Alois Vinga THE foreign exchange auction trading system announced by the Reserve Bank of Zimbabwe (RBZ) commences this Tuesday and spells the end of government’s unpopular interbank market era. The new system announced by RBZ governor, John Mangudya last week aims to maintain a balance between stimulating productivity while eliminating reckless speculative behaviour which
By Mary Taruvinga A company has taken government and the central bank to court seeking an order to declare null and void, a recent decision by authorities to cancel a US$19 million maize procurement deal they had secured with the firm. Blue Chip, trading as Tbacha (Pvt) Ltd (Tbacha), has filed an urgent chamber application
By Staff Reporter GOVERNMENT’S ambitious plans to notch a $12 billion mining industry and increase diamond production to 10 million carats by end of 2023 are likely to fail due to the effects of the Covid-19 pandemic, an environmental rights watchdog has said. In a statement, Centre for Natural Resources Governance (CNRG) said the pandemic
Fin24 The Zimbabwean government’s move to pay its workers US dollar-denominated allowances as the southern African country struggles to stabilise its local currency has been described as “crazy” by an economist and member of the central bank’s monetary policy committee. Fin24 previously reported that President Emmerson Mnangagwa’s administration had hiked civil servants’ salaries in local currency
Cement News ZIMBABWE’S largest cement producer, PPC Zimbabwe, has called for urgent measures to protect the domestic cement industry from cement imports. Despite having adequate capacity to supply the local market, Zimbabwe remains a destination for cheap and substandard cement products, which are finding their way through the country’s borders as well as via smuggling,
Reuters A NEWLY established Zimbabwean company has started making cigars for export, aiming to take on established players while developing a culture of smoking at home. Mosi-Oa-Tunya, the local name for Victoria Falls which means “the smoke that thunders”, is the first firm to make cigars in the southern African nation whose economic troubles have
By Business Reporter STANBIC Bank Zimbabwe has launched a new tag line that is aimed at expressing a commitment to helping its customers realise their dreams as it promises to be a financial partner that works with their stakeholders to make dreams come true. The bank’s new tag line, IT CAN BE was launched yesterday in a series
By Alois Vinga ZIMBABWE’s year on year inflation has reached 785.55 % indicating deep problems embedded within the country’s economic fundamentals. According to a Tuesday update by the Zimbabwe National Statistics Agency (ZIMSTAT), the inflation rates jumped from 765.57% recorded in April 2020. The current stats are covering the period of May 2020. The statistics
Fin24 The Reserve Bank of Zimbabwe (RBZ) has blamed the country’s currency tumble on non-monetary factors despite statistics revealing that reserve money grew by as much as 307% year-on-year. The RBZ on Monday released monetary statistics showing that reserve money had grown to Z$13,4 billion by the second week of June 2020, a 300% growth
