Economy

Economy

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

The Reserve Bank of Zimbabwe is working with Treasury to establish an alternative electronic payment system

Government moves to counter Paynet’s ‘extortion’

By Alois Vinga GOVERNMENT and its key stakeholders are working to come up with an alternative platform to facilitate electronic transfers after the financial system’s row with Paynet that saw banks frozen out last month. Speaking to NewZimbabwe.com Business Wednesday, Finance Ministry accountant general, Daniel Muchemwa indicated there has been progress and a new platform

RBZ Governor John Mangudya

RBZ $1.2 billion liquidity mop up to tame exchange rate hikes

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ)’s decision to recall some $1.2 billion in local currency balances held as excess liquidity by financial institution could help in suppressing parallel market rates, experts have said. Last week the Central Bank directed all financial institutions to transfer to the RBZ the local currency balances they

Divine Ndhlukula

Business in mixed feelings over Govt scrapping of multi-currencies

By Alois Vinga THE business community in Zimbabwe has expressed mixed feelings over government’s move to ban the multi-currency system in favour of the Zimbabwean dollar. Most players in the economy’s key strategic areas underscored the need for further clarification by authorities on the policy. According to Statutory Instrument 142 of 2019 which came into

Finance Minister Mthuli Ncube

Zim urged to adopt crypto-currency

By Matabeleland North Correspondent ZIMBABWE needs to adopt adopt cyber currency to solve its monetary problems which have seen prices souring beyond reach of many, a Zambian tax expert has said. The country continues to be haunted by foreign currency shortages, exacerbated by stunted industrial production and a failure to sustain its own currency value.

Finance Minister Mthuli Ncube leads President Emmerson Mnangagwa's fight to tame the economy

Zim inflation rate hits 98 % breaks a decade’s record

By Alois Vinga ZIMBABWE’s inflation figures for May have broken a decade old record, officials figures show. According to the Zimbabwe National Statistics Agency (ZimStat), the country’s inflation surged to 97.85% for the month of May 2019 leaving officials alarmed. The record breaking figures were reached after a 22% jump from April’s 75.86%. ZimStat said

Finance Minister Mthuli Ncube

Economists dismiss Ncube’s US$443 million budget surplus

By Alois Vinga Top economists, John Robertson, Persistence Gwanyanya and Prosper Chitambara have dismissed Finance Minister, Mthuli Ncube’s budget surplus of US$443 million recorded in the first quarter of 2019 for failing to address the plight of ordinary Zimbabweans. Speaking in seperate interviews with NewZimbabwe.com Business, the three called on government to do more in

Rand falls as ANC squabbles over central bank

Moneyweb South Africa’s rand fell early on Thursday to its lowest this year as a dispute within in the ruling African National Congress over the central bank weakened demand. At 0800 GMT, the rand was 0.15% weaker at 14.88 per dollar compared with an overnight close of 14.86. It tumbled to a session low of

Former Zanu PF bigwigs have been losing properties after being shunted out of the party

Nyamupinga’s Borrowdale property to be auctioned over Agribank debt

By Alois Vinga FORMER Goromonzi West legislator, Biata Nyamupinga’s Borrowdale property is set to be auctioned to offset an unspecified debt which the ex-lawmaker owes a local financial institution. Papers signed by Choruma Marias Valuation and Estates Executives (Pvt) Limited seen by NewZimbabwe.com revealed that Nyamupinga owes Agribank Zimbabwe an undisclosed amount which she has

Local gold producers cry foul over Fidelity delays

Gold producers bemoan foreign currency disbursement delays, high production costs

By Alois Vinga DELAYS in the disbursement of the foreign currency component due to gold producers by Fidelity Printer and Refineries, has negatively affected operations in the sector, the Chamber of Mines of Zimbabwe Gold Producers Association (CMZGPA) has said. CMZGPA chairman, Thomas Gono said this in a speech at the Zimbabwe Annual Mining conference,

Kupukile Mlambo

RBZ admits black market exchange rate dilemma

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ), has expressed deep concern over the spiraling parallel market exchange rate, which has seen the local currency trading at a ratio of 1:8 against the United States dollar. RBZ Deputy Governor, Kupukile Mlambo, Thursday told NewZimbabwe.com Business that there is a serious mismatch between bank balances

Israel Murefu

Super profits making companies offer poor salary increments

By Alois Vinga COMPANIES in Zimbabwe continue to offer paltry salary increments despite inflation pressures spiraling out of control, while they continue reporting super profits a development that has pushed workers into poverty. Information gathered by NewZimbabwe.com Business revealed that most employers have so far given their workers salary increments not exceeding 50% across most