Economy

Economy

Mthuli Ncube

Mthuli Ncube Sticks To 3% Growth Forecast Despite Poor Rains

Reuters Zimbabwe’s finance minister maintained on Monday that the country’s economy would grow 3% this year despite poor rains that have hurt some crops and persistent power cuts that have hit mines and industry. The southern African nation is experiencing its worst economic crisis in a decade, compounded by shortages of foreign exchange, fuel and

AFDB country manager, Damon Kitabire Damon Kitabire

African Development Bank hands over US$10 million grant to Zimbabwe

By Anna Chibamu GOVERNMENT has received US$10.4 million for tax accountability and enhancement project (TAEP) from the African Development Bank (AFDB). The signing ceremony of the grant protocol agreement took place in Harare on Thursday between Finance Minister Mthuli Ncube and AFDB’s country manager Damon Kitabire. Announcing the grant, Ncube said, “Zimbabwe Revenue Authority (ZIMRA)

Finance Minister Mthuli Ncube

Mthuli declares $59.3 million budget surplus

By Alois Vinga TREASURY has declared a budget surplus of $59.3 million in the third quarter of 2019, a third quarter bulletin by the finance ministry has revealed. According to the document, revenue collections during the year’s final quarter performed above target by $875.1 million, with tax and non-tax revenue surpassing targets by 16.1 %.

More job losses loom for Zim’s banking industry

Bloomberg   AFTER shedding 8% of their workforce last year, Zimbabwean banks may cut more jobs in 2020 as the economy shrivels and the sector increasingly shifts away from cash and toward digital services. “The banking industry, just like the rest of the economy, will suffer negative growth this year, which could result in even

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Vic Falls Hotels Record Low Occupancy

By Matabeleland North Correspondent Tourism players and hoteliers in Victoria Falls have experienced mixed fortunes after a subdued festive season that has seen most hotels and lodges failing to reach maximum capacity. Without giving statistics, tourism players said hotel occupancy had remained lower than last year where bookings were an average 75 percent. This is

RBZ governor John Mangudya

RBZ says monthly Inflation down 0.35%

By Alois Vinga ZIMBABWE’S monthly inflation, which has been on a downward trend for the last six months, reduced further by another 0.35%. This is according to the latest Reserve Bank of Zimbabwe (RBZ) monthly economic review. “Monthly inflation decelerated further to 17.72% in September 2019, from 18.07% in August 2019. This was underpinned by

Zim cash shortages persist over Christmas holidays

BusinessDay Cash shortages persisted in Zimbabwe the day before Christmas, with many citizens saying they were unable to withdraw money for the festive season, despite spending several hours queueing at banks. In November, the Reserve Bank of Zimbabwe promised to inject Z$1bn to ease the country’s cash crunch but has released only Z$110m, which has

Finance Minister

RBZ Injects Additional $20m Into Circulation

By Business Reporter THE Reserve Bank of Zimbabwe has injected an additional $20 million of banknotes into circulation, with much of it channelled to the People’s Own Savings Bank (POSB). However, the latest cash injection seems not to have done much in easing the demand for hard cash as witnessed by the long winding queues

President Emmerson Mnangagwa

Zimbabwe to introduce higher denomination notes

Xinhua Zimbabwean President Emmerson Mnangagwa said on Friday new 10 and 20 Zimbabwe dollar notes will be introduced in the next few days as the government moves to contain persistent cash shortages. Mnangagwa said the introduction of the new higher denomination bank notes, following that of 2 and 5 dollars a few weeks ago, will

Finance Minister Mthuli Ncube

Zim inflation sheds over 21 percentage points in November

Zimbabwe’s monthly inflation stood at 17.46% in November, shedding 21.29 percentage points on the October 2019 rate of 38.75%, according to ZimStat. This is the country’s lowest inflation rate since May, according to Trading Economics. The southern African country no longer publishes annual inflation figures till February 2020, but statistics supplied by Zimstats still make

President Emmerson Mnangagwa

Mnangagwa urges enhanced productivity to grow economy

Xinhua Zimbabwean President Emmerson Mnangagwa on Saturday urged Zimbabweans to work hard and increase land production to grow the economy. In his closing remarks at the end of the five-day 18th annual National Peoples’ Conference of the ruling ZANU-PF party in Goromonzi, Masonaland East Province, the president called on Zimbabweans to be more productive to

Finance Minister Mthuli Ncube

Zim economy hobbled by clash of egos

At the heart of Zimbabwe’s economic paralysis is a personality clash. Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya don’t get on, are pursuing different agendas and at times issue directives without informing each other, two people with direct knowledge of the situation said. The result: policies that are quickly reversed,

Study: 48% Zimbabweans have access to electricity, a luxury in Malawi

By Robert Tapfumaneyi AT LEAST 48 percent of Zimbabweans are connected to the country’s power grid, making Zimbabwe number 25 out of 34 surveyed African countries in terms of citizen access to electricity. This is according to an Afrobarometer survey on 34 African countries. The study found that efforts to provide reliable energy among countries