Economy

Economy

$4.2 billion investment for Zimbabwe platinum mining

bullionbypost.co.uk Cypriot mining company Karo Resources, also known as Karo Mining Holdings, is to begin a platinum mining operation in central Zimbabwe, with an expected investment of $4.2 billion in order to assess the land, establish the mine, and begin operations. The company already operates around the Great Dyke area, northwest of the capital Harare,

Shortages, price hikes choke tourism sector, says Hwingwiri

By Alois Vinga TOURISM Business Council of Zimbabwe (TBCZ) says the past two months have been very hectic for the sector due to increased prices and shortages of raw materials. Briefing journalists on the state of affairs in the sector, TBCZ president, Tich Hwingwiri said price increases and shortages were affecting the smooth flow of

Mnangagwa resorts to temporary powers over crippling forex shortages in Zim

By Fin 24.com PRESIDENT Emmerson Mnangagwa has resorted to the use of temporary powers to deal with illegal currency traders as the southern African country continues to experience crippling foreign currency challenges. Under regulations that come into effect this Monday, the Zimbabwean authorities will track unexplained movement of money in the financial system. Those caught

Ncube urged to release $100 million for digitalisation completion

By Alois Vinga THE information and publicity parliamentary committee has pleaded with Finance Minister, Mthuli Ncube to set aside atleast $100 million from his 2019 national budget for the completion of the country’s digitalisation project. Making submissions at the 2019 pre-budget seminar in Victoria Falls Friday, committee chair, Prince Sibanda said there was urgent need

Finance minister Mthuli Ncube

September fiscal deficit down to $19m from projected $100m

By Alois Vinga THE government’s total expenditure for September exceeded income by $19 million, against a projected target $100 million, finance minister Mthuli Ncube has said. Addressing Members of Parliament at a pre-budget seminar in Victoria Falls, Thursday morning, Prof Ncube said measures implemented since August this year were yielding positive results. “In September, after

Zimbabwe’s currency woes continue

By Financial Mail After a month-long run on Zimbabwe’s petrol stations, there seems to be more fuel available in Harare this week. The queues have tapered off — but not everyone believes the supply is now reliable. Fuel — 120Ml is imported by the government every month — is a central supply concern, given the

Zimbabwe targets $12 billion from mineral exports in five years

Bloomberg Zimbabwe expects to earn $12 billion a year from mineral exports by 2023, Mines Minister Winston Chitando said. Mineral production is expected to be boosted by increased output at Anglo American Platinum Ltd.’s Unki Mine and Impala Platinum Holdings Ltd.’s Mimosa project, which have submitted expansion plans to the government, Chitando told lawmakers Monday

John Mangudya

Bond note disaster Mangudya to see off another term as RBZ governor

By Staff Reporter RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya is set to keep his job as central bank chief after President Emmerson Mnangagwa was Thursday said to be still keen on his services. Presidential spokesperson George Charamba told state media that Mangudya, infamous for introducing the bond note against strong public sentiment in

Busisa Moyo

Oil expressers boss blast government’s policy confusion

By Alois Vinga OIL expressers have condemned the recent suspension of an imports for certain basic commodities saying the development was emblematic of policy confusion which is adversely impacting local industry. The government introduced the imports ban through Statutory Instrument 122 last year, claiming that the move was aimed at protecting a local industry battling

Pay up! Govt warns defaulters as tax agency owed $4.5bln

By Anna Chibamu TAX defaulters must pay up or risk stringent measures, the government has warned as it emerged that the Zimbabwe Revenue Authority (ZIMRA) is owed more than $4.5 Billion. Finance ministry permanent secretary George Guvamatanga said those owing ZIMRA should approach the tax collector and make arrangements to pay up. He was speaking

Govt abandons Harare-Masvingo highway full dualisation

By Leopold Munhende THE Government has abandoned the full $1 billion dualization of the Harare-Masvingo highway, after apparently discovering that because “traffic volumes are not sufficient for the project to recoup its costs”. The surprise shift comes just over a year after the now-deposed president Robert Mugabe officially launched the motorway’s full dualization project at

RBZ governor John Mangudya

Bvumbe’s World Bank exit fuels Mangudya RBZ ouster speculation

By UK Bureau GOVERNMENT sources have downplayed as mere speculation reports that Reserve Bank of Zimbabwe (RBZ) governor John Mangudya’s ouster from the apex bank is imminent. Linked with the increasingly tough job as the country battles serious foreign currency shortages and an economy plunging anew was bureaucrat Andrew Bvumbe whose departure from the World

Finance minister Mthuli Ncube

Govt Targets $700 Million From Controversial new Tax

By Bloomberg News THE government expects to raise $700 million a year from a new tax on money transfers that triggered panic buying of goods from fuel to sugar and sent its quasi-currency plunging. Zimbabwe, reeling from shortages of foreign exchange, is targeting total revenue of $5.7 billion in the current fiscal year and $6.4 billion in

President Emmerson Mnangagwa

Zimbabwe to keep its multi-currency regime, says President

AFRICA NEWS ZIMBABWE will continue to operate a multi-currency system despite the current economic crisis, President Emmerson Mnangagwa has reiterated. The president, speaking on Monday, at a breakfast meeting with the business community also urged the public to not panic and offload their Real Time gross Settlement, RTGS, balances. “I fully know what is going

Mthuli Ncube

Zimbabwe running $27 loss per kg of tobacco exports – Minister

The Insider Zimbabwe is losing at least $27 on every kilogramme of unprocessed tobacco that it exports, Finance Minister Mthuli Ncube told an investment conference in Switzerland last week. Ncube said that Zimbabwe was one of the largest producers of tobacco in the world and the bulk was exported unprocessed. Zimbabwe produced a record tobacco