Economy

Economy

ZESA Hikes Tariffs By 50%

By Alois Vinga ZIMBABWE Electricity Supply Authority (ZESA) has increased electricity tariffs by 50% with effect from September 23, 2020, a move that will see a rise in most prices, especially basic commodities. In a statement Thursday, a ZESA subsidiary, the Zimbabwe Electricity and Distribution Company (ZETDC) announced the new tariffs are in line with

Zim Dollar Firms By 21 Cents Against US$

By Alois Vinga THE Zimbabwe dollar firmed by $0.21 cents as it strengthened against the United States dollar amid sustained stability. It closed Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign exchange auction at $81.49 from the previous week’s $81.70. This marks a record three times since the local currency first gained against the US dollar when it

Agriculture minister Anxious Masuka

AMA granted permission to issue mbanje trade permits

By Alois Vinga GOVERNMENT has authorised the Agricultural Marketing Authority (AMA) to issue three specialised trade permits which will legalise cannabis trade related activities in Zimbabwe. Zimbabwe legalised the production of cannabis (mbanje or dagga) for medicinal or scientific purposes in April 2018 through a notice published under Statutory Instrument 62 of 2018 (Dangerous Drugs

Zimbabwe corn deliveries soar on improved payments to farmers

Bloomberg Corn deliveries by Zimbabwean farmers have soared thanks to more speedy payments, boosting supplies of the scarce staple, according to the country’s Grain Marketing Board. Farmers sold 124,985 tons during the first four months of the season compared with 76,400 tons a year earlier as they received payment within two to three days of

Stanbic Recovers Posts $607m Profit

By Alois Vinga STANBIC Bank Zimbabwe has posted financial results that show a steady recovery from losses recorded last year after posting an after-tax profit of $607.2 million in the 2020 first half. The remarkable improvement shows a strong performance from the $624 million loss in the first half of 2019 The improved performance is

POTRAZ deputy DG, Alfred Marisa

Covid-19: Great Opportunity For ICT Sector’s Growth – POTRAZ 

By Matabeleland North Correspondent HWANGE: The outbreak of the deadly Covid-19 pandemic has come out as a blessing and catapulted technological developments where societies have, overnight, migrated from physical space interactions to virtual platforms. Postal and Telecommunication Regulatory Authority (POTRAZ) deputy director-general Alfred Marisa said the outbreak of Covid-19 has seen nearly every citizen turning

Diamond Miner RioZim Expects Demand Bounce After Virus Turmoil

Bloomberg ZIMBABWE’S second-largest diamond miner sees demand picking up after the coronavirus pandemic forced RioZim to halt sales in March amid slumping gem prices. With jewelry stores closed, cutters and polishers stuck at home and global travel at a standstill, the diamond industry ground to a halt over the past six months. While De Beers,

ZSE Adopts Solar Energy In The Grip Of Power Cuts

Agencies THE Zimbabwe Stock Exchange (ZSE) has recently commissioned a 40 kVA solar photovoltaic system for its electricity supply. The installation is opened against a backdrop of load shedding that is disrupting the operations of businesses in Zimbabwe. As blackouts continue to plunge businesses and households into darkness, the Zimbabwe Stock Exchange (ZSE) is turning

Minister Sekai Nzenza

Nzenza bemoans Covid-19 impact on tourism, trade

Xinhua Zimbabwe’s Minister of Industry and Commerce Sekai Nzenza on Friday bemoaned the impact of the COVID-19 pandemic on the country’s trade and tourism. She said the pandemic had affected the country’s trade and tourism sector, which usually relies on foreign tourists and business meetings for revenue generation. The pandemic had resulted in the cancellation

Smiling all the way to the bank...RBZ governor John Mangudya

Zim diaspora remittances jump 33 % as lockdown forces use of formal channels

By Alois Vinga ZIMBABWE’s diaspora remittances continue to increase when compared to yesteryears despite earlier predictions of a sharp decline primarily due to hardships presented by Covid-19. Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya told the media Thursday, there was in fact an increase in remittances in between January and June. “Foreign currency sent

Finance Minister Mthuli Ncube

Treasury, banks in dispute over civil servants pays

Bloomberg Zimbabwe’s government and commercial banks are locked in a dispute over the costs relating to relief offered to civil servants and pensioners during the coronavirus pandemic. The state had agreed to reimburse lenders for administrative charges relating to a foreign-currency allocation totaling $36 million a month, but the details are still to be worked

Finance Minister Mthuli Ncube

Zimbabwe Annual Inflation Soars To 837%

Bloomberg ANNUAL inflation in Zimbabwe accelerated to 837.53% in July, the Zimbabwe National Statistics Agency said on Saturday in a Twitter post. The year-on-year rate for June was 737.3%. The monthly rate was 35.53%, up from 31.7% in June. The southern African nation is struggling with food and fuel shortages and a local currency that

ZIMRA collects ZWL$20 billion during the 2nd Quarter

By Robert Tapfumaneyi ZIMBABWE Revenue Authority (ZIMRA) collections maintained a positive trajectory in nominal terms despite the adverse operating environment that has been exacerbated by the Covid-19 pandemic in the second quarter. In a recent report, the tax authority said the second quarter of 2020 was characterised by a widening gap between official and parallel