Economy

Economy

 RBZ Allotments Surge To Preserve $Zim Value – Experts

By Alois Vinga TOP economists have hailed the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction surge in allotments will preserve the Zimbabwe dollar value, cut back on wasteful exports and ease the outflow of foreign currency. Speaking to NewZimbabwe.com Business in separate interviews Tuesday economists Prosper Chitambara and John Robertson expressed optimism on current trends obtaining

Music to ears...RBZ governor John Mangudya

World Bank Endorses Zim Economic Remedies

By Alois Vinga GLOBAL financier, World Bank (WB) has credited Zimbabwe’s monetary authorities for implementing sound exchange rate policies that have led to relative stability on the local currency. Since 2018, the government has been implementing a raft of measures aimed at stabilising the economy. In June 2020, the Reserve Bank of Zimbabwe (RBZ) introduced

Industry Minister Sekai Nzenza

Swiss Zimbabwe Business Chamber To Heighten Ties

By Alois Vinga GOVERNMENT and Switzerland Wednesday launched the Swiss-Zimbabwe Business Chamber (SZBC) amid hopes by the allies the platform will deepen economic ties between the two nations. Addressing delegates gathered to witness the chamber’s launch at his residence in Harare, Switzerland ambassador to Zimbabwe, Niculin Jager said the forum shall serve as a platform

Ambassador Niculin Jager

Switzerland Envoy Hails Relative Stability Within Zim’s Currency

By Alois Vinga SWITZERLAND has hailed Zimbabwe’s on-going economic reforms which have led to relative stability on the local currency with a top diplomatic expressing optimism this could unlock meaningful investment for the troubled country. Since 2018, government has been introducing a raft of reforms which have seen a significant cut down in national expenditures,

Finance Minister Mthuli Ncube

‘Statutory Instruments Are For Protecting Our Economy, Politics’ – Mthuli

By Bulawayo Correspondent FINANCE Minister Mthuli Ncube has defended President Emmerson Mnangagwa’s repeated promulgation of statutory instruments (SIs) as a way of addressing multiple economic and political challenges facing the country. Last year, Mnangagwa’s administration promulgated a record 300 SIs, and in the process, violated laid down procedures on most of the subsidiary laws. This

Finance Minister Mthuli Ncube

Mthuli Ncube Declares $9.8b Budget Surplus In 3 Months

By Alois Vinga FINANCE Minister Mthuli Ncube Thursday claimed Zimbabwe had recorded a whopping $9.8 billion budget surplus during the first quarter of 2021. However, presenting the Treasury quarterly bulletin, Ncube attributed deep economic reforms he has implemented to the enormous budget surplus. “On the fiscal front, a budget surplus of $9.8 billion was recorded

Mat North Strategises On Harnessing Local Resources, Economic Growth

, By Matabeleland North Correspondent VICTORIA FALLS: Matabeleland North has been described as a province with vast resources but very little to show for it on the ground in terms of development and growth. Such is the story of Matabeleland North a province with gold, coal, untapped methane gas, timber, wildlife, fish, rich agricultural soils,

Zimbabwe’s Gold Output Declines By 29% – Chamber Of Mines

By Anna Chibamu  THE Zimbabwe Chamber of Mines (ZCM) has attributed the decline in gold output in 2020 and the first quarter of this year to the havoc caused by the Covid-19 pandemic among other constraints. Giving oral evidence to the Mines and Mining Development Parliamentary Portfolio committee Monday, ZCM chief executive (CEO) Isaac Kwesu

Finance Minister Mthuli Ncube

Zim Forex Deposits Hit $108 Billion On The Back Of Stability

By Alois Vinga FOREIGN currency deposits held across the banking sector have increased to $108 billion under clear signs the prevailing economic stability has contributed to the upturn. The latest Reserve Bank of Zimbabwe (RBZ) monthly economic report covering the period ended January 2021 shows a significant increase in US dollar deposits. “The foreign currency

Finance Minister Mthuli Ncube

Govt To Establish Forbes Border Dry Port In Marange

By Staff Reporter GOVERNMENT is in the process of establishing a dry port in Marange area to decongest and make Forbes Border Post outside Mutare more efficient, Finance Minister Mthuli Ncube has said. The minister toured the eastern border city recently to meet various stakeholders involved in the establishment of the dry port facility. He

President Emmerson Mnangagwa

Mnangagwa Announces Penalties To Curb Currency Speculation

By Alois Vinga PRESIDENT Emmerson Mnangagwa Thursday issued new regulations outlining deterrent penalties to be imposed on all companies which are abusing the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform. The development comes after a visible trend of indiscipline by companies which access foreign currency from the auction at reasonable premiums but proceed

Inflation Remains High Despite Its Significant Decline – Retailers

By Stephen Tsamba THE Confederation of Zimbabwe Retailers (CZR) has noted that although the country’s annual inflation significantly dropped between July 2020 and April 2021, the rate remains “very high” and not ideal for economic stability. This is contained in the CZR’s overview of the 2021 retail environment and contained in its input into the

Finance Minister Mthuli Ncube

No Financial Support For Zim As IMF Conducts Staff Mission

Xinhua THE International Monetary Fund (IMF) will not provide financial support for Zimbabwe hit hard by the Covid-19 pandemic but will conduct a virtual staff mission next month, Director of the Communications Department Gerry Rice said Friday. The IMF is aware of the deteriorating economic and social situation in Zimbabwe, which has been exacerbated by

President Mnangagwa addressing the Mutare business community Wednesday

Utilise Foreign Currency Auction For Resource Recapitalisation – ED

By Staff Reporter PRESIDENT Emmerson Mnangagwa has implored private companies to continue utilising the foreign currency auction system to access resources for recapitalisation, modernisation, and retooling their businesses. He said this while touring industries in the eastern border city of Mutare Wednesday. Mnangagwa, who was accompanied by ministers Sekai Nzenza (Industry), Oppah Muchinguri (Defence), Monica

RBZ Governor John Mangudya

RBZ Auction Allotments Increase To US$43m

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Currency allotments Tuesday increased to US$43 million amid sustained productivity inclined priorities. An update released at the close of trading shows that a grand total of US$42.5 million was allotted to the combined main and small to medium enterprises auctions. The figure has significantly increased

Finance Minister Mthuli Ncube

IMF Calls For Major Reforms To Turn Zimbabwe’s Economy Around

Bloomberg ZIMBABWE needs a “broader reform and stabilisation agenda” to sustain an almost year-long effort by authorities to support the local currency and lower inflation, the International Monetary Fund said. The government should address pandemic-related health and social challenges, coordinate fiscal, foreign-exchange and monetary policies, and implement structural reforms aimed at improving the business climate