Economy

Economy

ZIMRA boss Faith Mazani

ZIMRA 2019 revenue target exceeded by 24.6%

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

Eddie Cross

Zim move to pay civil servants US$75 allowances ‘crazy’ – Eddie Cross

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

Finance Minister Mthuli Ncube

Zimbabwe’s Inflation Hits 786 %

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

RBZ governor John Mangudya

Zim currency woes a result of non-monetary factors: RBZ

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

Mobile Service Quality Dips As Inflation Erodes Networks’ Incomes

By Alois Vinga ZIMBABWE’S hyper-inflationary environment has eroded Mobile Network Operators’ (MNOs) incomes resulting in compromised service delivery quality due to limited foreign currency availability. A Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) report covering the first quarter of 2020 contains figures which show MNOs’ incomes have depreciated significantly. The current voice tariffs have reduced by 33%

RBZ Governor John Mangudya

RBZ Blocks Internal Transfers As Currency Traders Invade Banks

By Alois Vinga THE Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has blocked multiple internal transfers after noticing a new trend indicating that illegal foreign currency dealers had clandestinely invaded the banking system to continue with their illicit trades. In a directive dated June 4, 2020, the FIU acting director general, Oliver Chiperesa ordered

Mthuli Ncube

Zimbabwe Raises $20M In Treasury Bill Sales To Fight Covid-19

Reuters ZIMBABWE has raised 500 million Zimbabwe dollars ($20 million) in treasury bill auctions that it will use to help combat the spread of the coronavirus, its finance minister said on Wednesday. The outbreak has hit an economy that was experiencing its worst crisis in a decade, marked by shortages of food, medicines, and foreign

RBZ governor John Mangudya

Mangudya defends new payment structure for gold producers

By Alois Vinga  RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya has defended the apex bank’s recent decision to pay small scale gold producers 100 % foreign currency saying the move will assist in stabilising parallel market exchange rates. In a recent interview with NewZimbabwe.com, Mangudya said the move by the central bank’s subsidiary, Fidelity

RBZ governor John Mangudya

RBZ slashes ZIPIT daily limits in bid to tame forex black market

By Mary Taruvinga THE Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has directed Zimswitch to slash ZIMSWITCH Instant Payment Interchange Technology (ZIPIT) daily and monthly limits to $20 000 and $100 000 respectively. The directive follows a realisation there was now rampant abuse of the platform for illicit foreign currency trading among some

Head scratching moments...Mthuli Ncube

Parly summons Ncube to explain economic mess

By Anna Chibamu A ZANU PF MP for Rushinga, Tendai Nyabani has asked parliament speaker Jacob Mudenda to summon Finance Minister Mthuli to the house to explain why the country’s economy continues to take a nose-dive. Nyabani said in parliament Wednesday that prices of goods and services continued to skyrocket with no sign authorities were

Finance Minister Mthuli Ncube

Zimbabwe: IMF hammers country already on its knees

New African Magazine Mercifully, Zimbabwe’s infection and death rates from Covid-19 are so far very low but the economy, already labouring under the effects of drought, has been hit by the lockdowns. Worse, the IMF has decided it cannot advance any of the $50bn facility to help developing countries out of this crisis to Zimbabwe.

Strive Masiyiwa

Masiyiwa completes 100kW solar mini-grid in Bulilima

ESI-Africa Pan-African philanthropist Strive Masiyiwa has completed a 100kW solar power project at Ndolwane in Bulilima district, through his ‘Re-Imagine Rural’ initiative. Masiyiwa broke the news on his Facebook blog, where he stated: “There is a place in rural Zimbabwe called Ndolwane. It is in a part of the country known as Matabeleland. We chose

Fuel Shortages Recur As Business Returns To Normal

By Makanaka Masenyama THE easing of lockdown restrictions by government over a week ago has seen business return to near normal with now an increased demand for fuel among motorists, something that has resulted in long winding queues resurfacing. The Zimbabwe Energy Regulatory Authority (ZERA) confirmed the country was experiencing a number of challenges in

John Mangudya

Zimbabweans Don’t Understand Economics: Mangudya

TimesLIVE RESERVE Bank of Zimbabwe governor John Mangudya prays for Zimbabweans to “understand economics”, as annual inflation stands at 934%, according to independent economists. Government figures claim a 676% inflation rate as of March. Appearing on Wednesday before parliament’s budget and finance committee, led by Felix Mhona, Zanu-PF’s Chikomba Central MP, Mangudya said: “I pray