Economy

Economy

RBZ Governor John Mangudya

RBZ offers banks cheap money to increase private sector lending

By Alois Vinga THE Reserve of Zimbabwe (RBZ) has moved to offer banking institutions in country a cheaper financing facility in a bid to boost credit availability to the private sector and support economic growth . RBZ Governor John Mangudya speaking at the recent Monetary Policy Statement launch expressed concern about the depressed levels of productivity and their

Diesel, petrol prices go up again

By Alois Vinga PRICES of petrol and diesel went up again on Monday, with the pump price of diesel now $10.89 per litre while petrol is now $10.41 per litre. The increase follows last week’s rare reduction in prices of the two most used fuels in the country. However, the Zimbabwe Energy Regulatory Authority (ZERA)

Finance Minister Mthuli Ncube

Zim establishes Monetary Policy Committee in stability bid

Bloomberg Zimbabwean Finance Minister Mthuli Ncube established a Monetary Policy Committee in his latest attempt to stabilize an economy in freefall. The former economics professor, appointed last year to get the economy out of a two-decade rut, named a nine-member panel consisting of academics, bankers and the governor and two deputy governors of the nation’s

Industry Minister Mangaliso Ndlovu

Government in new ambitious attempt to resuscitate ZISCO

By Leopold Munhende PRESIDENT Emmerson Mnangagwa’s government, struggling to create employment as promised in his manifesto has revived attempts to resuscitate troubled Midlands based former steel giant ZISCO Steel. Speaking at his first meeting with members of the new Zisco Steel board on Wednesday, Industry Minister Mangaliso Ndlovu said that government was in negotiations with

Energy Minister Fortune Chasi

Fuel blending keeping fuel prices down Zera

By Robert Tapfumaneyi GOVERNMENT has actually kept the price of fuel at manageable levels despite the weekly increases through blending, the Zimbabwe Energy Regulatory Authority (Zera) said Tuesday. In a statement in response to public concerns around the quality of fuel especially petrol on the market, Zera said it had strict monitoring mechanisms and these

Karikoga Kaseke was forced out due to ill-health

ZTA fires Likukuma, Chidzidzi takes charge

By Alois Vinga THE Zimbabwe Tourism Authority (ZTA) board has appointed Givemore Chidzidzi as the new acting chief executive pushing out Rita Likukuma back to her role as advisor. Likukuma was controversially appointed as acting chief executive by former Tourism Minister Priscah Mupfumira following the retirement of former ZTA boss Karikoga Kaseke. In a statement

Finance Minister Mthuli Ncube

Budget deficit could trigger uncontrolled inflation

By Alois Vinga THE unavailability of revenue sources to fund government’s deficit could trigger uncontrolled inflation, the Confederation of Zimbabwe Industries (CZI) has warned. CZI chief economist, Tafadzwa Bandama told captains of industry early this week that the recent midterm budget review had failed to address the issue of how accrued fiscal deficits will be

Another fuel price hike

Fuel Prices up again

By Idah Mhetu THE Zimbabwe Energy Regulatory Authority (Zera) Tuesday announced new prices of fuel. The latest increases comes two weeks after Finance Minister Mthuli Ncube indicated he would be comfortable with an increase that would bring the precious liquid’s value per litre at par with the interbank rate of the US$. According to a

RBZ Governor John Mangudya

RBZ frees NGOs, embassies foreign currency

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has issued additional exchange control regulations which have categorised all foreign currency held by Non-Governmental Organisations (NGOs) and embassies as “free funds” which can be used to finance local contracts. Through the Central Bank’s circular 8 of 2019 released Wednesday, the funds should however be liquidated

Sifelani Jabangwe

Business blasts new govt’s industrial policy for lack of support systems

By Alois Vinga TOP industrialists and economic experts have expressed concerns over the recently launched Zimbabwe National Industrial Policy’s (ZNIDP) lack of a clear road map and supporting strategies to attain set targets in its endeavour to transform the country’s fortunes. The ZNIDP comes at a time when the country has experienced serious de-industrialisation with

Minister Mangaliso Ndlovu

Govt revises manufacturing sector growth down to 1%

By Alois Vinga INDUSTRY Minister, Mangaliso Ndlovu has revised Zimbabwe’s manufacturing sector growth for 2019 down to 1% from the initially projected 2.5% growth rate owing to a host of contributory factors outside government control. Briefing delegates at the state of industry breakfast meeting recently, Ndlovu attributed the downward projection mainly to natural disasters. “We

Truckers make mockery of ZIMRA tracking system as violations increase 96%

By Alois Vinga THE Electronic Cargo Tracking System (ECTS) violations registered a 96% increase signifying accelerated efforts by truck drivers to avoid the Zimbabwe Revenue Authority’s (ZIMRA) cargo compliance systems, it has emerged. ECTS is a technology solution that enables real-time tracking of cargo from point of loading to point of offloading. The system was

Zibawo wants the High Court to make a determination on labour contracts in relation to the recent fiscal policy banning use of the US$

ZIBAWU drags sector employers to court demanding US$ salaries

By Alois Vinga WORKERS in the banking sector have approached the High Court seeking an order compelling local financial institutions to pay salaries in foreign currency or interbank rated. This is despite a recent government policy announcement banning the use of the multi-currency regime that had been in place for a decade and designating the